The Shiba Inu Layer 2 Shibarium network has reached a significant milestone, processing a total of 250 million transactions since its launch. This achievement comes after months of impressive performance and recovery following the holiday season. The network has experienced a surge in daily transactions, bouncing back from a decline at the beginning of the year.
A Recovery in Daily Transactions
At the start of the new year, the average daily transactions on the Shibarium network had fallen by 50%, from an average of 7 million to 4 million. This decline persisted for two days, January 2 and January 3. However, there has been a recent resurgence in daily transactions, with Friday’s numbers reaching 6.19 million at the time of writing. This represents a 50% increase from the previous days’ transactions.
Alongside the increase in daily transactions, the total number of blocks produced on the Shibarium network has also risen rapidly. Currently, there are over 2.84 million blocks produced. If the upward trend in daily transactions continues, the total number of blocks produced could exceed 2.5 million by the end of the month.
The Shiba Inu burn rate, which had a slow start to the year, is now experiencing a significant surge. According to data from the burn tracking website Shibburn, over 4.2 million SHIB tokens have been burned in the last day alone. This represents a 244% increase in burn rate, following a trend that was observed on Thursday.
This surge in the burn rate highlights the community’s commitment to reducing the total circulating supply of the meme coin. While the burn rate is significant, with over 76 billion SHIB tokens burned through this initiative in 2023, it is still relatively small compared to the total supply of over 400 trillion SHIB tokens. This indicates the need to further ramp up burning efforts.
The increase in both the number of transactions and the burn rate demonstrates that interest in the Shibarium network and the Shiba Inu coin extends beyond the layer 2 network alone. Community members are actively participating in the burning initiative to contribute to the reduction of the circulating supply.
The Shibarium network has reached a significant milestone by processing 250 million transactions since its inception. This achievement is accompanied by a recovery in daily transactions and a surge in the Shiba Inu burn rate. The involvement of the broader community is evident in their collective efforts to reduce the circulating supply of SHIB tokens. As the network continues to grow and evolve, it will be interesting to see how these trends develop and influence the future of the Shibarium network.