Shiba Inu’s Layer2 network, Shibarium, has achieved a significant milestone by surpassing 10 million in transaction volume. This milestone reflects the growing adoption and usage of Shibarium among community members within the Shiba Inu ecosystem. Shibarium is an Ethereum-based layer2 solution that aims to enhance the capabilities of the Shiba Inu ecosystem. Although the mainnet is not yet operational, the team released the Puppynet testnet to the public a few weeks ago.
Growing Network Activity Drives Increased Utility and Token Burn
According to data, the Puppynet testnet has successfully completed 10.3 million transactions and processed 921,214 blocks as of the current time. The network boasts an average block time of 5 seconds and has over 15 million wallet addresses. The daily transaction volume on Shibarium has been steadily increasing since mid-May, averaging over 300,000 daily transactions since May 12.
Furthermore, the heightened network activity has resulted in an increased utility for Shiba Inu and a rise in the burn rate of the $SHIB token. In the past seven days alone, over 3 billion SHIB tokens have been burnt, as reported by Shibburn data. This has led to a slight decrease in the overall supply of SHIB, which still stands at over 589.3 trillion tokens. In another development, the Shiba Inu community has expressed its desire for Twitter’s new CEO, Linda Yaccarino, to integrate the SHIB token into the social media platform. The community has shown support and willingness to assist in making this integration possible, highlighting their loyalty and dedication. While the integration is not guaranteed, community members are encouraged by Yaccarino’s following of the official SHIB account and other crypto projects.
Despite the recent activities and progress within the Shiba Inu ecosystem, the price of the SHIB token has experienced an 18% decline in the past 30 days. At the time of writing, the token is trading at $0.00000872, according to data from CoinMarketCap.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments. This is a news article only.
