Important Shibarium Metric Explodes by 1,000%: SHIB Bull Run Imminent?

8 months ago 5

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TL;DR

Shibarium’s daily transactions experienced a significant increase, signaling a resurgence in activity.
The network’s achievements and an increase in token burn rate are seen as potentially positive indicators for Shiba Inu’s future market performance.

After several days of witnessing less activity than usual, Shiba Inu’s layer-2 blockchain solution – Shibarium – finally recorded a significant resurgence. Data shows that daily transactions on the network have surpassed 75,000, representing a 1,000% increase compared to the figure observed the day before.

Despite the recent spike, the numbers are still catching up with the boom witnessed at the start of March. Back then, daily transactions on Shibarium were in the millions.

The L2 scaling solution officially saw the light of day in August last year and has completed multiple achievements since then.

As CryptoPotato reported earlier this month, total blocks on the network surpassed the 4 million milestone. The number of total transactions currently stands at over 413 million, whereas wallet addresses are just south of 1.4 million.

Shibarium is designed to foster the advancement of Shiba Inu by reducing transaction fees, improving speed, and enhancing scalability. Those willing to learn more about the feature, feel free to take a look at the dedicated video below:

Some argue that the further development of the L2 blockchain solution is an important factor that could trigger a bull run for Shiba Inu.

Another element could be the burn rate, whose ultimate goal is to reduce the maximum supply of 999,982,362,289,250 SHIB tokens, making them scarcer and potentially more valuable in time. Most recently, the figure exploded by over 300%.

The price of the self-proclaimed Dogecoin-killer is well in the green on a three-month scale, rising by almost 200%.