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Shibarium Smashes Major New Utility Milestone as This Metric Surges: Details

Wed, 07/05/2023 - 08:53
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Yuri Molchan
Shiba Inu's Layer 2 network has seen major new rise following important metric
Shibarium Smashes Major New Utility Milestone as This Metric Surges: Details
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Shibarium continues to hit new milestones as more and more users are joining the testnet, connecting their crypto wallets to it. Over the past 24 hours, the testnet Puppynet launched on March 11 has seen a staggering increase in the overall transaction count.

New utility milestone reached

Within the past 24 hours, it has grown by almost a million, now smashing past the 27 million mark and reaching a new utility milestone. A peak of 324,899 transactions was observed on June 13, then it dropped a little within the next few days. Since June 19, this metric has been moving approximately along the 274,000 level of daily transactions.

The total amount of linked wallets continues to grow as well, but at a much slower pace, according to Puppyscan. Currently, this metric shows 17,055,351 wallets, and no big rises have been recorded over the past few days here.

The number of total blocks has increased to the 1,562,692 level, and the amount of time necessary for creating one block now equals 8.3 seconds.

Image via Puppyscan

Expected Shibarium launch date

After the lead developer of Shiba Inu and Shibarium, the mysterious Shytoshi Kusama, spoke to the SHIB army about the "launch strategy" for Shibarium (saying that everything has been set already – both date and time), the community is now expecting the Shibarium mainnet to launch on Aug. 13-16 in Toronto, Canada.

This is where the annual ETHToronto event will take place to celebrate Ethereum's birthday. Since SHIB was initially launched on this blockchain, the community believes this will be a great tribute to Ethereum and Vitalik Buterin. In a Telegram channel dedicated to all things Shibarium, a few days ago, Kusama left a hint that may confirm this theory about the date and place of the upcoming launch of Shibarium.

Prior to that, he tweeted that Shiba Inu was "going somewhere," and this place would be outside the United States.

SHIB Burns Jump 550% as Shiba Inu Price Stays in Green

SHIB burn news, price action

According to data provided by the Shibburn explorer, within the past 24 hours, the SHIB burn rate has gone down into the red zone, showing minus 32.33% as 52,954,936 SHIB meme coins have been destroyed in total. They were transacted into dead-end addresses and locked there permanently without a chance to be spent or withdrawn in any way.

Burning is basically a term for extracting coins from the circulating supply for good in an attempt to ultimately make the supply more scarce, thus raising the chances of a coin rising in price when its supply shrinks substantially.

As for Shiba's market performance, it has been striving to break through the $0.00000784 level and has failed two attempts already over the past 24 hours. After two attempts, SHIB has returned to the price level where it started from, $0.00000766, exchanging hands at this level now against USDT on the Binance exchange.

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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