Shibarium Approaches 420M Transactions: Shiba Inu’s Network Achieves Major Milestones and Upgrades

• Shiba Inu’s Shibarium records over 6.5 million total blocks and almost 420 million total transactions but shows a declining number of new daily transactions. 

• The Shiba Inu team recently announced the introduction of “Burn Portal” and the execution of its latest hard fork.

The SHIB Army finds consolation in a recent spike in key Shibarium activities amidst the ongoing market pullback and the relative decline in other metrics. 

According to Shibarium blockchain explorer Shibariumscan, the total number of blocks on the network exceeds 6.5 million, and the total number of transactions recorded on the network is nearing 420 million. Our analysis of the explorer also shows that 1.8 million wallet addresses have been created on the network, triggering increasing network activity. 

Contrary to these improved numbers, the number of new daily transactions has drastically reduced from the millions recorded in the first quarter of the year to hover within the range of 3,000-4,000 in the past few days. Also, the number of new accounts, new verified contracts, and active accounts are also performing poorly. 

Its historical performance indicates that the network activity has unexpectedly remained down since the beginning of the month. On August 7, only 321 addresses completed at least one transaction on Shibarium. New demand for Shibarium was also down on August 8, with only six new addresses created on the network. This represented a 98% drop from the 361 new addresses recorded on August 1.

Shibarium Anniversary is on as the Developer Team Expands Wallet Compatibility

The SHIB Army is celebrating the first anniversary of the Shibarium, which made a groundbreaking entrance into the crypto industry to implement several vital upgrades. In April this year, the team launched a new user interface update, labeling it faster, smoother, and more accessible than ever. The team also expanded compatibility with popular self-custody wallets, including Metamask, Coinbase wallet, Trust wallet, etc. 

Since its launch, Shibarium has recorded several milestones, including surpassing the 400 million mark in terms of the total number of transactions. Weeks ago, Shibarium was subjected to a hard fork to empower the community of developers and innovators while enhancing user experience.

We are also smoothing out transaction fee variations during high traffic times, making costs more predictable and fair for everyone. This ensures our platform remains affordable and accessible.

Another interesting development undertaken by the team is implementing the token burning mechanism called “Burn Portal.” As we explained, a portion of the Shiba Inu tokens would be sent to a designated address to reduce the circulating supply and increase the price in the long run. This portal was designed to feature an EIP-1559 component that would control charge predictability and efficiency.

Introducing #ShibTorch!
The long awaited community Burn Portal is now live. Every #Shibarium L2 transaction now helps burn $SHIB, reducing the total supply. Start burning today https://t.co/NL6HAkE90j— Shibarium Network (@ShibariumNet) August 16, 2024

According to analysts, the recent technological upgrade could lead to a bullish resurgence, ignite the Shibarium activities, and lead Shiba Inu to new heights. 

At press time, Shiba Inu was trading at $0.00001429 after declining by 3.5% in the last 24 hours. Despite maintaining a positive gain of 4% in the last seven days, the meme coin has recorded a monthly decline of 14% and a 90-day fall of 47%. Currently, the trading volume is up by 22%, with $247 million moving around the market.