Shibarium sees 460% surge in transactions as key metrics rise
Shiba Inu’s (CRYPTO:SHIB) layer-2 scaling solution, Shibarium, has experienced a notable surge in activity, marked by a 460% increase in daily transactions and a 360% rise in active accounts.
This uptick follows a period of underperformance, indicating renewed interest and engagement within the Shibarium ecosystem.
On August 19, Shibarium recorded 1,736 transactions, which surged to nearly 10,000 the next day.
Active accounts also jumped from under 300 to over 1,100 during this period.
These increases suggest growing network activity and a potential revival of the Shibarium ecosystem, which may positively impact the price of Shiba Inu (SHIB).
The rise in activity follows several upgrades to the network.
In April 2024, Shibarium introduced a new user interface (UI) to enhance compatibility with popular self-custody wallets like MetaMask, Trust Wallet, and Coinbase Wallet.
This was followed by a hard fork that improved user experience and sped up block processing times.
One significant upgrade is the “Burn Portal,” designed to reduce the circulating supply of SHIB tokens.
This new system integrates with Shibarium’s governance token, BONE, used for paying gas fees.
A portion of these fees is allocated to purchasing SHIB tokens, which are then burned.
Users can initiate a burn once they accumulate at least 100 BONE tokens.
The recent increase in Shibarium’s metrics has coincided with a 5% rise in SHIB’s price, pushing its market capitalisation back above $8 billion.
As the broader crypto market shows signs of revival, Shibarium’s enhanced metrics could drive further gains in SHIB’s value, especially if the platform continues to attract more users.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
JAILSTOOLUSDT now launched for futures trading and trading bots
Milei says he didn't intend to promote Solana-based LIBRA token, few Argentines lost money: reports
Argentina President Javier Milei said he didn’t intend to persuade people to buy the LIBRA memecoin, and he only meant to “spread the word.”Milei also said during a television interview that few Argentines lost money and most investors were “Chinese and American.”Milei faces fraud charges over his involvement in the Solana-based memecoin, which collapsed 95% from its peak.
![](https://img.bgstatic.com/multiLang/image/social/e0ebe1f7dcda3c7b3ce2a18c492adb501739844053793.jpg)
XRP price ‘cup-and-handle’ hints at 25% gains as exchange outflows return
European securities regulator ESMA is preparing a knowledge test for crypto advisers
Share link:In this post: • The assessment is part of the technical requirements for MiCA. • ESMA published a consultation paper seeking comments on its proposed knowledge rules.
Trending news
MoreCrypto prices
More![Bitcoin](https://img.bgstatic.com/multiLang/coinPriceLogo/bitcoin.png)
![Ethereum](https://img.bgstatic.com/multiLang/coinPriceLogo/ethereum.png)
![XRP](https://img.bgstatic.com/multiLang/coinPriceLogo/ripple.png)
![Tether USDt](https://img.bgstatic.com/multiLang/coinPriceLogo/0208496be4e524857e33ae425e12d4751710262904978.png)
![BNB](https://img.bgstatic.com/multiLang/coinPriceLogo/binance.png)
![Solana](https://img.bgstatic.com/multiLang/coinPriceLogo/solana.png)
![USDC](https://img.bgstatic.com/multiLang/coinPriceLogo/usdc.png)
![Dogecoin](https://img.bgstatic.com/multiLang/coinPriceLogo/dogecoin.png)
![Cardano](https://img.bgstatic.com/multiLang/coinPriceLogo/cardano.png)
![TRON](https://img.bgstatic.com/multiLang/coinPriceLogo/tron.png)