- Shiba Inu’s Shibarium network has reached a new milestone by processing over five million blocks.
- Additionally, the SHIB burn rate has surged by 350%, aiming to reduce supply and potentially increase value.
- Shibarium’s primary goal is to foster the development of the Shiba Inu ecosystem by lowering transaction fees, improving speed, and boosting scalability.
Shiba Inu’s Shibarium network hits a major milestone, processing over five million blocks, while SHIB burn rate surges by 350%, aiming to reduce supply and increase value.
Shibarium Keeps Progressing
Shiba Inu’s layer-2 scaling solution, Shibarium, has made headlines again after achieving a significant milestone. The latest data shows that the total blocks processed on the network have exceeded the five million mark. This is a notable success considering that Shibarium officially launched in August last year.
Total transactions on the L2 blockchain solution currently stand at more than 417 million, while the number of wallet addresses recently surpassed the 1.8 million mark.
Shibarium’s primary goal is to foster the development of the Shiba Inu ecosystem by lowering transaction fees, improving speed, and boosting scalability.
New User Interface and Hard Fork
Last month, the team behind the network launched a new user interface (UI) upgrade, describing it as “faster, smoother, and more accessible than ever.” The update aims to allow compatibility with popular self-custody wallets such as MetaMask, Coinbase Wallet, and Trust Wallet.
Shortly after, the team introduced another development through a hard fork. Its goal is to empower the community of developers and innovators, improve user experience, and implement quicker block processing times.
Burning Goes Through the Roof
Shibarium’s advancement is considered a contributing factor to a potential SHIB price rally, but it is not the only one. The Shiba Inu burning mechanism is another element worth observing.
The burn rate exploded by 350% in the past 24 hours, resulting in almost 10 million tokens being destroyed. The program’s ultimate goal is to reduce the asset’s substantial circulating supply, making it scarcer and potentially more valuable in time (assuming demand rises or keeps its levels).
The Shiba Inu team has already burned approximately 41% of the maximum total supply of 999,982,356,918,347 coins.
SHIB’s value is slightly in the green today (May 31) following a resurgence of the meme coin sector. Other assets of that type witnessing price increases in the past 24 hours include Dogecoin (DOGE), Pepe (PEPE), Floki Inu (FLOKI), Bonk Inu (BONK), and more.
Conclusion
Shiba Inu’s Shibarium network continues to make significant strides, achieving major milestones and introducing new developments aimed at enhancing user experience and scalability. The surge in SHIB’s burn rate further underscores the community’s commitment to reducing supply and potentially increasing value. As the Shiba Inu ecosystem evolves, these advancements could play a crucial role in shaping its future trajectory.
