Shiba Inu reaches another huge milestone, what about the price of SHIB? (Details)

TL;DR

The Shiba Inu Shibarium reached a new milestone in terms of total blocks processed on the network. In addition, SHIB’s burn rate increased by 350%, with the goal of reducing supply and potentially increasing value.

Shibarium continues to progress

Shiba Inu’s layer 2 scaling solution, Shibarium, is back in the headlines after completing another major success. The latest data shows that the total number of blocks processed on the network surpassed the five million mark. This is a significant achievement considering the fact that Shibarium officially saw the light of day in August of last year.

The total number of transactions on the L2 blockchain solution is currently over 417 million, while the number of wallet addresses has recently crossed the 1.8 million mark.

Shibarium’s main goal is to foster the development of the Shiba Inu ecosystem by reducing transaction fees, improving speed and increasing scalability.

Last month, the team behind the network released a new user interface (UI) update, describing it as “faster, smoother and more accessible than ever.” The update aims to enable compatibility with popular self-custodial wallets such as MetaMask, Coinbase Wallet and Trust Wallet.

Soon after, the team introduced another development via a hard fork. Its goal is to empower the developer and innovator community, improve user experience, and implement faster block processing times.

Those who are curious to know more about Shibarium, feel free to check out our dedicated video below:

The cream goes through the roof

Shibarium’s breakthrough is seen as a contributing factor to a potential rally in SHIB prices, but it’s not the only one. Shiba Inu’s burning mechanism is another element worth observing.

The burn rate exploded by 350% in the last 24 hours, so almost 10 million tokens were destroyed. The ultimate goal of the program is to reduce the substantial circulating supply of the asset, making it scarcer and potentially more valuable over time (assuming demand increases or maintains its levels).

The Shiba Inu team has already burned through approximately 41% of the maximum total supply of 999,982,356,918,347 coins.

SHIB value is slightly in the green today (May 31) following a resurgence in the meme coin sector. Other such assets that have seen price increases in the last 24 hours include Dogecoin (DOGE), Pepe (PEPE), Floki Inu (FLOKI), Bonk Inu (BONK) and more.

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