The burning rate of SHIB and daily transactions on Shibarium are rising
Data from the special Shiba Inu burning tracker, Shibburn, shows that this rate has increased by 114.36% over the last 24 hours. This has led to the burning of 9,071,593 SHIB. As a result of this burning rate, a total of 410,731,258,074,742 SHIB has now been destroyed from the original supply.
Similarly, Shibarium Scan shows that the number of daily transactions on the Shiba Inu Layer 2 scalable blockchain has reached 4.75 million.
This figure emerged after Shibarium recorded an extremely low rate of 3,000 at the beginning of October. Amid a growing surge in adoption, this figure reached 4.77 million on Friday. The total number of transactions is around 435,711,744, with 7,549,163 blocks produced and an average block time of five seconds.
These growth trends have the potential to restore SHIB prices. With such values, Shibarium is one of the most utilized L2 blockchains. This reward could attract more users to the network, increasing the use cases for SHIB.
The increase in demand and network activity could lead to a supply deficit, which may trigger price increases.