The Shiba Inu Layer 2 Shibarium network is experiencing a significant recovery after the holiday season. This time, the layer 2 network is celebrating a major milestone, having processed a total of 250 million transactions since its launch last year. The recent achievement coincides with the recovery of daily transactions, which had initially dropped at the beginning of the new year. Previously, NewsBTC reported a 50% decline in the average daily transactions from 7 million to 4 million. This decline continued for two consecutive days, on January 2 and January 3, with an average of 4 million transactions being carried out.
However, there has been an impressive rebound in the number of transactions processed by the network. At the time of writing, the daily transactions for Friday have reached 6.19 million, representing a 50% surge compared to the previous few days. Concurrently, there has been a rapid increase in the total number of blocks produced on the Shibarium network, with over 2.84 million blocks now in existence. If the upward trend in daily transactions continues, the total number of blocks produced could exceed 2.5 million by the end of the month.
The Surging Burn Rate
The resurgence in the number of transactions on the Shibarium network is not the only positive development. The burn rate of Shiba Inu tokens (SHIB) has also experienced a significant surge, following a slow start to the year. Shibburn, a burn tracking website, reports that over 4.2 million SHIB tokens were burned in the last 24 hours alone. This surge in burn rate marks a remarkable 244% increase during this period, continuing the trend observed on Thursday.
The rise in the burn rate of the Shiba Inu tokens indicates that interest is not solely concentrated on the Layer 2 network. It also demonstrates the continuous efforts of community members working together to reduce the total circulating supply of this meme coin. Since its initiation, more than 76 billion SHIB tokens have been burned through this initiative in the year 2023. However, considering the enormous supply of over 400 trillion SHIB tokens, there is a need to intensify the burning process.
The Shiba Inu Layer 2 Shibarium network is making a remarkable recovery, with the celebration of a major milestone of 250 million transactions processed. The recent surge in daily transactions, along with the significant increase in the number of blocks produced, indicates positive growth prospects for the network. Additionally, the burn rate of Shiba Inu tokens has experienced an impressive surge, reflecting the concerted efforts of the community to reduce the circulating supply. While challenges remain, the recovery and growth of the Shiba Inu Layer 2 Shibarium network demonstrate its resilience and potential in the cryptocurrency market.
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