Shibarium, the rapidly growing layer-2 network, is set to ignite a series of three massive Shiba Inu burns, capitalizing on its surging transaction volume and the impending arrival of SRC-20 inscriptions. This thriving ecosystem is poised to propel the Shiba Inu (SHIB) token towards scarcity, potentially impacting its valuation and attracting a wider audience.
In just three months, Shibarium has experienced an astonishing surge in daily transactions, with an average of 7.5 million transactions. This remarkable scalability represents an astounding 500x increase from the initial 15,000 daily transactions witnessed shortly after the network’s inception.
Read Also: As First Shibarium-Powered Burn Destroyed 8.24B SHIB, Team says it’s closer to Massive SHIB Burn
Furthermore, the network has demonstrated its resilience by handling a peak of 5 million transactions on December 1st, even under heavy traffic.
The surge in transactions on Shibarium has not gone unnoticed, as the total number of transactions processed on the network has skyrocketed to over 96.4 million. This exponential growth in network activity is a testament to the expanding user base and the increasing adoption of Shibarium.
Despite the network’s heightened usage, gas fees have remained remarkably low, further affirming the efficiency and effectiveness of the platform.
Three Additional Shiba Inu (SHIB) Burn Events
Following the success of the first burn event triggered by accumulated gas fees on December 4th, the Shibarium team has announced three additional burn events scheduled for December 14th, 15th, and 16th.
In a blog post, the says, “One already happened ($70,000) last week and three more manual burns are set to take place on the 14th, 15th, and 16th of December.”
These upcoming burn events are expected to surpass the previous record and further reduce the circulating supply of Shiba Inu (SHIB). As a result, the market value of SHIB tokens may be significantly impacted, attracting attention from investors and enthusiasts.
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SRC-20 Inscriptions Set to Revolutionize Shibarium Network
The introduction of SRC-20 inscriptions on Shibarium marks a significant milestone for the network and opens up a world of possibilities. Inspired by the BRC-20 standard on Bitcoin and similar initiatives on other blockchains, SRC-20 inscriptions allow users to create their unique inscriptions on Shibarium.
Read Also: Shiba Inu Lead Developer Addresses Major Concerns About Shibarium
This groundbreaking feature enables the creation of non-fungible tokens (NFTs) and other on-chain assets, paving the way for a new era of innovation within the network.
With the arrival of SRC-20 inscriptions, Shibarium is expected to attract a fresh wave of users and developers, driving further growth and generating additional gas fees. These fees will play a crucial role in fueling future burn events and contribute to the ongoing reduction of the SHIB token supply.
As Shibarium continues to evolve, the future of the Shiba Inu token appears increasingly promising, driven by innovation, community engagement, and a commitment to scarcity.
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