Shiba Inu’s Shibarium Hit Major Milestone Amid Rapid Network Recovery

The Shiba Inu Layer 2 Shibarium network is recovering once again after the festivities of the holidays have died down. This time around, the layer 2 network is celebrating a major milestone after a couple of months of impressive outperformance.

Shibarium Network Crosses 250 Million Transactions

The Shibarium network has now crossed a total of 250 million transactions that have been processed since it was launched last year. This latest milestone coincides with a significant recovery in the network’s daily transactions which had plunged at the start of the new year.

As NewsBTC reported on Thursday, the average daily transactions on the network had fallen around 50% from the 7 million average to 4 million. This decline would persist for at least two days, on January 2 and January 3, where an average of 4 million transactions were carried out.

Source: ShibariumScan

However, there has since been another jump in the number of transactions processed by the network. Currently, the daily transactions for Friday are sitting at 6.19 million at the time of writing. This translates to a 50% jump from the numbers recorded over the last few days.

The total number of blocks produced has also risen rapidly at this time as well. As the data shows, there are now over 2.84 million blocks produced on the Shibarium network. If the daily transactions on the Shiba Inu layer 2 network continue to rise, then the total number of blocks produced could cross 2.5 million before the month is over.

SHIB bulls losing control | Source: SHIBUSDT on Tradingview.com

Shiba Inu Burn Rate Mounts A Comeback

The transactions carried out on the Shibarium network are not the only thing making a comeback at this time. The Shiba Inu burn rate is also seeing a significant surge after being subject to a slow start to the year.

According to data from the burn tracking website Shibburn, there have been more than 4.2 million SHIB tokens burned in the last day. This figure translates to a 244% surge in the burn rate over this time, continuing the trend that was registered on Thursday.

The rise in the Shiba Inu burn rate shows that interest is not only localized to the Layer 2 network alone. But also, community members continue to work together in their bid to reduce the total circulating supply of the meme coin.

In the year 2023, the total number of SHIB tokens burned through this initiative has come out to more than 76 billion. However, this figure is minute compared to the over 400 trillion supply of the SHIB token, showing a need to ramp up burning.

Featured image from NewsBTC, chart from Tradingview.com

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