Shibarium is making continuous progress.
Shiba Inu's layer two blockchain solution, Shibarium, became the focus on Christmas Day, breaking another significant milestone. Data shows that the total transaction volume processed by the protocol exceeded 700 million.
Considering that Shibarium was officially launched last summer, this can be seen as a significant achievement. Since then, it has undergone several important developments, such as the launch of a new user interface (UI) update to improve compatibility with popular self-custody wallets like MetaMask, Coinbase Wallet, and Trust Wallet.
Soon after, the team released an update through a hard fork to enhance the capabilities of the developer and innovator community and achieve faster block processing times. It also adopted a burning mechanism that is slightly different from the original plan but serves the same purpose.
The ultimate goal of Shibarium is to promote the development of the Shiba Inu ecosystem by lowering transaction costs, increasing speed, and enhancing scalability. Therefore, some market observers believe that its further development may be a significant factor driving the rise in meme coin prices.
How is SHIB doing?
It is worth mentioning that Shibarium's recent performance coincides with the rebound in SHIB prices. The current trading price is approximately $0.00002305, up 4% for the day.
Other factors indicating that Shiba Inu has not yet experienced a significant rebound are the burning program and the SHIB exchange network flow.
In the past 24 hours, the burn rate surged by 50%, resulting in over 7 million tokens being destroyed. In dollar terms, this amount is negligible, but ongoing efforts will reduce the circulation of meme coins, making them scarcer and potentially more valuable (assuming demand does not decrease).
The net flow of SHIB exchanges has been predominantly negative over the past week (according to CryptoQuant data), with outflows exceeding inflows on most days. This suggests a shift from centralized platforms to self-custody methods and can be viewed as a bullish signal, as it alleviates immediate selling pressure.