In an impressive feat of technological progress, the Shibarium network—a layer 2 blockchain solution built on Ethereum and initiated by the Shiba Inu team—has recorded a significant breakthrough, solidifying its position as a formidable entity in the blockchain space.
The platform’s transactional activity has witnessed a remarkable surge, with Shibariumscan, the dedicated network tracker, reporting that the network has processed in excess of 90 million transactions since its inception. As of the latest data, the number stands at an impressive 90,677,816 transactions.
This growth is underscored by the average daily transaction volume that has been maintained since December 2. An astounding 7.5 million transactions are being processed on average each day, with the current daily figure clocking in at approximately 7.84 million transactions.
The transaction count isn’t the only metric seeing exponential growth. A 35% increase in activity was registered in recent weeks—escalating from 66 million to the current figures. Shibariumscan also points to significant upticks in the total number of blocks, currently at 2,077,814, and wallet addresses, which now number 1,305,042.
With the escalating number of transactions comes a rise in the use of the network’s native BONE tokens, which are expended as transaction fees. This development sets the stage for the highly anticipated Shiba Inu token burn.
Despite these robust transactional figures, the token burn rate has experienced a downturn in the past 24 hours, declining by 91%, according to Shibburn’s metrics. Nonetheless, it was merely a week prior that the burn rate for the Shiba Inu tokens hit a record high, with a striking 7,686,774% increase that led to the incineration of about 8.35 billion SHIB tokens.
In an ongoing commitment to infrastructure enhancement and scalability, the Shiba Inu team also announced that Shibarium Puppynet would transition from the Goerli Network to the Sepolia Network. The move is aimed at leveraging Sepolia’s stable, controllable environment that closely mirrors the features of the Ethereum mainnet, providing developers with a reliable platform for the testing of dApps and smart contracts. This strategic upgrade, expected to unfold on December 15, 2023, positions the network to more adeptly meet the blockchain community’s growing demands across various sectors, including NFTs and DeFi.
In parallel to the platform’s advancements, SHIB tokens continue to experience fluctuating market conditions, trading at $0.0000096 on the 1D chart at the time of reporting.
In the evolving landscape of blockchain technology and digital transactions, Shibarium’s milestones are indicative of the dynamic shift in how technology can potentially reshape economic structures and the global financial ecosystem.