The Shiba Inu Layer 2 Shibarium Network is rebounding once again after the holiday festivities die down. This time, the Layer 2 network is celebrating a major milestone after a few months of impressive outperformance.
Shibarium Network Exceeds 250 Million Transactions
The Shibarium Network has now done that crossed a total of 250 million transactions have been processed since its launch last year. This latest milestone coincides with a significant recovery in the network’s daily transactions, which had fallen at the start of the new year.
As NewsBTC reported on Thursday, average daily transactions on the network were down about 50%, from an average of 7 million to 4 million. This decline would last for at least two days, on January 2 and 3, with an average of 4 million transactions executed.
Source: ShibariumScan
However, since then there has been another jump in the number of transactions processed by the network. Currently, daily transactions for Friday are at 6.19 million at the time of writing. This translates into a 50% jump over the numbers of the past few days.
The total number of blocks produced has also increased rapidly at this time. As the data shows, more than 2.84 million blocks have now been produced on the Shibarium network. If daily transactions on the Shiba Inu Layer 2 network continue to rise, the total number of blocks produced could exceed 2.5 million before the month is out.
SHIB bulls losing control | Source: SHIBUSDT on Tradingview.com
Shiba Inu burn rate is making a comeback
The trades conducted on the Shibarium network are not the only thing making a comeback right now. Shiba Inu burns are also showing a significant increase after a slow start to the year.
According to facts from the burn tracking website Shibburn, more than 4.2 million SHIB tokens have been burned in the past day. This figure translates into a 244% increase in the burn rate over this period, continuing the trend recorded on Thursday.
The increase in Shiba Inu burns shows that interest is not just limited to the Layer 2 network. But community members also continue to work together in their effort to reduce the overall circulating supply of the meme coin.
By the year 2023, the total number of SHIB tokens burned through this initiative exceeded 76 billion. However, this figure is minuscule compared to the over 400 trillion supply of SHIB token, showing that burning needs to be ramped up.
Featured image from NewsBTC, chart from Tradingview.com
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