Shibarium and SHIB’s burning mechanism made the headlines today (July 1): here’s why.
- Shiba Inu’s layer-2 scaling solution, Shibarium, keeps progressing with total transactions nearing 420 million and wallet addresses exceeding 1.8 million, while daily transactions rose to over 14,000.
- The SHIB burn rate surged by more than 4,000% in the past 24 hours, removing around 300 million tokens from circulation.
Shiba Inu’s Latest Advancement
The second-largest meme coin in terms of total market capitalization – Shiba Inu (SHIB) – made waves today (July 1) thanks to the further development of its layer-2 scaling solution – Shibarium.
Data shows that the total number of blocks processed on the network surpassed the 5.5 million milestone. Additionally, total transactions neared the 420 million mark, while wallet addresses exceeded 1.8 million.
Daily transactions on the protocol are also on the rise, currently standing at over 14,000. This represents a 100% increase compared to the figure observed the day before.
Shibarium is an L2 blockchain solution developed by the Shiba Inu team, aimed at fostering the development of the meme coin project. It officially went live in August last year, and its main purposes include lowering transaction costs, improving speed, and enhancing scalability. Those curious to learn more about the protocol can do so by watching our dedicated video below:
Burn Rate Goes Through the Roof
Another important Shiba Inu-related development as of late is the resurgence of the burning mechanism. It exploded by over 4,000% in the past 24 hours, resulting in more than 300 million tokens being removed from circulation.
The program’s ultimate goal is to reduce the tremendous circulating supply of the coin, making it scarcer and potentially more valuable in time.
As CryptoPotato reported earlier today, SHIB is among the numerous meme coins situated well in the green on a daily scale. It is currently the 14th biggest cryptocurrency, with a market capitalization of over $10 billion.
Some indicators suggest that SHIB could be headed for a further uptrend in the near future. The crypto market intelligence platform – Santiment – recently stated that the meme coins is one of the most underbought digital assets.
This condition might be interpreted by traders and investors as a potential buying opportunity and could be followed by a price uptick.
Source: www.cryptopotato.com