Shibarium witnesses surge in new users as it hits transaction milestone

Shibarium, the Layer 2 scaling solution central to the Shiba Inu cryptocurrency ecosystem, has experienced a significant uptick in user engagement, with a 254% increase in new account activity within just three days. 

According to data from Shibarium scan, this surge in interest has pushed the total number of new accounts from 24 on Feb. 1 to 61 on Feb. 3, indicating growing demand for Shibarium’s offerings.

The increased activity on the Shibarium platform is indicative of its growing usage, with 1.35 million wallet addresses now recorded and an average daily transaction volume of 2.46 million being managed. The platform’s technical specifications, including a block time of approximately 5 seconds and minimal gas fees, highlight its capacity to handle a high volume of transactions efficiently while keeping user costs low.

Meanwhile, Shibarium has also crossed another milestone by surpassing three million blocks, a testament to its robust architecture and the increasing developer interest, which is reflected in the platform’s support for 15,004 contracts. At the time of writing, Shibarium has processed over 332.613 million transactions and accommodates a diverse range of 8,979 tokens.

Interestingly, the primary beneficiary of this wave of new user activity might not be the Shiba Inu token (SHIB) itself but BONE, which serves as the essential cryptocurrency for gas tolls and validator stakes within Shibarium. This distinction could shift investor focus towards BONE, especially considering its potential market implications. However, at the time of writing, the price of BONE was down 0.13%, per coinmarketcap data.

On the contrary, market analysts seem to be optimistic about the prospects of SHIB, projecting a significant increase in its value by 2025. With predictions of reaching $0.00004930, representing a 442% increase, and some experts forecasting a leap to $0.0001, the anticipation around SHIB’s future performance is palpable. This optimistic outlook is bolstered by the SHIB team’s ambitions to complete all related projects by 2025.

After meeting with I can’t reveal much, but I can say one thing: The goal is to have everything finished by the end of this year. The whole vision should be completed by 2024/2025. It’s not a promise, but that’s the goal.With every dapp usage on and… — 𝐋𝐔𝐂𝐈𝐄 | Shibarium ⛓️ (@LucieSHIB)

In the midst of these developments, the Shibarium community has been closely monitoring the progress of an automated SHIB token-burning mechanism, on Puppynet. The initiative is expected to streamline the burn process, enhancing both efficiency and transparency.

With over 43 billion SHIB tokens already manually burnt, the move towards an automated system is keenly anticipated for its potential to further reduce SHIB’s circulating supply and positively affect its market dynamics.

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2024-02-05 14:56