Shiba Inu’s Layer-2 solution, Shibarium, is making waves in the crypto world after achieving a remarkable milestone of over 335 million transactions.

The surge in transaction activity is evident, with Shibariumscan data revealing a staggering 2.46 million transactions over the past 24 hours on Monday, a substantial leap from the 1.96 million on Friday.

LUCIE, the Chief Marketing Officer of the Shibarium ecosystem, took to Twitter on Sunday to express gratitude, tweeting, “Massive shoutout to the Shibarium community! Celebrating an incredible milestone with 300 million transactions! Keep rocking the crypto world!”

This surge in transaction activity comes on the heels of heightened engagement for Shibarium. Notably, following its launch on August 16 2023, the layer 2 ecosystem swiftly garnered just over 500,000 transactions in under a month. This momentum peaked at an impressive 4.7 million daily transactions by the end of November. However, as 2023 drew to a close, Shibarium encountered a discernible dip in transaction volume, reaching 1.65 million transactions as of December 23.

Fortunately, starting the year, the platform has undergone a noteworthy recovery, with transaction numbers almost doubling. Additionally, the number of wallet addresses interacting with the network has reached an all-time high of 1,343 million, with accounts surging to 62,827.

The surge in Shibarium transactions reflects its resilience amid a 1000% surge in gas fees, leading to a significant burn of $SHIB. Notably, token burning has become a focal point for the community, aiming to reduce circulating tokens. Notably, the Shiba Inu community’s steadfast commitment has been evident in their actions, with approximately 76 billion SHIB tokens being sent to a dead wallet in 2023. Last week, the Shiba Inu development team further demonstrated this dedication by burning an additional 9.5 billion SHIB.

That said, the Shibarium community is also abuzz with enthusiasm as the dynamic team behind it gears up for a series of exciting updates. Among the much-anticipated developments is the imminent introduction of the “.shib” domain into the internet’s domain name system, a significant move poised to enhance its global recognition.

Moreover, last week, Lucie shared insights into the ongoing efforts of the team, revealing that they are actively working on implementing a range of upgrades and developments. She urged the community to exercise patience as the team navigates through this intricate process, acknowledging that challenges may arise.

Meanwhile, despite the latest development, the price of SHIB has experienced a 1.10% decrease over the past 24 hours, reaching $0.0000088.

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Filed under: Bitcoin - @ February 5, 2024 7:01 pm