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Shibarium sees 460% surge in transactions as key metrics rise

GrafaGrafa2024/08/21 04:30
By:Isaac Francis

Shiba Inu’s  (CRYPTO:SHIB) layer-2 scaling solution, Shibarium, has experienced a notable surge in activity, marked by a 460% increase in daily transactions and a 360% rise in active accounts.

This uptick follows a period of underperformance, indicating renewed interest and engagement within the Shibarium ecosystem.

On August 19, Shibarium recorded 1,736 transactions, which surged to nearly 10,000 the next day.

Active accounts also jumped from under 300 to over 1,100 during this period.

These increases suggest growing network activity and a potential revival of the Shibarium ecosystem, which may positively impact the price of Shiba Inu (SHIB).

The rise in activity follows several upgrades to the network.

In April 2024, Shibarium introduced a new user interface (UI) to enhance compatibility with popular self-custody wallets like MetaMask, Trust Wallet, and Coinbase Wallet.

This was followed by a hard fork that improved user experience and sped up block processing times.

One significant upgrade is the “Burn Portal,” designed to reduce the circulating supply of SHIB tokens.

This new system integrates with Shibarium’s governance token, BONE, used for paying gas fees.

A portion of these fees is allocated to purchasing SHIB tokens, which are then burned.

Users can initiate a burn once they accumulate at least 100 BONE tokens.

The recent increase in Shibarium’s metrics has coincided with a 5% rise in SHIB’s price, pushing its market capitalisation back above $8 billion.

As the broader crypto market shows signs of revival, Shibarium’s enhanced metrics could drive further gains in SHIB’s value, especially if the platform continues to attract more users.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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