- Shiba Inu’s layer-2 scaling solution, Shibarium, is making significant strides with total transactions approaching 420 million and wallet addresses surpassing 1.8 million. Additionally, daily transactions have climbed to over 14,000.
- The SHIB burn rate has experienced a dramatic increase of over 4,000% in the past 24 hours, resulting in the removal of approximately 300 million tokens from circulation.
- Shiba Inu continues to gain attention as a major meme coin, currently ranking as the 14th largest cryptocurrency by market capitalization, valued at over $10 billion.
Shiba Inu’s layer-2 solution, Shibarium, is progressing with 420 million transactions and a 4,000% surge in burn rate.
Progress of Shiba Inu’s Layer-2 Solution
Shiba Inu (SHIB), renowned as the second-largest meme coin by market capitalization, is advancing with its layer-2 scaling solution known as Shibarium. This solution has made impressive headway, evidenced by surpassing 5.5 million blocks processed on the network. Moreover, the total number of transactions is nearing 420 million, and wallet addresses have exceeded 1.8 million.
The volume of daily transactions on Shibarium has significantly increased, now exceeding 14,000, which reflects a 100% rise compared to the previous day’s figures.
Functionality and Launch of Shibarium
Shibarium, an L2 solution developed by the Shiba Inu team, was officially launched in August last year. Its primary objectives are to slash transaction costs, boost speed, and enhance scalability for the Shiba Inu community. By doing so, Shibarium aims to support the overall development and adoption of the Shiba Inu project.
Surge in the SHIB Burn Rate
Recently, Shiba Inu witnessed a substantial surge in its token burning mechanism, with the burn rate increasing by over 4,000% within the last 24 hours. This has led to the removal of more than 300 million SHIB tokens from circulation.
The primary aim of the burning program is to reduce SHIB’s enormous circulating supply, thereby increasing scarcity and potentially enhancing the coin’s value over time.
Market Performance and Future Outlook
According to recent reports, SHIB has shown positive performance, placing it among the green-highlighted meme coins on a daily scale. With a market capitalization exceeding $10 billion, Shiba Inu holds its position as the 14th largest cryptocurrency.
Market indicators, including insights from the crypto market intelligence platform Santiment, suggest that SHIB is among the most undervalued digital assets. This undervaluation might offer traders and investors a lucrative buying opportunity, potentially leading to a price increase in the near future.
Conclusion
Shiba Inu’s continuous advancements through the development of Shibarium and the aggressive token burn strategy are pivotal for its future growth. These metrics not only enhance the project’s scalability and transaction efficiency but also aim to increase the token’s scarcity. As market analysts predict a favorable outlook, SHIB holders and potential investors should stay vigilant for emerging opportunities in the Shiba Inu ecosystem.
