Shiba Inu’s Layer-2 blockchain, Shibarium registered significant growth and has hit notable on-chain milestones in less than two years.
Shibarium, officially launched in mid-August 2023, enhances the Shiba Inu ecosystem through faster and cheaper transactions.
Shibarium’s Rapid Expansion and On-Chain Milestones
An update highlighting some milestone achievements of the L2 blockchain reveals that the network has improved tremendously.
For instance, it processes a new block approximately every 5.01 seconds, which indicates how fast transactions are confirmed.
With such speed, Shibarium has mined nearly 10 million blocks, which serve as the backbone of transaction storage.
As per completed transactions, Shibarium boasts approximately 954 million. Specifically, the blockchain has 953,679,000 transactions successfully processed in less than two years.
Within this timeframe, it has also registered 241,597 accounts on the network, with a cumulative unique address creation of 177,506,000.
Beyond blockchain growth, Shibarium has also made a notable impact on contracts and token activity. Shibarium has deployed 27,214 smart contracts for decentralized finance (DeFi), NFTs, and other applications.
Notably, Shibarium processes most off-chain transactions using BONE for gas fees. So far, over 2.06 million BONE token transfers have occurred on the network.
Meanwhile, the total number of tokens created on Shibarium, such as memecoins and utility assets, stands at 14,704.
The network has also verified 5,639 smart contracts, which implies that they have been verified as trustworthy as they represent audited contracts.
Technical experts consider these achievements as indicative of Shibarium’s growing adoption.
They project that Shibarium could hit one billion transactions within a short time. With millions of addresses and daily contract deployment, Shibarium remains a thriving ecosystem.
Shiba Inu’s Burn Rate Decline and Market Response
According to data obtained from Shibburn, an online platform that tracks the activity, the community in the broader Shiba Inu (SHIB) ecosystem has relented in its deflationary efforts to stabilize prices.
In the last 24 hours, the SHIB burn rate dropped by 81%, as only 2,459,758 SHIB tokens were sent to dead wallets.
This volume pales compared to previous burn activities, which incinerated hundreds of millions of SHIB tokens from the circulating supply.
Notably, the ecosystem hopes to stabilize prices and increase value by reducing the circulating supply.
Currently, the circulating supply is 584,349,364,471,960 SHIB, while the total supply is 589,254,654,359,596 SHIB. The over 4 trillion SHIB difference between the total and circulating supply has been staked.
As of this writing, SHIB is changing hands at $0.00001289, a 5.12% decline within the last 24 hours.
However, trading volume has registered a 30.20% spike to $303.33 million. This signals interest among SHIB holders despite the bearish pressure the memecoin is facing in the market.
Ultimately, this interest can fuel a rally in the price of SHIB.
Shytoshi Kusama’s Absence Sparks Speculation
As SHIB struggles to recover in the crypto market, some enthusiasts have expressed concerns about Shytoshi Kusama’s ‘disappearance’ from X.
Notably, the Shiba Inu lead developer, who was once active, has not posted anything on his handle since February 21 nor reposted updates since March 7.
Lucie, the SHIB marketing lead, sent a cryptic message in response to some SHIB holders who expressed worry over Kusama’s inactivity.
“Shytoshi Kusama is doing exactly what he announced he would.”
Interestingly, in February 2024, after a similar period of silence, Kusama returned with an announcement that it had raised $12 million from investors to build a Layer-3 solution for the SHIB ecosystem.
Many anticipate Kusama’s return could positively impact the price outlook for the dog-themed memecoin.
