In the festive spirit of Christmas, Shiba Inu is celebrating a remarkable achievement made by the Shibarium network. The layer 2 network has reached a significant milestone after its network transactions recently rose to unprecedented heights.
Shibarium Network Transaction Skyrockets
Shibarium, the Layer-2 blockchain network of the Shiba Inu ecosystem has recorded a staggering 180 million in network transactions. Experiencing a notable surge, the Shiba Inu blockchain network peaked at 7.82 million on December 24, marking the highest daily transaction volume since December 18, 2023.
According to the reports, the Shibarium network has successfully processed approximately 184,861,076 total transactions with an average block time of 5.0. This considerable amount was made by about 1,319,240 active addresses on the network.
The substantial surge in activities and transactions highlights the Shibarium network’s robustness and its growing popularity amongst Shiba Inu’s extensive user base. With this significant milestone achieved, the attention to Shibarium’s future potential increases as the cryptocurrency’s large community awaits new developments and more record-breaking announcements.
For the past few months, the Shibarium network has been recording massive transactional levels. Earlier in December, the layer 2 network experienced a major surge in network transactions, surpassing a 100 million threshold. The network went from recording thousands of transactions per day to millions, effectively pushing the Shiba Inu network to the limelight.
In addition to its surge in network transaction volume, Shibarium has made several accomplishments this month. The Layer 2 blockchain recently completed its first hard fork in December. It also recorded the successful migration of the Shibarium testnet to Sepolia, a new network aimed at increasing scalability and reducing transactional costs.
Shiba Inu Burn Rate Soars
Adding to the long list of achievements in the Shiba Inu ecosystem, the Shibarium team recently executed their fourth SHIB burn which eliminated approximately 8,471,583,707 SHIB tokens worth $90,307.
The SHIB burn alert was reported by Shibburn, a SHIB burn tracker on X (formerly Twitter). Preceding this recent SHIB burn, the Shiba Inu team previously executed a third burn which incinerated about 8.53 billion SHIB. Overall, the SHIB team eliminated 17,005,148,400 SHIB tokens from existence in under 24 hours.
Additionally, in just 18 days, the Shiba Inu team burned over 33.8 billion SHIB tokens. This growing increase in SHIB burns is yet another testament to Shibarium’s ongoing success and the accomplishments come as part of the Shiba Inu’s team’s commitment to enhancing the token’s utility and sustainability.