After the Shiba Inu development team re-launched the Shibarium network, there have been several significant advancements. The blockchain’s increasing adoption has resulted in notable improvements in important metrics, including transaction volume, the number of active wallets, and other key indicators.
Transaction Count
As reported by Fxcryptonews, Shibarium has reached an impressive milestone by surpassing one million transactions. To be more specific, within just two weeks of its public relaunch, Shibarium has witnessed a total of over 1,170,000 transactions.
This accomplishment comes on the heels of a significant uptick in daily user engagement. According to data obtained from Shibarium’s dedicated explorer, the network now experiences an average of 109,400 daily transactions.
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Shibarium Witnesses Impressive Wallet Growth Than Other Blockchain Networks
Furthermore, information from the explorer reveals a notable rise in the quantity of addresses operating within the Shibarium network. Currently, there are 1,118,003 wallet addresses within Shibarium. This represents an impressive growth of 112,619 addresses in just four days since The Fxcryptonews previous report.
The significance of Shibarium’s rapid increase in wallet count over a two-week period becomes even more noteworthy when compared to figures from other blockchain networks. To put it into perspective, the XRP Ledger has accumulated only 4.7 million wallets in its 11-year history, while Cardano has garnered 4.27 million wallets in just six years.
Newly Launched Token
Fxcryptonews recently shared on Monday that the Shiba Inu development team launched a new token built on the Shibarium platform. Specifically, the team presented Wrapped BONE (WBONE) to enhance the interoperability of the Shibarium gas token with different cryptocurrencies.
Based on the news report, converting BONE into WBONE simplifies interactions with decentralized finance platforms and trading exchanges.
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Effect on SHIB Burns
In addition, the introduction of Shibarium has led to a notable surge in the reduction of Shiba Inu tokens from its extensive supply. According to report, the month of August witnessed the burning of approximately six billion SHIB tokens.
The staggering figure of 5,715,986,938 tokens burned in August signifies a remarkable increase of over 100% compared to the previous month’s burn rate. Furthermore, in July, the Shiba Inu token supply was reduced to just 2.09 billion SHIB tokens from its initial supply of over five hundred trillion.
It’s worth noting that June saw a comparatively lower figure, with only 1,653,845,435 SHIB tokens being burned. Shytoshi Kusama, the lead developer, has mentioned that the team is actively working on the Shibarium burn portal, which has the potential to further enhance token burns.
