According to CryptoPotato, Shiba Inu's layer-2 blockchain solution, Shibarium, has achieved a significant milestone by surpassing 200 million transactions. Despite this accomplishment, the price of SHIB has remained stable without major changes in the last 24 hours. However, the potential for a surge in the near future is possible due to the execution of its burning program and other developments.
Shibarium, which officially launched in August this year, aims to elevate Shiba Inu above its rivals in the memecoin realm by improving speed and lowering transaction fees. The network has experienced a highly successful month, with daily transactions ranging between 5 million and almost 8 million.
Despite the impressive achievement, Shiba Inu's price has failed to chart any substantial gains in the past 24 hours, currently trading at the same level as yesterday (December 26). Nevertheless, it has performed well recently, being up 13% in a week and 25% on a monthly basis. The uptrend could be attributed to the overall frenzy surrounding the memecoin niche and the successful execution of Shiba Inu's burning program.
Last week, the project witnessed over 17 billion tokens sent to an address that nobody could access. Moreover, the burn rate has exploded by over 1,800% today (December 27), resulting in an additional 131 million assets being destroyed. The mechanism aims to reduce the circulating supply of SHIB and potentially make it more scarce and valuable over time.
