Shibarium Tops 200 Million Transactions As Burn Rate Soars

• Shibarium processed over 200 million transactions, with almost 9 million occurring in the last day.
• Approximately 8 million transfers occur daily on Shibarium, maintaining stability since early December.
• The total wallets connected to Shibarium have surpassed 1.3 million, showcasing ongoing adoption as developers.

Shiba Inu’s layer-2 solution, Shibarium, continues to gain steam three months after launch. According to recent data, the network has now processed over 200 million transactions in total, with almost 9 million occurring just in the last day.

Shibarium clocks 200 million

As of December 27, Shibarium’s overall transaction tally sits at a staggering 202,277,468, crossing the major milestone amid a volume surge over the past 24 hours.

Around 8 million transfers now occur daily, a level that has held steady since early December, per the analytics site. This avalanche swamps the activity on layer-1 Ethereum, where SHIB originated.

Alongside the exponential transaction growth, total wallets connected to Shibarium recently exceeded 1.3 million. Developers and platforms continue migrating to adopt the high-speed, low-cost network.

Community Fuels Surge With SHIB Burns

Data reveals much of the recent activity comes from a booming burn initiative rather than payments or NFTs. This makes sense given that transaction fees on Shibarium get permanently destroyed.

Over the past day, holders sent over 131 million SHIB to dead-end “burn addresses,” eliminating the tokens from circulation forever. This SHIB burn occurred across six transactions, the largest of which eliminated 124 million coins in a single move.

Altogether, this community-driven burn push inflated Shibarium’s daily burn rate by a staggering 2400% day-over-day. Of course, lowering the token supply puts upward price pressure on the remaining SHIB.

The momentum behind proactive and transaction-based burns spotlights the dedication around the meme coin project even after a crushing 95% price decline from 2021 highs. And with affordable transfer fees as low as $0.00001 on Shibarium, regular holders can cost-effectively participate.