TL;DR
- Shibarium, the layer-2 scaling solution for Shiba Inu, continues to make waves in the cryptocurrency space, frequently smashing various milestones.
- The network’s progress and a successful token-burning mechanism that removed over 15.5 billion SHIB from circulation last month hints at a potential price rally.
Shibarium’s Latest Achievement
Despite its price decline in the past seven days, the popular meme coin – Shiba Inu (SHIB) – keeps making the headlines thanks to the advancement of its layer-2 scaling solution Shibarium.
According to Shibariumscan, total blocks on the network exceeded the 4 million milestone, whereas wallet addresses are inching toward 1.4 million. As CryptoPotato reported a month ago, total transactions surpassed the 400 million mark.
Shibarium officially saw the light of day in August last year. It aims to support the Shiba Inu ecosystem by reducing transaction costs, improving speed, and introducing mechanisms for more sustainable and efficient network governance.
Those curious to learn more about the feature’s specifics and purposes, feel free to take a look at our dedicated video below:
Is a SHIB Price Rally on the Horizon?
The further development of Shibarium has been touted as a main factor contributing to a price increase for the largest native token of the protocol – SHIB. Another element that might play a role is the successful execution of the asset’s burning mechanism.
As CryptoPotato reported, the team behind the meme coin removed over 15.5 billion tokens from circulation last month, a 2,300% increase compared to the figures observed in February. The biggest spike occurred on March 8, when almost 14 billion SHIB assets were destroyed.
The burning program is designed to reduce the tremendous circulating supply of the meme coin, making it scarcer and potentially more valuable in time. The process is rather complicated and includes both manual and automatic burns. Those willing to go into details can check our guide here.
Earlier this year, the team behind Shiba Inu and Shibarium introduced “a transformative token mechanism” to automate the entire system.
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