Just days after the mainnet bridge’s triumphal debut on August 28, Shiba Inu’s layer-2 network, Shibarium, has reached astounding heights, surpassing the 1 million wallet milestone. Despite initial worries, the community’s lead developer Shytoshi Kusama comforted them by saying that their monies were “safu.”
Shibarium has seen an explosion of activity, with over 1 million wallets and an average of 73,640 daily transactions, totaling a staggering 783,000 transactions. The blockchain boasts 421,736 total blocks, demonstrating its robust functionality. Despite this transaction surge, the assets locked on the bridge remain relatively modest at $1.16 million, with decentralized exchanges, including DogSwap and MARSWAP, contributing significantly to this total.
This surge in wallet addresses and transaction activity hints at a promising evolution for Shiba Inu’s SHIB token, potentially transitioning it from a meme-based token to one with practical utility.
One of the most notable aspects of Shibarium’s success is its impact on the SHIB token’s supply. Each transaction on Shibarium results in the burning of SHIB tokens, and recent data shows a staggering 71.45 million tokens burnt in just 24 hours, marking a 192% increase compared to the previous day. In August alone, approximately 6 billion tokens were burnt, coinciding with Shibarium’s launch.
Despite Shibarium’s impressive performance, SHIB has faced price challenges, experiencing a 3.7% decline in the past week and a 4.5% decrease over the past month. This downward trend has persisted for several months.
Shiba Inu’s ecosystem has also seen a surge in SHIB addresses, with an astonishing 3.51 million addresses holding the cryptocurrency, marking a 22% increase in just one week (early August). This growth has generated excitement among cryptocurrency enthusiasts and the Shiba Inu development team alike.
However, the launch of Shibarium on August 16th came with a word of caution from the project’s marketing strategist, Lucie. She emphasized the need for users to remain vigilant against potential exploitation risks in this open development framework. Lucie advised users to verify the legitimacy of protocols, assess community sentiment, scrutinize social media content, and confirm transactions via Etherscan to safeguard against phishing links and fraudulent schemes.
Shibarium’s rapid growth and impact on SHIB token supply are remarkable. While SHIB faces price challenges, the surge in wallet addresses and transaction activity indicates a bright future for Shiba Inu’s ecosystem. However, users must exercise caution, as noted by Lucie, to ensure the security of their investments in this burgeoning landscape.