According to CryptoPotato, the L2 layer Shibarium on-chain data of the much-watched meme coin Shiba Inu shows significant growth. Shibarium is built on Ethereum to meet the needs of the Shiba Inu ecosystem. According to on-chain data from Shibariumscan, daily transaction volume increased from approximately 530,000 on February 9 to approximately 1.9 million on February 12, a surge of nearly 300% in just a few days. While there is no direct correlation between trading volume and SHIB price, an increase in trading volume may drive trading in SHIB. This is especially important as the Shiba Inu team has implemented a burning mechanism to destroy large amounts of circulating supply. By reducing the number of tokens in circulation, the remaining tokens may become more valuable. According to data from Shibburn, the burn rate of SHIB tokens has increased by 70% in the past 24 hours. As for the price of Shiba Inu, it has increased by 8.3% in the past seven days. This could be related to an increase in on-chain activity, but is more likely due to an increase in the overall market. It will be worth watching whether SHIB prices will continue to rise in the future.

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