Shiba Inu (SHIB) Reaches Another Huge Milestone: Details
TL;DR
- shiba inu‘s layer 2 scaling solution, Shibarium, continues to make Waves in the cryptocurrency space, frequently surpassing various milestones.
- The progress of the network and the successful token burn mechanism, which removed more than 15.5 billion SHIBs from circulation last month, points to a potential price increase.
Despite the price drop over the last seven days, the popular meme coin – Shiba Inu (SHIB) continues to make headlines thanks to the development of layer-2 scaling solution Shibarium.
Total blocks in the network according to Shibarium scan exceeded Wallet addresses are approaching 1.4 million as we reach the 4 million milestone. Like CryptoPotato reported a month ago total transactions exceeded 400 million.
Shibarium officially I saw the light of day in August last year. It aims to support the Shiba Inu ecosystem by reducing transaction costs, increasing speed, and providing mechanisms for more sustainable and efficient network management.
For those who want to learn more about the features and purposes of the feature, feel free to check out our dedicated video below:
Is There a SHIB Price Rise on the Horizon?
The further development of Shibarium has been cited as the main factor contributing to the price increase of SHIB, the protocol’s largest native token. Another element that may play a role is the successful execution of the asset’s combustion mechanism.
Like CryptoPotato reportedThe team behind the meme coin removed more than 15.5 billion tokens from circulation last month; This was a 2,300% increase compared to figures observed in February. The largest increase occurred on March 8, when almost 14 billion SHIB assets were destroyed.
The burn program was designed to reduce the enormous supply of meme money in circulation, making it scarcer and potentially more valuable over time. The process is quite complex and involves both manual and automatic burns. Those who want to go into details can take a look at our guide. Here.
The team behind Shiba Inu and Shibarium earlier this year introduced A “transformative token mechanism” to automate the entire system.
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