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Shiba Inu

Shibarium Transactions Surge To Mark New Network Milestone

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Shiba Inu‘s Ethereum-based layer 2 blockchain Shibarium has witnessed another important milestone highlighting the robust strength and activity within its ecosystem.

Shibarium Transactions On The Rise

Since the introduction of Shibarium, the layer 2 blockchain’s total transactions have exploded, crossing several significant milestones. In addition, the blockchain has seen widespread use and is gaining momentum at a vast rate.

The network recently went past the 100 million transaction threshold, marking a significant accomplishment for Shiba Inu. According to data from its network tracker Shibariumscan, the total number of transactions performed within the blockchain has crossed 105 million.

Related Reading: Shibarium Transactions Explode 47,000%, Will Shiba Inu Price Follow Suit?

A large uptick in activity has been observed, which is responsible for the recent surge in transactions on the Shiba Inu network. Shibarium went from an average of 20,000 transactions per day to handling over 7 million transactions per day, propelling the company into the spotlight.

The increase in daily transactions underscores its fast expansion and broad acceptance in less than 4 months. Data from its network tracker shows that in the last 24 hours, about 7.36 million transactions have been conducted within the network.

The performance of Shibarium extends beyond the overall number of transactions within the network. The blockchain has seen over 2 million total blocks processed, while the wallet address totaled 1,307,830 addresses as of the time of writing.

The network’s gas fees appear to have reduced significantly over the past few weeks. Earlier this month, Shibarium witnessed a surge in gas fees, reaching about 783 Gwei.

In blockchain networks, higher gas prices are commonly seen when there is a greater demand for network resources. Additionally, the higher gas fees also tend to buttress the acceleration of BONE buildup for SHIB burns. 

Is Another Massive Shiba Inu Burn Imminent?

Shiba Inu lead developer, Shytoshi Kusama revealed that the team might be preparing for another big Shibarium SHIB burn. Kusama disclosed this in a response to an X (formerly Twitter) post by a Shiba Inu enthusiast.

In the X post, the user shared a screenshot revealing the number of BONE tokens accumulated from Shibarium gas fees. Data from the screenshot shows that the blockchain has amassed over $1.2 million worth of BONE tokens.

Related Reading: Shiba Inu: First Shibarium Hard Fork Is Completed; Here’s What New

Furthermore, he suggested that the team should use the accumulated funds to burn SHIB and BONE. Kusama then responded, disagreeing with the Shiba Inu enthusiast and asserting the team would only burn SHIB.

So far, Kusama has not provided any information regarding the massive burn. However, the team has highlighted three upcoming manual burns set to take place on December 14, 15, and 16.

Shiba Inu
SHIB trading at $0.0000100 on the 1D chart | Source: SHIBUSDT on Tradingview.com
Featured image from iStock, chart by Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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