- Shibarium, Shiba Inu’s layer-2 solution, has seen substantial growth in terms of transaction volume.
- The network’s advancement could boost SHIB’s price through increased community engagement and investor interest.
- Despite a slight recovery, SHIB’s overall value is down on a weekly basis.
The popular memecoin Shiba Inu (SHIB) has once again made the headlines thanks to its layer-2 blockchain solution – Shibarium.
According to Shibariumscan, total transactions on the network have exceeded the 250 million milestone, whereas total blocks stand just shy of the 2.5 million mark. Wallet addresses have also been on the rise, surpassing 1.3 million.
Shibarium, which saw the light of day in August last year, is designed to benefit the Shiba Inu ecosystem by reducing transaction fees and improving speed. Those willing to dive deeper and learn more about its specifics could take a look at our dedicated video below:
Shibarium’s further advancement could foster community growth and engagement, attract more investors, and positively affect SHIB’s price.
Another factor that could push the price north is the successful execution of Shiba Inu’s burning program. As CryptoPotato reported, the memecoin witnessed over 76 billion tokens burned last year, with December being the record month.
The mechanism aims to reduce the tremendous circulating supply of SHIB, making the asset more scarce and potentially more valuable in time.
Despite the slight resurgence today (January 4), its value is still in the red on a 7-day basis following the overall crypto market slump earlier this week.