Shibarium Records Explosive Growth Shortly After Relaunch
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Shiba Inu’s much-anticipated layer-2 network, Shibarium, is making a remarkable entrance into the crypto scene, attracting over 1 million wallets in just under a week.
The network, designed to enable faster and more cost-effective SHIB token transfers, was recently relaunched on August 28th after experiencing initial technical challenges.
Shytoshi Kusama, the lead developer, promptly reassured the community that their funds remained secure and that the network was now fully prepared to manage the surging demand.
In a short span, Shibarium has processed an impressive 862,000 transactions, averaging around 84,700 transactions daily, for a total of 439,031 blocks on the network. This was according to the latest data from Shibariumscan.
Shibarium TVL Remains Low
Despite this impressive transaction activity, the total value locked (TVL) on Shibarium currently stands at $1.08 million. Notably, decentralized exchanges (DEXes) such as DogSwap and MARSWAP contribute significantly to the TVL, accounting for approximately $907,000. These DEXes empower users to seamlessly exchange SHIB tokens for other cryptocurrencies, provide liquidity, and earn rewards.
One unique aspect of Shibarium is its deflationary mechanism. With every transaction, it burns a portion of SHIB tokens, reducing the overall supply. Astonishingly, over 95.6 million tokens were burned in the last 24 hours, marking a 29% surge from the previous day. The launch of Shibarium in August coincided with the burning of approximately 6 billion tokens, indicative of its potential to transform SHIB from a meme token into a utility token with tangible real-world applications.
SHIB Remains South-Bound
Despite these positive developments, the price of SHIB has yet to reflect these changes and is still grappling with its downtrend.
As Shibarium continues to gain momentum and attract more users, it holds the promise of revolutionizing the utility and relevance of SHIB in the ever-evolving cryptocurrency landscape. Investors and enthusiasts eagerly await how this innovative layer-2 network will reshape the future of Shiba Inu.
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