- Shiba Inu’s layer-2 blockchain solution Shibarium has achieved notable milestones, exceeding 1.5 million total blocks, nearing 4 million transactions, and over 1.2 million wallet addresses.
- Shibarium’s launch aims to outpace other memecoins by enhancing transaction speeds and reducing costs, with recent data showing SHIB’s price increased by 2% over the past week and 12% in the past 14 days.
- Shiba Inu’s aggressive token burning strategy has removed nearly 1.5 billion SHIB from circulation, potentially influencing a price rally, highlighted by a record burn of over 250 million tokens on a single day in October.
Shiba Inu’s Latest Achievement
The popular memecoin – Shiba Inu – remains a trendy topic for numerous cryptocurrency participants, while news surrounding the token keep making the headlines. One feature that captures much of the attention is the layer-2 blockchain solution – Shibarium – which went live in August and managed to reach several milestones in the following months.
According to Shibariumscan, the network’s total blocks recently surpassed the 1.5 million mark. In addition, the number of overall transactions is inching towards the coveted level of 4 million, currently standing at over 3.8 million. Wallet addresses have surpassed 1.2 million.
Shibarium aims to elevate Shiba Inu above its rivals in the memecoin realm by improving speed and lowering transaction costs. Its further advancement is touted as a bullish factor that could propel a price increase for SHIB. The asset has spiked a mere 2% for the past seven days and more than 12% on a two-week basis (per CoinGecko).
Those willing to learn more about Shibarium’s purposes and specifics could take a look at our dedicated video below:
Shiba Inu’s Massive Burn Rate
Another element that might trigger a SHIB price rally could be the successful execution of the Shiba Inu burning program. The project witnessed almost 1.5 billion tokens destroyed last month, with the record day being October 28, when more than 250 million coins were removed from circulation.
Earlier this month, Shiba Inu saw over 100 million tokens burned in just 24 hours (a 1,300% increase compared to the day before), suggesting that a substantial amount would be sent to an address that nobody could access in November, too.