Shibarium Sets Record with 3 Million Transactions: Will Shiba Inu (SHIB) Price Surge?

Discover how Shibarium, a Layer-2 network for Shiba Inu (SHIB), has achieved a significant milestone by handling over 3 million transactions in less than a month. Explore its impact on the market.

Posted 8 months ago in Layer 2

Shibarium network showcasing rapid adoption and handling 3 million transactions

Layer-2 network Shibarium has impressively handled over three million transactions in less than a month. This remarkable achievement suggests the network has garnered significant adoption relatively quickly. Shiba Inu’s team maintains that the developments “behind closed doors” will further help Shibarium “demonstrate its strength and stability” soon.

Shibarium has displayed significant performance improvements across key metrics after addressing initial launch issues. In the first week post-relaunch, the protocol engaged with over 1 million wallets, now at 1.25 million as of the latest update. Furthermore, the network has seen over 3 million transactions, totaling 3,085,075 at the time of writing.

However, recent data shows a decrease in daily transactions on the network, averaging around 40,000 over the past few days, a decline from the previous weeks. The declining transaction volume aligns with the decreasing value of assets locked within Shibarium. The network's Total Value Locked (TVL) has decreased since its peak at $1.27 million on August 29.

The rise of competing layer-2 networks, such as Base backed by Coinbase, adds pressure to Shibarium. The success of Shibarium will reflect the utility of the meme coin Shiba Inu. The heightened activity has also resulted in a notable increase in the burn rate for SHIB, with 784 million tokens burned in the last seven days, marking a substantial 47.7% increase in the burn rate.

Last updated 9/24/2023, 3:21:47 AM


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