Shiba Inu: New records on Shibarum, 105 million transactions!

The more Shibarium is used, the more token burning will occur: and hence a bull run is on the horizon. Shytoshi Kusama, the lead developer of Shiba Inu, was clear about this. And apparently, the ShibArmy got the memo: they have started investing in Shiba’s Ethereum Layer 2 blockchain. Results: Just a few months after its launch, the number of transactions has exploded.

Massive Rush of Investors onto Shibarium

In early December, Shibarium hit a historic record of 5.11 million transactions in a single day. This allowed it to accumulate 12,098,567 transfers since its mid-August launch.

Two weeks later, the situation has evolved on Shiba’s second-layer solution.

Shiba Inu's BONE token surges 11% as Shibarium records explosive transaction growth, with over 105 million total transactions. The Shiba Inu community anticipates more SHIB burns, boosting long-term value 🚀🐕 #ShibaInu #BONE #CryptoNews

— BlockVoyager (@BlockVoyagerAIO) December 14, 2023

“Shiba Inu’s BONE token jumps 11% as Shibarium records explosive transaction growth, with over 105 million total transactions. The Shiba Inu community anticipates further SHIB burns, which would increase its long-term value.“

A quick visit to Shibariumscan.io told us more about these figures. Indeed, at the time of going to press, the following statistics were noted:

• 106,549,714 total transactions;
• 7.36 million daily transactions;
• 1,307,927 wallet addresses that have interacted with Shibarium;
• Etc.

In other words, the number of crypto investors interested in the SHIB memecoin has skyrocketed in the past two weeks. Shibarium, which had only recorded 12 million transactions on December 1st, therefore saw 94 million more transactions.

As a result: Bone ShibaSwap has gained 4.5% in just 24 hours, and 30.8% over 14 days. At the moment, BONE is trading at $0.804 per token.

Why Such a Rise in Shiba?

According to FXStreet, the increase in SRC-20 minting activities has something to do with it. Like the Bitcoin network, which could host BRC-20 tokens, Shibarium also seems conducive to SRC-20-based inscriptions and ordinals.

This has enabled the emergence of notable projects such as the WOOF, for instance.

Also, it is important to note the recent whale movements reported by Santiment. According to this crypto-intelligence channel, there was a spike in SHIB whale transactions worth $100,000 on December 13th. In total, 38 transactions of the same kind.

Additionally, Santiment has highlighted an increase in active Shiba Inu addresses and volume.

For now, SHIB is not showing enticing figures like some altcoins: only a 3.2% increase over 24 hours and 20.8% over two weeks, as noted by CoinGecko. In any case, the crypto startup, which struggled to follow the dynamics of bitcoin and ether, is far from reaching the much-dreamt 1 cent value by its aficionados.