Layer 2 blockchain network, Shibarium has recorded impressive growth shortly after its relaunch on August 28. The project was relaunched by its lead developer Shytoshi Kusama with support from other teams including Polygon, Unification Fund, and the decentralized Shibarium team.
In a blog post on August 28, Shytoshi expressed gratitude for the support he received from the aforementioned team after Shibarium experienced technical glitches following its initial launch on August 16.
During the first launch, the project experienced an increased and overwhelming user demand consequently forcing it to run into private mode. However, the L2 blockchain solution is now available in public mode and has recorded impressive growth so far.
Shibarium records impressive growth
Shortly after the relaunch, the project has achieved a new feat. A large growth in the number of transactions and number of wallets connected has been recorded. According to Shytoshi, prior to the announcement, the Shibarium network had gathered over 65,000 wallets and 350,000 transactions.
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In fact, data from Shibariumscan – a blockchain explorer for the Ethereum network, show that August 25 had the highest daily transfers as it recorded over 132,000 transactions on Shibarium. In addition, there were over 66,000 transactions recorded on August 28. The total transactions now sit at 453,069 with a total of 101, 748 wallet addresses.
Related Reading: Shiba Inu Comes Back to Spotlight As Burn Rate Surge Again
Source: Shibariumscan
Shibarium was previously launched during the Blockchain Futurist Conference in Toronto on August 16. During the conference, Shytoshi Kusama delivered a speech to the global community while SHIB was the major sponsor of the event. In addition, several Shiba Inu projects including SHIB, and SHIB the Metaverse were introduced to the world.
Shiba Inu burn rate surge
Following the successful relaunch of Shibarium, the burn rate of SHIB has increased. Over the last 24 hours, an impressive 113,711,405 (113 million) Shiba Inu tokens have been destroyed, raising its burn rate to over 40%.
As earlier reported, two major burns carrying 19,960,000 and 10,629,557 SHIB tokens were recorded about 11 and 15 hours ago respectively. As a result, the price of SHIB reacted positively increasing by over 4% to trade at $0.000008. Furthermore, over the last day, Shiba Inu had a 24-hour trading volume of $125,130,265 ($125 million). Ultimately, Shiba Inu is ranked #16 on the global crypto market chart with a live market cap of $4,756,657,671 ($4 billion).
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.