The Shibarium blockchain has broken a huge milestone by clearing more than 1 billion overall transactions since going live.
Per statistics from Shibariumscan, the Layer-2 network designed to enhance the Shiba Inu ecosystem has now processed 1.006 billion transactions.
This is a mark achieved within less than two years since its August 2023 launch. This milestone is directly opposite to that of Bitcoin’s timeline, given that BTC also took around 15 years to execute the same number of transactions.
Shibarium Transaction Number Hits 1 Billion
Shibarium blockchain transaction number now stands at 1.006 billion. The network now processes around 4.05 million transactions per day.
Network statistics show a number of significant facts regarding the state of the Layer-2 solution today.
The blockchain generated a total of 10,256,214 blocks with a block time of 5 seconds on average.
The number of addresses within the network has reached 194,223,962 as of press time.
The two-year time span for reaching one billion transactions points to the capability of the network to process high volumes. To compare, Bitcoin took around 15 years to handle the same number of transactions.
SHIB Burn Rate Jumps 10,000%
Shiba Inu coin is experiencing a significant increase in its burn rate, which in the last 24 hours is up by 10,400%.
Shibburn reports that as many as 115.89 million SHIB coins have been burned out of circulation over the last 24 hours.
The burn transactions detail indicates steady activity with a number of big burns taking place in recent days.
Significant burn transactions include 92.64 million SHIB being sent to a dead wallet 11 hours ago, followed by a 20.25 million SHIB burn 24 hours ago.
Other significant burns of 16.27 million and 1.22 million SHIB took place 3 and 4 days ago respectively.
Current supply data shows 410,747,625,781,618 SHIB have been burned from the initial supply.
This leaves a total supply of 589,252,374,218,381 SHIB, with 584,365,706,044,267 in circulation.
Shiba Inu Price Slumps Despite Positive Developments
While the network milestones and burn rate growth are impressive, the price action of Shiba Inu says otherwise.
SHIB was trading at $0.00001236, which is 3.02% lower over the last 24 hours. This is part of a larger downtrend that has witnessed the token shed 19.5% of its value in the last week.
The longer-term record indicated that SHIB has declined 12.2% in the last month and a sizeable 52.8% in the last year.
This price decline is occurring while the market capitalization of the token sits at $7.27 billion, having fallen 3.14% in the previous day.
For Shiba Inu, a key target is $0.000015. If it manages to reclaim this level, the chances of its attempting $0.00002 would be higher.
The volume continues to be high at $217.44 million in the last 24 hours. The recent surge in burn rate appears connected to increased network activity and possibly targeted burn campaigns.
The 92.64 million SHIB burn came from a “CA” labeled address. This could be a centralized effort or campaign-related burn.
Community participation in burns is evident through smaller regular transactions, with amounts like the 111,111 SHIB burn from yesterday showing ongoing community support for the deflationary mechanism.
The 10,035 SHIB burn from 2 days ago is another example of smaller, consistent burns that collectively contribute to the supply reduction.
With daily transactions on Shibarium exceeding 4 million, the infrastructure now supports a self-sustaining burn mechanism that could potentially remove increasingly larger amounts of SHIB from circulation as network usage grows.
While SHIB became one of the better-performing coins as April started, analysts have been keeping tabs on its price movement.
It shows signs of a bearish month even though it is back by a strong community. Latest analysis depicts a bearish scenario wherein the coin may not see much more than 3.5% in average monthly returns.
That said, events such as token burns and rising Layer-2 activity may give it a positive spin, yielding unexpected results for the coin.
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