Shibarium, the layer-2 network for Shiba Inu, is seeing a huge surge in activity. Daily transactions have skyrocketed by a whopping 760% in just one day! This is a big deal because it could mean good things for the Shiba Inu price.
What’s Causing the Boom?
So what’s behind this sudden spike in activity? Shiba Inu’s marketing lead, Lucie, thinks it could be a combination of things:
- Shibaswap: Shiba Inu’s own decentralized exchange (DEX) is seeing a lot more trading activity lately. Since Shibaswap runs on Shibarium, this means more transactions on the network.
- Shibahub: This platform is still under development, but it could be attracting more users to Shibarium.
- Shib the Metaverse: This virtual world is also in the works, and it’s possible that early adopters are already interacting with it on Shibarium.
- Shib Marketplace: This upcoming marketplace could be driving interest in Shibarium as well.
Burning More Shiba Inu
The increased activity on Shibarium is good news for Shiba Inu holders. A portion of the transaction fees on Shibarium are automatically burned, meaning they’re removed from circulation forever. This helps reduce the overall supply of Shiba Inu, which can potentially drive up the price.
The burn rate has already been pretty impressive this month. In the last week alone, over 322 million Shiba Inu tokens have been burned! This is a huge increase, and the surge in Shibarium activity could lead to even more burning in the future.
Shiba Inu Price on the Rise
The increased burn rate and the overall hype around Shibarium have helped boost the price of Shiba Inu. The token is currently trading at around $0.00001918, up almost 3% in the last 24 hours.
It’s still early days, but the recent surge in Shibarium activity is a positive sign for Shiba Inu. If the network continues to grow, it could have a significant impact on the price of the meme coin.
