As a crypto investor who’s been following Shiba Inu closely, I’m thrilled to see the impressive progress being made with their layer-2 scaling solution, Shibarium. The network’s transaction volume and wallet addresses are growing at an astounding rate, indicating strong adoption and usage. With daily transactions exceeding 14,000 and a total of 420 million transactions processed to date, it’s clear that SHIB is gaining traction in the crypto world.
TL;DR
- Shiba Inu’s layer-2 scaling solution, Shibarium, keeps progressing with total transactions nearing 420 million and wallet addresses exceeding 1.8 million, while daily transactions rose to over 14,000.
The SHIB burn rate surged by more than 4,000% in the past 24 hours, removing around 300 million tokens from circulation.
Shiba Inu’s Latest Advancement
As a crypto investor, I’m excited to share that Shiba Inu (SHIB), the second-largest meme coin by market capitalization, created quite a buzz on July 1st. The reason for this excitement? The continued progress of its layer-2 scaling solution, named Shibarium.
The data indicates that the network has handled over 5.5 million blocks in total. Furthermore, the number of transactions approached 420 million, and the count of unique wallet addresses surpassed the 1.8 million threshold.
The number of daily transactions on the protocol has surged, reaching over 14,000 – marking a 100% rise from the previous day’s record.
Shibarium is a blockchain solution developed by the Shiba Inu team as an L2 platform, designed to promote growth within the meme coin project. Launched in August of the previous year, its primary objectives are reducing transaction fees, increasing speed, and boosting scalability. For those eager to gain further insights into this protocol, please refer to the informative video we’ve prepared below.
Burn Rate Goes Through the Roof
As a researcher studying Shiba Inu, I’ve noticed an intriguing recent development: the re-emergence of the burning mechanism. Within the past day, this phenomenon has experienced a staggering increase of over 4,000%. Consequently, approximately 300 million SHIB tokens have been taken out of circulation.
The program aims to decrease significantly the large quantity of the coin in circulation, making it less common and possibly increasing its worth over time.
According to a previous report by CryptoPotato, SHIB is one of the many meme coins experiencing gains on a daily basis. Currently ranked as the 14th largest cryptocurrency, SHIB boasts a market capitalization exceeding $10 billion.
Based on certain signs, Shib may experience a continued rise in value in the approaching timeframe. According to the crypto market analysis firm Santiment, Shib is among the most undervalued digital currencies presently.
Traders and investors may view this situation as a possible buying chance, potentially leading to an increase in price.
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2024-07-01 17:26