- After weeks of stillness, Shibburn comes back strong with 13 contributors.
- Shibarium L2 daily transactions have surged 300% since November 21, 2023.
- SHIB price maintains momentum amid a market-wide altcoin correction.
Shiba Inu’s official cryptocurrency burning tracker, Shibburn, reported an unforeseen surge in SHIB burning over the last 24 hours. A whopping 264,204,009 SHIB tokens were set ablaze, totaling $2,245 in 13 transactions to dead on-chain wallets. Five hours ago, one Good Samaritan burned 261,408,966 tokens in a single transaction; the SHIB community praised the move on X.
The price roller coaster for Shiba Inu escalates with the canine coin sustaining the $0.000008 key support line for five days in a row. As most altcoins face a slight market correction this Monday afternoon, SHIB picked up 1.3% gains in the last 24 hours and now trades at $0.00000846, according to independent price aggregator CoinGecko.
SHIB Monthly Upswing Bolstered by Shibarium
Besides the burn count, another significant reason for SHIB’s 8.6% monthly increase is Shibarium. The Layer-2 scaling network solution shows high demand for usage in several key metrics: crypto wallet addresses, total transactions, and average block production time.
Currently, Shibarium L2 encompasses over 1.2 million cryptocurrency wallets, while the transaction count recently hit 4,206,686, according to the on-chain signals provided by blockchain explorer ShibariumScan.io.
Shibarium’s average block production time has increased from five seconds to 8.3 seconds, and it currently has 1.83 million on-chain blocks in creation. Notably, this slightly prolonged block production time is concurrent with the increased developer activity on the network, with MARSWAP DEX now dominating 52.02% of Shibarium L2.
On the Flipside
- The expansion of Shibarium L2 came with heavy bumps in the road, as the total value locked (TVL) on the mainnet slumped from $1.44M recorded weeks after launch to $686,485 today.
- SHIB Army members on Twitter are setting the next target to 1B $SHIB tokens blazed a day, while many members calculate that trillions of $SHIB would have to be burned daily for $SHIB to eat a zero.
Why This Matters
Cryptocurrency burning is an efficient way of maintaining the coin’s long-term price. Layer-2 blockchains offer builders a wide range of scaling options, while memecoins can expedite this innovation through mass appeal.
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