Crypto: Shibarium Explodes The Counters, 7 Million Blocks Processed And A Burn Rate That Is Skyrocketing!

Shiba Inu, the famous meme-based crypto, recently reached a new significant milestone, marking a turning point in its evolution. While market attention is focused on developments in next-generation blockchains, Shibarium, Shiba Inu’s layer 2 solution, continues to surprise with impressive results. This advancement, accompanied by a notable increase in the price of SHIB, raises questions about the future of this project. But what explains this rise and what are the implications for the ecosystem?

Shibarium reaches 7 million blocks

The Shibarium network, launched in August 2023, has just crossed a major milestone by processing over 7 million blocks. This development is part of a continuous growth trend for Shiba Inu’s layer 2 solution, designed to reduce transaction fees and improve network scalability. In addition to blocks, the total number of transactions is approaching 420 million, further enhancing the credibility and viability of this solution in the crypto ecosystem. On September 24, new smart contracts surged by 700%, a strong sign of Shibarium’s growing adoption.

This dynamic is supported by an increase in verified accounts and contracts, illustrating the rise of the Shiba Inu community. According to industry experts, this expansion could be a driver for a future increase in the price of SHIB, which has already recorded a 14% increase on a weekly basis.

The reduction of supply and the increase in burn rates for Shiba Inu

Beyond technical progress, another favorable trend is supporting the appreciation of SHIB crypto: the reduction of the available supply on exchange platforms. Indeed, on-chain data reveals that the supply of SHIB on crypto exchanges has dropped to its lowest level in seven months, indicating a possible shift towards personal custody methods. This reduction in immediate selling pressure could favor a further price increase.

Furthermore, the SHIB burn rate has surged by over 7,000% in the last 24 hours, with nearly 8 million tokens sent to a null address. Although this reduction in supply has a modest impact in terms of dollar value, these continuous efforts could eventually positively influence the value of SHIB by reducing its overall circulation.

The rise of Shibarium and the dynamics of SHIB supply suggest that the current rally is far from over. Developments around this layer 2 solution, coupled with a reduction in supply on exchanges and a significant increase in burn rate, suggest potential growth for this memecoin.