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Shiba Inu: Shibarium Set to Hit Big Utility Milestone

Mon, 09/18/2023 - 16:45
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Tomiwabold Olajide
Shibarium triggers expectations as big utility milestone is set to be reached
Shiba Inu: Shibarium Set to Hit Big Utility Milestone
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Shiba Inu Layer-2 network Shibarium is set to hit a big utility milestone. This is because the number of total transactions keeps growing.

Shibarium is now nearing the three million mark in total transactions, currently at over 2.8 million. The Shiba Inu Layer-2 platform has less than 200,000 more transactions to reach this desired milestone.

Given the trend seen in Shiba Inu's daily transactions, Shibarium might reach this milestone in a few days.

Since its initial and subsequent relaunch in August of this year, Shibarium has smashed interesting milestones. Currently, Shibarium has reached 2,866,236 total transactions; 1,246,500 wallet addresses and 695,663 total blocks.

After sustaining near the 200,000 mark in its daily transactions for some days, Shibarium saw a drastic decline in this regard, only recording 40,500 transactions on the previous day.

Shiba Inu Burn Rate Skyrockets by 500% as More Than Half Billion SHIB Burned

Shibarium network utilization is currently low at 3.86%, suggesting that Shibarium is underutilized at the moment. In the days that followed its initial launch, Shibarium had its parameters tweaked, and its operations scaled by over 1,500%.

The update built Shibarium's resilience, allowing it to undertake more without buckling.

Shiba Inu official explains how Shibarium could burn more SHIB

In a new tweet, Shiba Inu team member Lucie explains Shibarium's contribution to Shib burns. Answering the much-asked question of when Shibarium will initiate SHIB burns, Lucie pushed forward the adoption of Shibarium, saying this is what is necessary for SHIB burns.

Lucie stresses that Shiba Inu burns are set per transaction, and thus to initiate burns, Shibarium must be utilized. The Shiba Inu official adds that the greater the utility of Shibarium, the greater the contribution to Shiba Inu burning.

Furthermore, Shiba Inu burns are more a result of community efforts than the function of SHIB developers.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.