Shiba Inu’s Shibarium Reaches Major Milestone and Sees Significant Burn Rate Increase

Shibarium’s Impressive Growth

Shiba Inu’s layer-2 scaling solution, Shibarium, continues to make headlines with its latest achievement. The network has processed over five million total blocks, a noteworthy milestone since Shibarium’s launch in August last year.

Currently, Shibarium boasts more than 417 million total transactions, and the number of wallet addresses has surpassed 1.8 million. Shibarium aims to enhance the Shiba Inu ecosystem by reducing transaction fees, increasing transaction speed, and improving scalability.

Last month, the team behind Shibarium launched an upgraded user interface (UI), promoting it as “faster, smoother, and more accessible.” This new UI aims to ensure compatibility with popular self-custody wallets such as MetaMask, Coinbase Wallet, and Trust Wallet.

In addition, the network underwent a hard fork to further empower developers, enhance user experience, and expedite block processing times.

For those interested in more details about Shibarium, you can check out our dedicated video below.

Surging SHIB Burn Rate

Shibarium’s progress isn’t the only factor contributing to a potential price rally for SHIB. The Shiba Inu burn mechanism has also seen a remarkable surge. In the past 24 hours, the burn rate skyrocketed by 350%, leading to the destruction of nearly 10 million tokens. This burn mechanism aims to decrease the substantial circulating supply of SHIB, potentially increasing its value over time if demand remains steady or rises.

To date, approximately 41% of the maximum total supply of 999,982,356,918,347 SHIB coins have been burned.

SHIB’s value saw a modest increase on May 31, amid a resurgence in the meme coin sector. Other meme coins like Dogecoin (DOGE), Pepe (PEPE), Floki Inu (FLOKI), and Bonk Inu (BONK) also experienced price gains in the last 24 hours.