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Shibarium Daily Transactions Approach 2 Million Threshold

Mon, 09/11/2023 - 11:55
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Yuri Molchan
New historic peak looming for Shiba Inu Layer-2 blockchain Shibarium
Shibarium Daily Transactions Approach 2 Million Threshold
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Shibarium continues to leave behind peak values, reaching new all-time highs. With less than a month since the relaunch of this Layer-2 blockchain, it is about to smash another major milestone as more and more users are utilizing it.

Transaction count close to new ATH

Data provided by the Shibariumscan explorer shows that as the number of users keeps rising, the overall transaction count is coming close to the two million mark. At the moment, it is only slightly short of that level.

The number of connected wallets remains more or less unchanged, standing at 1,125,603. The number of mined blocks, after reaching a milestone of half a million, continues to rise, reaching 572,760 by now.

Shibarium devs were driven to restart the Layer-2 solution around three weeks ago after, upon the launch on Aug. 15 during the Blockchain Futurist Conference in Toronto, it failed to handle the enormous amount of incoming traffic. The relaunch was conducted with help from several teams, aside from SHIB and Unification Fund. Polygon also helped them to kickstart Shibarium.

Ripple Sends Millions of XRP to Bitstamp, Here's How XRP Price Reacts

SHIB burn rises 300%+

In the meantime, the Shiba Inu community has increased the amount of burned SHIB tokens over the past 24 hours. They have transferred 181,859,002 SHIB meme coins in total to dead-end blockchain addresses, thus raising the burn rate by more than 333%, according to the Shibburn explorer.

The two biggest lumps of SHIB that were incinerated contained 68,999,999 SHIB and 41,082,889 SHIB, with 19,137,508 SHIB and 15,412,592 SHIB following them.

Has Vitalik Buterin impacted SHIB's all-time high?

The aforementioned Shibburn also again shared its take on the massive burning of Shiba Inu coins by Ethereum co-founder Vitalik Buterin in May 2021. Back then, the mysterious founder of SHIB, known to the community as Ryoshi, sent half of the quadrillion SHIB supply to Buterin, but Buterin burned nearly all of it and sent the rest to the "cryptorelief" fund set up by a Polygon cofounder in India to help fight the pandemic.

Shibburn assumed that if that Ryoshi had not sent that mind-blowing chunk of meme coins to Buterin as a sign of respect or if the Canadian IT prodigy had sold those SHIB, the price of the meme coin, Shibburn believes, could have reached $0.00004225 rather than $0.00008845 — the price level SHIB hit on Oct. 28, 2021.

Prior to that, Shibburn also tweeted that it was not Buterin's massive SHIB burn that pushed the Shiba Inu price up 48 million percent since then but rather a high demand for SHIB coin.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at