Shiba Inu L2 Shibarium Crosses 4 Million Transactions As Burn Rate Explodes
30 November 2023 - 6:00PM
NEWSBTC
Shibarium, the Shiba Inu layer-2 solution, recently reached a new
milestone in the past few days, crossing the 4 million total
transaction threshold. The launch of Shibarium, Shiba Inu’s layer-2
solution, has been a huge catalyst for the meme coin. At the same
time, SHIB’s burn rate has exploded in the last two days, as
investors look to push the price of SHIB in a positive direction.
Shibarium’s Rapid Growth, Burn Rate Skyrockets In just the past few
months, over 4 million transactions have taken place on the
Shibarium network. According to Shibariumscan, the total
transaction count now stands at 4.27 million at the time of
writing, with the total block count also at 1.87 million, steadily
approaching 2 million. The platform saw its daily transactions soar
last weekend, reaching as high as 43,690 on November 23. Related
Reading: Crypto Analyst Who Sold The Bitcoin Top Reveals How To Buy
And Sell At The Perfect Time This milestone seems to have rolled
over to Shiba Inu’s token burning. According to data from Shibburn,
Shiba Inu’s burn tracker, the burn rate has increased significantly
this week. The last 24 hours have seen the token burns reach
82,887,109 SHIB, an increase of 913.89% from the previous
day. SHIB tokens can be burned by any Shiba Inu investor by
sending the tokens to any of the SHIB burn addresses. Apparently,
most of the latest 24-hour figure came from one address, which
incinerated 82.86 million SHIB tokens. The uptick in SHIB
burns has been going on for a while now. The burn rate increased by
almost 500,000% over the weekend with more than 264.20 million SHIB
tokens sent to inactive addresses. What’s Next For Shiba Inu — Road
To $0.00008? Shiba Inu burns are a way to create artificial
scarcity for SHIB, driving up the price of the tokens in
circulation. However, the price of SHIB hasn’t reacted to the
recent burns and the Shibarium transaction milestone. Related
Reading: XRP Price Prediction: Analyst Identifies 3 Key Factors
That Will Trigger Parabolic Move Shiba inu is currently trading at
$0.000008221 and is down by 1.62% in the past 24 hours. On the
larger timeframe, the crypto is up by 13.68% from its October
bottom of 0.000006. The fundamentals surrounding SHIB also point to
a price rise in the coming months as support grows. With
increasing utility, the creation of new tokens in the SHIB
ecosystem, partnerships like the recent one with boxer Manny
Pacquiao, and more widespread mainstream interest on the horizon,
analysts see SHIB revisiting and possibly surpassing its former
high of $0.000088. However, this would mean the Shiba Inu price
would rise 902% from its current price. SHIB price trades in
a tight range | Source: SHIBUSD on Tradingview.com Featured image
from CryptoTicker, chart from Tradingview.com
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