Shiba Inu has broken a new milestone. How will this affect the price?
Continuous Evolution of Shibarium
The Shiba Inu project's layer-2 scaling solution, Shibarium, once again captures attention as it reaches an impressive milestone. Recent updates reveal that the network has now processed over five million blocks, a considerable achievement since its launch in August of the previous year.
The layer-2 blockchain solution currently reports over 417 million transactions, with the total number of wallet addresses exceeding the 1.8 million threshold.
Enhancing Shiba Inu's ecosystem is at the core of Shibarium's mission, targeting reduced fees, elevated transaction speeds, and expanded scalability.
Following an upgrade last month, the team introduced a revamped user interface (UI), promoting it as more efficient, user-friendly, and highly compatible with well-known self-custody wallets, including MetaMask, Coinbase Wallet, and Trust Wallet.
In a subsequent move, a hard fork was executed to fortify the development community's capability, enhance user experience, and facilitate faster block processing.
Surge in Token Burn
While Shibarium's advancement significantly contributes to the anticipated SHIB price surge, it's not the sole factor. The token's burning strategy is also garnering attention.
Within the last day, the burning rate skyrocketed by 350%, leading to the elimination of nearly 10 million tokens. This strategy is intended to cut down the vast circulating supply, hoping to make SHIB scarcer and, ideally, more valuable over time (presuming sustained or increased demand).
To date, around 41% of SHIB's total supply of 999,982,356,918,347 tokens has been burned.
Currently, SHIB's market value is witnessing a slight upward trend (May 31), amidst a broader revival in the meme coin sector. Other cryptocurrencies experiencing upswings include Dogecoin (DOGE), Pepe (PEPE), Floki Inu (FLOKI), Bonk Inu (BONK), among others.
