Shibarium Data at Historic Highs: How Did Shiba Inu React to This?

Shiba Inu's Layer 2 solution, Shibarium, managed to come to the fore once again with a huge increase of 44,397% in daily transaction volumes. The Layer 2 network continued to break new records in the number of daily transactions, showing a huge increase of 44,397% since the end of November, according to data.

Shibarium recorded just under 20,000 daily transactions on November 29. However, the network witnessed an astronomical jump of 748,000 transactions by November 30 and this increase continued until December.

Shibarium processed more than 12 million transactions in the first two days of December alone. The growth of the network is further strengthened by additional metrics. The layer-2 blockchain currently has 1.27 million wallets and has produced 1.92 million blocks. Total Locked Value (TVL) on Shibarium also increased to $775,000, according to DeFiLlama data.

Record trading volume at Shibarium has significantly impacted Shiba Inu cremation activity. The burn rate of this meme coin has increased by 961% in seven days and over 600% in the last 24 hours.

Approximately 527,485,988 SHIB tokens were burned over the past week. Additionally, 20,515,829 SHIB tokens were burned in the last 24 hours alone.

This increase in the transaction volume of Shibarium and the resulting impact on SHIB burning activity indicates a significant shift in the dynamics of the Shiba Inu's ecosystem. Rising metrics on the Layer-2 network indicate increased user participation within the Shiba Inu community and an unprecedented increase in blockchain activity. As Shibarium continues to rewrite the transaction records, its impact on the broader Shiba Inu ecosystem becomes increasingly evident.