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Shiba Inu’s Shibarium Hits 10M Transaction Volume Milestone

2 mins
Updated by Ryan Boltman
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In Brief

  • Shiba Inu's layer2 network Shibarium transaction volume crossed 10 million.
  • Over 3 billion SHIB tokens were burnt in the last seven days.
  • SHIB was trading for $0.00000872 as of press time.
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Shiba Inu Shibarium’s Puppynet testnet has seen its total transaction volume cross the 10 million mark, a sign of massive adoption and use among community members.

Shibarium is an Ethereum-based layer2 solution built for the Shiba Inu ecosystem. While the mainnet is not ready, the team made its Puppynet testnet available to the public some weeks ago.

According to Puppyscan, Puppynet has completed 10.3 million transactions and processed 921,214 blocks as of press time. The average block time is 5 seconds, while the network’s wallet addresses are above 15 million.

Shiba Inu Shibarium Data
Shiba Inu Shibarium Data (Source: Puppyscan)

Meanwhile, the daily transactions on the network have been on the rise since the middle of May. The network has averaged more than 300,000 daily transactions since May 12.

Over 3 billion SHIB burnt 

Meanwhile, the rise in network activity means more utility for Shiba Inu and an increase in the SHIB burn rate. In the past seven days, more than 3 billion SHIB tokens have been burnt, according to Shibburn data.

The burns in recent weeks have led to a slight decline in SHIB supply, although it is still above 589.3 trillion tokens. 

SHIB Supply
SHIB Supply (Source: Shibburn)

Community Wants Twitter to Integrate Token

The Shiba Inu community has urged Twitter’s new CEO Linda Yaccarino to integrate the token into the network and offered support to help make this happen.

A prominent figure in the ShibArmy community, Ragnar Shib, tweeted, “Any problem integrating @Shibtoken to twitter let us know. We have the most loyal, helpful, and biggest community in the crypto world.”

While there are no certainties about integration, the community is excited that Yaccarino follows the official SHIB account and other crypto projects.

SHIB Price Performance

Meanwhile, Shiba Inu’s price is down 18% in the last 30 days and is trading for $0.00000872 as of press time, according to BeInCrypto data. IntoTheBlock data further showed that most holders are currently holding at a loss.

The price performance is surprising considering the spate of activities and developments within its ecosystem.

SHIB Price Performance
SHIB Price Performance (Source: BeInCrypto)

However, despite the rise of newer memecoins like PEPE, Shiba Inu remains a popular digital asset in the crypto market.

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
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