Shibarium: 3M Transfers in Its Grasp as Burn Concerns Arise

Shibarium’s smooth operation milestones are overshadowed by the community’s worries over Shiba Inu’s burn rate.

Shiba inu firebreathing on SHIB coins, man is worried.
Created by Kornelija Poderskytė from DailyCoin
  • Shibarium mainnet’s daily transactions hovers around the 200,000 mark.
  • Over 27M of Shibarium gas fee token, $BONE, is staked on the mainnet.
  • $SHIB gained 2% and added 82M to the market cap in the last 24 hours.

Shiba Inu’s Layer-2 blockchain Shibarium continues to knock down milestones nearly a month since its relaunch. Currently, Shibarium L2 mainnet encompasses 2,710,831 transactions, nearing the 3 million mark at close to 200,000 transactions a day.

Shibarium can keep a 5-second average block production time even in the highly increasing demand of the blockchain. Shibarium currently has 1,246,127 active crypto wallets and 12 validators. 

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The upward trajectory of trading activity on the Shibarium mainnet is evident in the 27 million Bone ShibaSwap (BONE) staked on the blockchain. The official blockchain explorer for Shibarium reports Unification as the top validator, currently holding $5.35 million worth of $BONE tokens.

Slowly Burning SHIB Enrages Community

Despite the technicalities hinting at a smooth transition from the fail-safe private blockchain mode to a smooth & successful public relaunch, many crypto investors are questioning whether Shiba Inu’s burning efforts will stay the same or the SHIB Army will witness an auto-burning mechanism that would maintain the canine coin’s long-term price.

On September 1st, 2023, the official Shiba Inu burning tracker Shibburn had to face the music on Twitter, as frustrated Shiba Inu fans called the 5.7 billion burns amassed throughout August to be nothing more than a drop in the ocean. Even though August’s SHIB burn performance is 172.58% better than July’s, dissatisfied crypto enthusiasts expected to see trillions of tokens burned once Shibarium went live.

Ultimately, the issue was addressed by several developers and team members. For example, SHIB Token’s marketing specialist Lucie SHIB pointed out that onboarding users onto a new blockchain project is never easy and takes time and community effort. Besides, Shibarium’s documentation explains how the gradual gas fee hike will accelerate SHIB burns.

On the Flipside

  • Despite the uptrend in trading activity and multiple favorable on-chain metrics after the relaunch, Shibarium’s total value locked (TVL) shrank nearly three times since the end of August to $559,631.

Why This Matters

Shiba Inu’s own Layer-2 blockchain is set to facilitate the cryptocurrency-burning procedure to maintain a self-sufficient decentralized ecosystem.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.