Shiba Inus Shibarium: How does the new crypto network work?

Almost five weeks ago, the developers of Shiba Inu (SHIB) launched their layer-2 solution in addition to Ethereum (ETH). If you’ve been keeping an eye on Shiba Inu news over the past few weeks, you’ll be aware of the issues at the time. After a two-week break, the scaling network was presented for the second time at the end of August. What is the current status of the network?

Shiba Inu scaling network: the numbers

Shortly after Shibarium first launched, the servers were overloaded and the network came to a standstill. Additionally, $2 million worth of user tokens remained stuck on the network. The relaunch, however, went smoothly.

The network has been running for about three weeks now and has generated a lot of interest in the crypto community Community. The Layer 2 blockchain should dramatically expand the network’s capabilities and realize Shiba Inu’s big plans for the Metaverse and gaming sectors.

Data from Shibarium blockchain explorer shows that a total of 1,246,666 wallets have been created. This means that around 36,667 wallets are created every day.

In terms of the total number of transactions, the counter is approaching the 3 million mark. There are currently 2,944,672 transactions registered on the scaling solution. Additionally, an average of 727,117 transaction blocks were created block Time of 191.385 seconds.

Activity on Shibarium has fluctuated widely over the past month, with usage generally declining. The daily active account count peaked at 7,729 on August 26th. However, in the past week, that number has fallen below 1,000. An all-time low of 584 active accounts was recorded yesterday.

The increase in new accounts peaked on August 24th at 5,552 accounts. After that, growth slowed dramatically to just 33 new accounts last Sunday. Yesterday the counter was at 58.

SHIB burn rate through the roof

Last Monday on Crypto Insiders you could read that a lot more SHIB was suddenly destroyed or “burned”. Within 24 hours, the burn rate increased by up to 350 percent, removing nearly 150 million SHIB from circulation.

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