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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Shibarium’s Activity Surge: Wallet Growth And Elevated SHIB Burn Rate – Bullish Signal For Shiba Inu?

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Shiba Inu

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Shibarium, the Layer-2 blockchain linked to the widely recognized meme coin Shiba Inu, is making notable strides. Recent data indicates a significant uptick in user engagement, marked by a substantial increase in both transactions and wallet growth.

The Shibariumscan explorer reveals that daily transaction volume on Shibarium has reached roughly 7.84 million, reflecting a steady climb since the beginning of the month.

Total number of transactions on Shibarium Blockchain.
Total number of transactions on Shibarium Blockchain. | Source: Shibariumscan

This uptrend in activity has propelled the total transactions on the platform to 212 million, accompanied by the connection of over 1.3 million Shibarium wallets, signifying a growing network of users.

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Shibarium’s Dynamic December: Wallet Growth Meets Fluctuating User Activity

Despite the notable growth in wallets, there has been a contrasting trend in active user numbers. While the account numbers have swelled in December, active user engagement experienced a downturn during the same period.

However, a slight rebound in active users was observed on December 27, hinting at a potential revival in participation. Particularly, Shibarium’s active users surged from a low of 1,878 as of December 23 to an high of 2,802 on the 27th.

This pattern of fluctuating user activity, juxtaposed with the consistent increase in wallet numbers, paints a complex picture of Shibarium’s current ecosystem dynamics.

Alongside Shibarium’s transactional growth, the Shiba Inu community has intensified its efforts in token incineration, aiming to reduce the circulating supply of SHIB tokens and potentially boost their value.

The burn tracker Shibburn reports a 17.59% increase in the daily burn rate, with 13.7 million SHIB tokens recently burned. So far, December has witnessed the burning of roughly 24 billion Shiba Inu tokens, underscoring the community’s commitment to reducing SHIB’s supply.

Shiba Inu Burn Rate Surges Over The Past Day
Shiba Inu Burn Rate Surges Over The Past Day. | Source: Shibburn

This consistent burning strategy is central to the community’s long-term goal of fostering token value growth through supply reduction.

Shiba Inu Market Resilience Amid Security Warnings

Meanwhile, Shiba Inu has thrived to continue its month-long bullishness. Despite a 1% decline in the past week, the asset currently shows an upward trajectory increasing by 0.8% in the past 24 hours, with a market price of $0.00001047, at the time of writing.

Shiba Inu (SHIB) price chart on TradingView
Shiba Inu (SHIB) price is moving sideways on the 4-hour chart. Source: SHIB/USDT on TradingView.com

In the midst of these developments, the ShibArmy Scam Alerts account on X has raised concerns about the prevalent issue of security in the crypto domain, particularly focusing on Shibarium. The account underscores the risks posed by fraudulent projects that exploit inexperienced investors through deceptive advertising.

Related Reading

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Shiba Inu Climbs 12% On Christmas Day – Brewing Bull Run Or False Dawn?

1 year ago

Emphasizing the importance of being well-informed, the ShibArmy Scam Alerts advises thorough research, including scrutinizing white papers, understanding the fundamentals of the asset, and verifying the authenticity of the development team.

In #Shibarium, part of addressing the most significant issue in crypto right now—scams—means prioritizing safety in all aspects. If we put aside the obvious rugged pulls and phishing links, let’s talk about being deceived by false advertising.

How not to be deceived? It’s by… pic.twitter.com/g1RqJDgkId

— Shibarmy Scam Alerts (@susbarium) December 29, 2023

The account also suggests examining media coverage and ensuring active, genuine community engagement on platforms like Discord and Telegram. This comprehensive approach to due diligence is crucial for navigating the crypto space safely and avoiding falling prey to sophisticated scams.

Featured image from Unspash, Chart from Tradingview

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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