Shiba Inu's layer-2 network Shibarium shows significant activity growth, potentially influencing the SHIB token price positively.
Shibarium Network Activity Growth
In the last 24 hours, Shibarium network activity has significantly increased. Daily transactions surged by 460%, from 1,736 transactions on August 19 to nearly 10,000 the following day. The number of active accounts also saw a rise, reaching over 1,100, which is a 360% increase.
Shibarium's New Updates
Since its launch almost a year ago, Shibarium has undergone numerous updates. In April 2024, a new user interface was introduced, aimed at improving compatibility with popular wallets. Shortly after, a hard fork update enhanced user experience and sped up block processing. Recently, the launch of the 'Burn Portal' allows for burning SHIB tokens, reducing their circulating supply.
Latest News and Prospects
With the increased network activity, SHIB's price rose by 5%, and its market capitalization reached $8 billion. In the Shibarium ecosystem, BONE is used to pay fees and is essential in network governance, while SHIB tokens are burned to decrease their circulating volume. The future of the network depends on various factors, including long-term ecosystem development and market response to the recent enhancements.
The recent activity growth and series of updates in Shibarium indicate healthy network development. The impact of these changes on Shiba Inu's price and the overall cryptocurrency market will be closely monitored by the community.
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