The post Why Shiba Inu’s (SHIB) Burn Rate Skyrocketed 961% in 7 Days appeared on BitcoinEthereumNews.com.

Daily transactions on Shiba Inu’s layer-2 network, Shibarium, recorded a significant spike since the end of November, hinting at an important adoption for the blockchain. This notable increase in transaction activity resulted in the SHIB token burn rate increasing by 650% during the same period. However, Shiba Inu’s price remains relatively flat. Shibarium Daily Transaction Volume Skyrocket Shibairum has enjoyed record growth in its daily transactions numbers. On-chain data shows that the transactions on the network have surged by a staggering 44,397.9% since the end of November. On November 29, Shibarium’s daily transactions stood at under 20,000. However, the network saw the number rise to 748,000 as of November 30. This remarkable uptick persisted into December. During the first two days of the month, the network recorded more than 12 million transactions. Shibarium Transaction Count. Source: ShibariumScan Notably, this substantial transaction surge stands out against the network’s total transaction volume of 21 million, with the past 24 hours alone accounting for around 35% of all network transactions. Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know Other Shibarium network metrics also reflect substantial growth. The layer-2 blockchain now boasts 1.27 million wallets and has generated 1.92 million blocks, signifying notable progress within its ecosystem. The total value locked (TVL) on Shibarium has also risen to $775,000, per DeFiLlama data. Despite the impressive numbers, market specialist Lucie has called for more adoption of the network. “Shibarium is open for all to build upon. We don’t keep tabs on projects launching – it’s decentralized! Just like on ETH or Polygon, any project can kick off here. But, a word of caution: DYOR (Do Your Own Research). Stay vigilant and avoid falling into traps,” Lucie said. Over 500 Million SHIB Burnt With Prices Static The record transaction volume on Shibarium has…

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Filed under: News - @ December 3, 2023 6:22 pm