Popular meme coin Shiba Inu (SHIB) has witnessed a phenomenal 6,000% increase in cremation rate over the past week. This significant increase includes the burning of approximately 9.4 billion tokens.
The increase in the burning rate of SHIB has been reported in several spots, especially in the USA. Bitcoin ETFIt is in line with a broader market rally influenced by the recent approval of . These market events contributed to the price of SHIB rising nearly 5% over the past week to reach $0.0000105.
In parallel, the Shiba Inu’s layer 2 network ShibariumThere was also a significant decline in transaction activity in . In the network, where an average of 7 million daily transactions took place in December 2023, this number dropped below 2 million in the current month. The number of transactions decreased from 7.84 million on December 28, 2023 to 1.16 million on January 13, 2024, indicating a significant decrease in network activities.
Koinfinans.com Despite this decline in transactions, as we reported, other network metrics reflect the significant growth and adoption Shibarium has experienced since its launch. The Layer 2 blockchain currently has 1.3 million wallets and has produced 2.64 million blocks. Additionally, total value locked (TVL) on Shibarium reached nearly $1 million earlier this month, underscoring the ongoing relevance and utility of the network.
Shiba Inu’s Position in the Market and Future Prospects
This recent increase in the SHIB burn rate amid volatile network activity and market conditions highlights the dynamic and evolving nature of the cryptocurrency market.
The reactions of the Shibarium network underscore the complexity of managing digital assets and responding to market trends. Crypto As the world continues to evolve, decisions and developments within the Shiba Inu ecosystem are likely to be closely watched by investors and enthusiasts, providing insights into broader implications for altcoins and decentralized networks.