Shibarium, the Layer-2 blockchain of Shiba Inu, has experienced a significant surge in activity, recording nearly 350,000 transactions in just 24 hours. This peak represents a 6,171% increase from the previous days, signaling a dramatic uptick in user engagement and utility within the network.

Shibarium Sees Historic Surge in Transactions, Boosting Shiba Inu Ecosystem Activity

Shiba Inu's Layer-2 blockchain innovation, Shibarium, has seen an extraordinary rise in activity, according to Shibariumscan. Over the last 24 hours, the platform has seen a stunning surge in daily transactions, jumping from 288,690 to 347,460.

This spike, which has reached its peak since March 25, is an astounding 6,171% increase over the previous four days, indicating a significant shift in the dynamics of the Shiba Inu network.

Following minimal transactional activity on Shibarium, the latest rise is a breath of new air for SHIB aficionados. Over the last three days, activity on the network has steadily increased, instilling optimism in the community.

As a result of this renewed impetus, the total volume of transactions executed through Shibarium has now surpassed 412.61 million, demonstrating the platform's expanding importance in the crypto scene.

Notably, the explosion in transactional activity has coincided with a significant increase in the number of accounts interacting with the network. Within a single day, the number of active accounts increased by an impressive 218.33% over the previous day. Similarly, the number of new accounts increased by 173% to 9,439.

As discussion grows about the potential consequences of this increase, all eyes are unavoidably drawn to the price movements of Shiba Inu-related tokens, particularly SHIB and BONE.

Shiba Inu's Burn Rate Soars by Over 64,000%, Removing 657 Million Tokens Amid Market Downturn

Meanwhile, Shiba Inu, a dog-themed cryptocurrency, has experienced an astounding 64,201% increase in burn rate, with a total of 657 million SHIB permanently withdrawn from circulation.

The Shibburn X account shows that 657,148,384 SHIB tokens were burned in eight transactions within 24 hours. This totaled $13,878 in monetary terms.

A staggering 650 million SHIB were sent to dead addresses in a single massive burn, contributing significantly to the rise in total burned.

The timing of this burn corresponds with a broader market decline, dubbed the "crypto bloodbath," in which numerous digital assets have suffered significant losses.

In this light, the large SHIB burn stands out as a daring countermove, showcasing the community's proactive approach to influencing the token's market dynamics.

The 657 million SHIB burned is a small part of the token's total quantity, initially a quadrillion. However, the increase in burn rate could be one of the highest seen in recent weeks.

At the time of writing, SHIB had dropped 5.84% in the previous 24 hours to $0.0000227, mirroring the overall crypto market meltdown.

According to on-chain data from IntoTheBlock, Shiba Inu is now trying to hold a 51 trillion SHIB range, which lies between $0.000022 and $0.000025, where 57,520 addresses control 51.27 trillion SHIB at an average price of $0.00023.

If this range is successfully reclaimed, resistance may be encountered in the $0.000025 to $0.000030 range; if it is lost, support may be expected in the $0.000019 to $0.000022 range.

A Shiba Inu-focused X account, "Shibarmy scam alerts," has issued a vital alert to the Shiba Inu community regarding numerous bogus organizations imitating authentic Telegram channels.

These fake groups may fool members by promising unique content, prizes, investment possibilities, and attempts to address transaction concerns.

Shiba Inu owners should verify authentic channels, avoid suspicious connections, and never share personal wallet addresses in public chat rooms. They should also resist rushing to seek assistance, never panic, and always check responses with respectable community members.

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