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Shibarium’s Record-Breaking Rise: Shiba Inu’s Layer 2 Sees 44,397.9% Transaction Spike

Shiba Inu’s Layer 2 solution, Shibarium, is experiencing an astonishing surge in daily transaction volumes, marking an eye-popping increase of 44,397%.

This Layer 2 network has set a new record for its daily transaction count, displaying a staggering surge of 44,397% since late November, as per online data.

On November 29, Shibarium recorded just under 20,000 daily transactions. However, the network witnessed an astronomical leap to 748,000 transactions by November 30, a surge that has continued into December.

Within the first two days of December alone, Shibarium logged over 12 million transactions. The network’s growth is further reinforced by additional metrics. The Layer 2 blockchain presently boasts 1.27 million wallets and has generated 1.92 million blocks. The Total Value Locked (TVL) on Shibarium has also surged to $775,000, according to DeFiLlama data.

The record transaction volume on Shibarium has significantly impacted Shiba Inu’s SHIB burn activity. The burn rate of this meme coin has surged by 961% over seven days and over 600% within the last 24 hours.

Over the past week, approximately 527,485,988 SHIB tokens have been burned. Additionally, in the last 24 hours alone, 20,515,829 SHIB tokens were burned.

This surge in Shibarium’s transaction volume and its consequential impact on SHIB burning activity signal a remarkable shift in the dynamics of Shiba Inu’s ecosystem. The soaring metrics on the Layer 2 network hint at a heightened user engagement and an unprecedented surge in blockchain activities within the Shiba Inu community. As Shibarium continues to rewrite transaction records, its influence on the broader Shiba Inu ecosystem becomes increasingly evident.

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