The Shiba Inu ecosystem is experiencing a resurgence as the Layer 2 blockchain, Shiva Limited, reported a remarkable 54% increase in transactions over the last day. Daily transactions jumped from 2.101 million to 3.1 million, signaling a rise in user interest and engagement. This growth is noted on the Shabbyum Network.
Alongside this surge, Shibarium’s total address count reached a new high of 204,182,966, showcasing a growing number of users taking part in the platform.
Other metrics related to Shibarium also reflect this upward trend. The network has processed a staggering 1,133,559,932 transactions overall. This increase in daily trading activity has played a significant role in reaching this total, with the block count exceeding 10 million, currently standing at 10,791,495.
Shiba Inu Burn Rate Surges 22,598%
The uptick in Shibarium transactions is not the only notable change; the burn rate for Shiv saw an astonishing increase of 22,598%, with millions of tokens being removed from circulation. According to Shivburn, 25,770,312 Shivs have been burned within the past 24 hours, marking an increase in the daily burn rate by 22,598.92%.
This rise in burn rates aligns with the 54% transaction increase at Shiv’s Layer-2 blockchain, emphasizing heightened activity within the ecosystem. Over the past week, a total of 337,663,581 Shivs were burned, pushing the weekly burn rate up by 297%.
However, Shiba Inu’s prices haven’t yet stabilized in line with this increased ecosystem activity, and they remain within a stagnant range. After peaking at $0.00001525 on April 26th, Shiba Inu has not shown much movement.
As of now, Shiv has seen a decline of 2.5% in the last 24 hours and is down 6.8% over the week, reflecting the current trends in the crypto market.
