In the joyful atmosphere of Christmas, Shiba Inu is commemorating a remarkable accomplishment achieved by the Shibarium network. The layer 2 network has achieved a significant milestone as its network transactions have recently soared to unparalleled levels.

Shibarium Network Experiences Surge in Transaction Volume

The Layer-2 blockchain network, Shibarium, within the Shiba Inu ecosystem, has achieved a remarkable milestone with a total of 180 million transactions. Experiencing a notable surge, the Shiba Inu blockchain network reached its highest daily transaction volume since December 18, 2023, with a peak of 7.82 million transactions on December 24.

According to reports, the Shibarium network has successfully completed around 184,861,076 transactions in total, with an average block time of 5.0. This impressive figure was achieved through approximately 1,319,240 active addresses on the network.

The significant increase in activities and transactions showcases the strength and growing popularity of the Shibarium network within Shiba Inu's large user community. With this noteworthy achievement, the focus on Shibarium's future potential intensifies as the cryptocurrency's vast community eagerly anticipates upcoming developments and further groundbreaking announcements.

Over the past few months, the Shibarium network has consistently observed substantial transactional volumes. In December, the layer 2 network witnessed a significant surge in network transactions, surpassing the 100 million mark. The network's transaction volume went from thousands to millions per day, catapulting the Shiba Inu network into the spotlight

Apart from the impressive increase in network transaction volume, Shibarium has achieved several notable milestones this month. In a recent development, the Layer 2 blockchain successfully underwent its first hard fork in December. Additionally, the Shibarium testnet was effectively migrated to Sepolia, a new network designed to enhance scalability and lower transaction costs.

SHIB price readies to retest $0.000011 | Source: SHIBUSD on Tradingview.com

Shiba Inu's Burn Rate Skyrockets

In another notable achievement for the Shiba Inu ecosystem, the Shibarium team successfully completed their fourth SHIB burn. This burn led to the elimination of around 8,471,583,707 SHIB tokens, which were valued at approximately $90,307.

The SHIB burn event was announced by Shibburn, a SHIB burn tracker on X (formerly Twitter). Prior to this recent SHIB burn, the Shiba Inu team had already carried out a third burn, during which approximately 8.53 billion SHIB tokens were incinerated. In a remarkable display of action, the SHIB team managed to remove a total of 17,005,148,400 SHIB tokens from existence within less than 24 hours.

Furthermore, in an impressive span of only 18 days, the Shiba Inu team successfully burned an astounding total of over 33.8 billion SHIB tokens. The continuous rise in SHIB burns serves as further proof of Shibarium's ongoing success. These accomplishments highlight the Shiba Inu team's dedication to improving the token's utility and ensuring its long-term sustainability.