As a researcher with experience in the cryptocurrency market, I’m excited to see the progress Shiba Inu (SHIB) is making with its layer-2 scaling solution, Shibarium. The recent achievement of processing over five million blocks on the network is impressive, especially given that it was only launched last year. This milestone not only signifies improved scalability and faster transactions but also paves the way for the growth of the Shiba Inu ecosystem.
TL;DR
- Shiba Inu’s Shibarium hit a new milestone in terms of total blocks processed on the network.
Additionally, SHIB’s burn rate surged by 350%, aiming to reduce supply and potentially increase value.
Shibarium Keeps Progressing
Shiba Inu’s layer-2 scaling solution – Shibarium – made the headlines again after completing another major achievement. The latest data shows that the total blocks processed on the network exceeded the five million milestone. This is a significant success considering the fact that Shibarium officially saw the light of day in August last year.
Over 417 million transactions have taken place on the L2 blockchain solution to date, and the count of unique wallet addresses has just passed the 1.8 million threshold.
Shibarium’s primary goal is to foster the development of the Shiba Inu ecosystem by lowering transaction fees, improving speed, and boosting scalability.
As a crypto investor, I’m excited about the recent UI upgrade our network team has rolled out. They described it as “an improvement that makes things faster, smoother, and more accessible than ever.” This update is significant because it now allows compatibility with widely-used self-custody wallets like MetaMask, Coinbase Wallet, and Trust Wallet.
After making some progress, my team and I initiated another advancement using a hard fork. This move aimed to bolster the community of developers and pioneers, enhance the user experience, and expedite block processing times.
Those curious to learn more about Shibarium, feel free to take a look at our dedicated video below:
Burning Goes Through the Roof
The progress being made by Shibarium could be a significant catalyst for an increase in SHIB‘s price, but it isn’t the sole factor at play. Another point of interest is the Shiba Inu token burning mechanism.
The burn rate exploded by 350% in the past 24 hours, resulting in almost 10 million tokens being destroyed. The program’s ultimate goal is to reduce the asset’s substantial circulating supply, making it scarcer and potentially more valuable in time (assuming demand rises or keeps its levels).
Approximately 41% of the Shiba Inu team’s maxissime issuance of 999,982,356,918,347 coins has already been destroyed.
The value of SHIB is experiencing a slight uptick today, May 31, as the meme coin sector regains momentum. Other cryptocurrencies in this category, such as Dogecoin (DOGE), Pepe (PEPE), Floki Inu (FLOKI), and Bonk Inu (BONK), have also seen price surges over the past 24 hours.
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2024-05-31 11:44