In just three days, Shibarium, the Layer 2 scaling solution central to the Shiba Inu cryptocurrency ecosystem, has observed a remarkable surge in user engagement. Shibarium scan data reveals a staggering 254% increase in new account activity, skyrocketing from 24 on Feb. 1 to 61 on Feb. 3, signaling a growing demand for Shibarium’s offerings.
Growing Usage and Technical Specifications
The heightened activity on the Shibarium platform signifies its increasing usage, boasting 1.35 million recorded wallet addresses and an average daily transaction volume of 2.46 million. The platform’s technical prowess, featuring a block time of approximately 5 seconds and minimal gas fees, showcases its ability to efficiently handle a high transaction volume while keeping user costs at a minimum.
Surpassing Three Million Blocks and Developer Interest
Shibarium achieves another milestone by surpassing three million blocks, underscoring its robust architecture and attracting heightened developer interest. The platform supports 15,004 contracts, reflecting its adaptability. As of now, Shibarium has processed over 332.613 million transactions and accommodates a diverse range of 8,979 tokens.
Related article: Shiba Inu Investors Face Challenges as Token Price Declines
Surprisingly, the primary beneficiary of this surge in new user activity may not be the Shiba Inu token (SHIB) itself but BONE. Serving as the essential cryptocurrency for gas tolls and validator stakes within Shibarium, BONE’s potential market implications are gaining attention. However, at the time of writing, the price of BONE is down 1.18%, according to CoinMarketCap data.
Optimistic Market Analysts and Projections for SHIB
Market analysts express optimism about the future of SHIB, projecting a significant increase in its value by 2025. Predictions indicate a potential surge to $0.00004930, representing a remarkable 442% increase. Some experts even forecast a leap to $0.0001, highlighting the palpable anticipation surrounding SHIB’s future performance. This positive outlook is bolstered by the SHIB team’s ambitious goal of completing all related projects by 2025.
Automated SHIB Token-Burning Mechanism in Testing
In the midst of these developments, the Shibarium community closely monitors the progress of an automated SHIB token-burning mechanism currently undergoing testing on Puppynet. The initiative aims to streamline the burn process, enhancing both efficiency and transparency.
With over 43 billion SHIB tokens already manually burnt, the move towards an automated system is keenly anticipated for its potential to reduce SHIB’s circulating supply further and positively impact its market dynamics.