Shibarium experiences an influx of new users following its achievement of a transaction milestone.
Shibarium, the Layer 2 scaling solution at the heart of the Shiba Inu cryptocurrency ecosystem, has seen a significant surge in user engagement, with a 254% rise in new account activity in just three days.
According to data from Shibarium scan, this increase in interest has propelled the total number of new accounts from 24 on February 1 to 61 on February 3, indicating a growing demand for Shibarium’s services.
The heightened activity on the Shibarium platform is a clear indication of its increasing usage, with a recorded 1.35 million wallet addresses and an average daily transaction volume of 2.46 million. The platform’s technical specifications, including a block time of around 5 seconds and minimal gas fees, demonstrate its ability to efficiently handle a large number of transactions while keeping costs low for users.
Furthermore, Shibarium has achieved another milestone by surpassing three million blocks, highlighting its robust architecture and the growing interest from developers, as evidenced by the platform’s support for 15,004 contracts. Currently, Shibarium has processed over 332.613 million transactions and supports a diverse range of 8,979 tokens.
Interestingly, the primary beneficiary of this influx of new users may not be the Shiba Inu token (SHIB) itself, but BONE, which serves as the essential cryptocurrency for gas tolls and validator stakes within Shibarium. This distinction could potentially shift investor focus towards BONE, especially considering its market implications. However, as of now, the price of BONE has decreased by 0.13%, according to coinmarketcap data.
On the contrary, market analysts appear to be optimistic about the future prospects of SHIB, predicting a significant increase in its value by 2025. With forecasts suggesting a rise to $0.00004930, representing a 442% increase, and some experts even projecting a leap to $0.0001, there is palpable anticipation surrounding SHIB’s future performance. This positive outlook is further strengthened by the SHIB team’s ambitions to complete all related projects by 2025.
Amidst these developments, the Shibarium community is closely monitoring the progress of an automated SHIB token-burning mechanism, which is currently undergoing testing on Puppynet. This initiative is expected to streamline the burn process, enhancing both efficiency and transparency.
With over 43 billion SHIB tokens already burnt manually, the implementation of an automated system is eagerly awaited for its potential to further reduce SHIB’s circulating supply and positively impact its market dynamics.
