The Shiba Inu Layer 2 Shibarium network has once again demonstrated its resilience after the holiday season. With an impressive performance in recent months, the network has reached a major milestone of processing over 250 million transactions since its launch last year. This achievement coincides with a significant recovery in the daily transactions on the network, following a temporary decline at the beginning of the new year.
Earlier this week, the average daily transactions on the Shiba Inu network experienced a substantial drop of approximately 50% from the previous average of 7 million to 4 million. This downward trend persisted for two consecutive days, January 2 and January 3, where an average of 4 million transactions were recorded. However, there has been a recent surge in the number of transactions processed by the network, with Friday’s daily transactions reaching 6.19 million at the time of writing. This represents a 50% increase from the numbers observed over the past few days.
In addition to the surge in daily transactions, the total number of blocks produced on the Shibarium network has also experienced rapid growth. Currently, there are over 2.84 million blocks produced, indicating a potentially significant acceleration in block production rate by the end of this month. If the upward trend in daily transactions continues, it is projected that the total number of blocks produced could exceed 2.5 million.
The Shiba Inu burn rate, which initially had a slow start to the year, has also witnessed a substantial surge. According to data from the burn tracking website Shibburn, over 4.2 million SHIB tokens have been burned in the past day. This represents a 244% increase in the burn rate compared to the previous period. The rise in the burn rate indicates a growing interest not only in the Layer 2 network but also in the collective efforts of the community to reduce the total circulating supply of the meme coin.
The significant number of SHIB tokens burned through the burning initiative in 2023 has exceeded 76 billion. However, this amount remains relatively small when compared to the total supply of over 400 trillion SHIB tokens. This underscores the need to enhance the burning process to further decrease the circulating supply of the coin. The ongoing collaboration among community members in this endeavor demonstrates their dedication and commitment to the long-term success of the Shiba Inu project.
The Shibarium network’s achievement of processing over 250 million transactions is a testament to its growing strength and resilience. The recent recovery in daily transactions and the surge in the burn rate of SHIB tokens signify positive momentum for the network and the wider Shiba Inu community. As the network continues to evolve and attract more users, it is expected that further milestones will be reached, solidifying its position as a prominent player in the blockchain ecosystem.
This article is intended for educational purposes only and does not reflect the opinions of NewsBTC regarding investment decisions. Investing in cryptocurrencies carries risks, and readers are advised to conduct their own research before making any financial decisions. The information provided in this article is used at the reader’s own risk.
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