TL;DR

Shiba Inus Shibarium hit a new milestone in terms of total blocks processed on the network. Additionally, SHIBs burn rate surged by 350%, aiming to reduce supply and potentially increase value.

Shibarium Keeps Progressing

Shiba Inus layer-2 scaling solution Shibarium made the headlines again after completing another major achievement. The latest data shows that the total blocks processed on the network exceeded the five million milestone. This is a significant success considering the fact that Shibarium officially saw the light of day in August last year. 

Total transactions on the L2 blockchain solution currently stand at more than 417 million, while the number of wallet addresses recently surpassed the 1.8 million mark. 

Shibariums primary goal is to foster the development of the Shiba Inu ecosystem by lowering transaction fees, improving speed, and boosting scalability. 

Last month, the team behind the network launched a new user interface (UI) upgrade, describing it as faster, smoother, and more accessible than ever. The update aims to allow compatibility with popular self-custody wallets such as MetaMask, Coinbase Wallet, and Trust Wallet.

Shortly after, the team introduced another development through a hard fork. Its goal is to empower the community of developers and innovators, improve user experience, and implement quicker block processing times.

Those curious to learn more about Shibarium, feel free to take a look at our dedicated video below:

Burning Goes Through the Roof

Shibariums advancement is considered a contributing factor to a potential SHIB price rally, but it is not the only one. The Shiba Inu burning mechanism is another element worth observing.

The burn rate exploded by 350% in the past 24 hours, resulting in almost 10 million tokens being destroyed. The programs ultimate goal is to reduce the assets substantial circulating supply, making it scarcer and potentially more valuable in time (assuming demand rises or keeps its levels).

The Shiba Inu team has already burned approximately 41% of the maximum total supply of 999,982,356,918,347 coins. 

SHIBs value is slightly in the green today (May 31) following a resurgence of the meme coin sector. Other assets of that type witnessing price increases in the past 24 hours include Dogecoin (DOGE), Pepe (PEPE), Floki Inu (FLOKI), Bonk Inu (BONK), and more.

SHIB Price, Source: CoinGecko