Shiba Inu reaches another milestone with its Shibarium network
The Shiba Inu cryptocurrency has once again made headlines thanks to a major achievement from its layer-2 solution, Shibarium. The latest figures show that the number of blocks processed on the network has passed the five million mark. This is an impressive feat, especially considering that Shibarium was only launched last August.
More and more users?
In addition to the impressive number of blocks, there are more than 417 million transactions processed on the L2 blockchain and the network has more than 1.8 million unique wallet addresses. Shibarium is designed to strengthen the Shiba Inu ecosystem by reducing transaction costs, improving speed, and increasing scalability.
The Shibarium team recently launched a new user interface that is faster, smoother and more accessible than ever. This update ensures compatibility with popular self-custody wallets such as MetaMask, Coinbase Wallet and Trust Wallet. Shortly afterwards, the team also introduced a hard fork that further improves the user experience and speeds up block processing times.
Burning rate through the roof
It plays alongside Shibarium’s progress burning mechanism of Shiba Inu also plays an important role in the potential increase in value of SHIB. In the last 24 hours, the burning rate has increased by 350%, resulting in the destruction of almost 10 million tokens. The goal of this burning program is to reduce the circulating supply of the token, making it scarcer and potentially more valuable as demand increases or remains the same.
So far, the Shiba Inu team has burned about 41% of the maximum total supply of almost a trillion coins.
SHIB price movement
The progress of Shibarium and the increased burning percentage are important factors that could influence the future value of SHIB. Investors remain hopeful that the Shiba Inu community will continue to innovate and improve, especially account holders with the increasing popularity of meme coins.
The current Shiba Inu price today is € 0.00002402. In the last 24 hours, the Shiba Inu price has fallen by ▼ 2.99%, which is a decrease in value of -€ 0.00000072 euros.
