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Shibarium Witnesses Surge in New Users and Achieves Transaction Milestone

Shibarium, the Layer 2 scaling solution integral to the Shiba Inu cryptocurrency ecosystem, has seen a remarkable spike in user engagement, with a striking 254% increase in new account activity over a three-day period. Data from Shibarium scan reveals a surge from 24 new accounts on Feb. 1 to 61 on Feb. 3, signifying a growing demand for Shibarium’s features.

The uptick in Shibarium’s platform activity is indicative of its expanding usage, boasting 1.35 million wallet addresses and managing an average daily transaction volume of 2.46 million. The platform’s technical specifications, including a 5-second block time and minimal gas fees, underscore its ability to efficiently handle high transaction volumes while keeping user costs low.

Shibarium has achieved another milestone by surpassing three million blocks, showcasing its robust architecture and increasing developer interest with support for 15,004 contracts. The platform has processed over 332.613 million transactions and hosts 8,979 tokens, indicating its versatility.

Despite Shib’s popularity, the recent surge in new user activity on Shibarium might disproportionately benefit BONE, the essential cryptocurrency for gas tolls and validator stakes within the platform. At the time of writing, BONE’s price showed a slight decline of 0.13% according to CoinMarketCap data.

While market analysts are optimistic about the future of SHIB, projecting a potential increase to $0.00004930 by 2025 (a 442% rise), there is also anticipation around an automated SHIB token-burning mechanism currently in testing on Puppynet. This initiative aims to streamline the burn process, enhancing efficiency and transparency.

With more than 43 billion SHIB tokens manually burnt, the transition to an automated system is eagerly awaited for its potential to further reduce SHIB’s circulating supply, positively impacting its market dynamics. Amidst these developments, the Shibarium community remains closely attuned to ongoing progress and the potential implications for both SHIB and BONE.

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