Thu, 28/12/2023 – 14:11
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
According to data provided by Shibariumscan, layer-2 solution Shibarium is approaching a massive utility milestone as it continues to add millions of new transactions daily. This is happening as Shibarium topped a massive all-time high of 200 million transfers on Wednesday.
Meanwhile, SHIB has finally managed to gain another zero, but the chart shows it may lose it again as SHIB is going down after a 6% increase demonstrated within the last 24 hours.
Shibarium eyes astounding milestone
The aforementioned Shibariumscan explorer shows that the layer-2 blockchain is approaching the 210 million milestone, adding over eight million transactions within the last 24 hours and currently sitting at the 208,894,847 level. Of that amount, 207.836 million transactions were completed, with the rest of it pending to be verified.
The number of daily transactions on Shibarium maintains the 7.85 million level, where it has been since Dec. 2 with a brief decline to 5.53 million on Dec. 21. The number of wallets connected to this blockchain is growing at a slow pace so far, and at the time of this writing, it amounts to 1,320,704.
Close to 18 billion SHIB burned within week
In a recent tweet, the Shibburn wallet tracker, which accumulates burn data on Etherscan, has shared that over the past seven days, the Shiba Inu community and the SHIB development team have made sustainable progress in diminishing the circulating supply of Shiba Inu meme coins.
Over the past week, an impressive 17,296,182,880 SHIB have been transferred to unspendable blockchain addresses without a single change for withdrawal. These numerous burn transactions have increased the weekly SHIB burn rate by 100% compared to the previous week.
Mostly, this great amount of burned meme coins was attributed to two mammoth-sized burns performed by the Shiba Inu developer team, spearheaded by pseudonymous leader Shytoshi Kusama. They transferred two enormous chunks of SHIB to dead-end wallets, each carrying 8.5 billion coins. Recently, Shytoshi confirmed that billions of SHIB more will be burned in good time. However, so far, the burns are being made manually by sending coins to the dead wallets, but after the major update expected in January, SHIB burns will be conducted in an automated mode.