02 March, 2024

Shibarium Surpasses 332 Million Transactions Amid New Account Activity Boom

4 weeks ago

05 Feb, 2024

  • Shibarium reaches over three million blocks, demonstrating significant adoption with 1.35 million wallet addresses and over 332.896 million transactions.
  • The platform experiences a 254% increase in new account activity, with BONE’s market capitalization rising.
  • The introduction of an automated SHIB token-burning mechanism on Puppynet aims to reduce SHIB’s circulating supply, potentially impacting its price positively.

Shibarium, the Layer-2 scaling solution for the Shiba Inu cryptocurrency, has recently surpassed three million blocks, marking a significant milestone in its development. Shibarium boasts over 332.896 million transactions and has attracted 1.35 million wallet addresses, demonstrating its growing appeal. Notably, the platform has managed an average block time of just 5 seconds, alongside gas fees that are effectively at zero, showcasing impressive performance in terms of throughput and cost-effectiveness. Furthermore, the daily transaction volume has soared to 2.46 million.

The surge in Shibarium’s adoption is further highlighted by a 254% increase in new account activity over a span of three days.  This spike has raised the total number of contracts to 15,004, reflecting robust development activity on Shibarium. As of now, the platform supports 8,979 tokens and has a total account count of 63,225.

Shibariumscan reported a dramatic increase in daily new accounts, jumping from 24 on February 1 to 61 on February 3, bringing the total to 63,162. This spike in network usage usually signals potential price movements in related cryptocurrencies. Interestingly, the primary cryptocurrency within the Shibarium ecosystem is not SHIB but BONE. BONE is used for gas tolls and validator stakes, potentially benefiting from the surge in account activity. The token’s market capitalization was up 0.63%, at presstime.

However, analysts are bullish about SHIB’s future, with predictions suggesting a potential surge in its value by 2025. A panel of 55 industry experts has projected that SHIB could reach $0.00004930 by 2025, indicating a 442% increase from its current valuation. Alexander Kuptsikevich from FxPro offers an even more optimistic outlook, forecasting a leap to $0.0001, which would mark a nearly 999% increase.

Another pivotal development within the Shibarium ecosystem in recent times was the introduction of an automated SHIB token-burning mechanism. Currently in testing on Puppynet, a valueless testnet version of Shibarium Beta, this automated system aims to enhance the efficiency and transparency of the burning process. With over 43 billion SHIB tokens already burnt manually, totaling $390,440, the move towards automation promises to streamline this process further.

The automated burn mechanism’s anticipated impact extends beyond just reducing SHIB’s circulating supply; it’s expected to influence the token’s price dynamics positively. Despite the specific launch date for the mainnet remaining unannounced, the ecosystem is abuzz with expectations for this feature to go live before year-end.

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