Shiba Inu (SHIB) critical development: How does it affect the price?

Shibarium, the layer-2 solution for Shiba Inu (SHIB), reached a significant milestone on Christmas.

Shibarium achieved a remarkable achievement by surpassing 700 million transactions in total. This refers to the total number of transactions processed through the protocol. According to Shibariumscan data, the total number of transactions recorded in the protocol is currently reported as 702,299,255. Shibarium's average daily transaction count is around 4.51 million. These figures are carried out by 2,021,932 wallet addresses active on the blockchain.

#Shibarium , which was officially launched in August 2023, has achieved this transaction volume in a short period of 18 months, indicating strong participation and adoption by the community.

Other notable developments for Shibarium include the launch of a new user interface that increases compatibility with leading wallets like Coinbase Wallet, Trust Wallet, and MetaMask.

Shibarium’s key goals include reducing transaction costs, increasing scalability, and making speed improvements. These goals may have contributed significantly to the recent increase in transaction volume. Shibarium also received an update that allows developers to process blocks faster.

Shibarium’s 700 million transaction milestone coincides with a surge in the price of Shiba Inu. Currently, SHIB is trading at $0.00002305, up 3.52% in the last 24 hours.

The price increase was supported by the burning of over seven million SHIB tokens. According to Shibburn data, a total of 7,309,654 SHIB tokens were burned in the last 24 hours. Analysts are expecting a new rally in the popular #memecoin if $SHIB maintains its current momentum.