As a seasoned crypto investor with a soft spot for meme coins and a knack for spotting potential, I find the recent surge in Shibarium transactions intriguing. Having been around since its launch last August, I’ve seen its ups and downs, including the meteoric rise it experienced late last year.
According to the latest data, there’s been a staggering 1,538% rise in daily transactions on Shibarium, the layer-2 network of Shiba Inu.
On Tuesday, Shibarium processed a whopping 28,680 transactions, which is significantly more than the 1,740 transactions it handled on Thursday, marking a substantial increase in activity.
Since its launch in August, the Shibarium network has successfully handled over 416 million individual transactions.
Since April, Shibarium’s transaction growth has plateaued. The recent surge raises questions about whether the network can finally end its prolonged period of sluggishness.
As a researcher, I observed an unusual surge in activity on Shibarium last December. Initially, the network was handling around ten million transactions daily in early December. However, by January, this figure skyrocketed to an astounding 237 million transactions per day, marking a significant increase.
According to U.Today, Shibarium has launched a burn portal for the Shiba Inu community, enabling a section of the meme coin’s total amount to be burned and potentially increasing its value by reducing its supply. This new capability is due to the implementation of EIP 1559, which introduced the idea of a “base fee.”
After every transaction within the Shibarium network, the base fee is permanently removed from circulation by being sent to a destruction contract (or ‘burn’ contract). Currently, you need 100 BONE tokens to start this burn process. Out of the base fee, 70% is eliminated completely, with the remaining portion going towards the treasury.
On the Shibarium network, a total of more than 1.8 million BONE transfers have been made to date. Yet, the daily count of new BONE transfers has consistently stayed below the 1,000 mark since May.
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2024-08-21 18:24