Shiba Inu Latest Update Following Its Bullish Relaunch

• Shiba Inu’s Shibarium achieves over 1 million transactions post-relaunch.
• Shibarium witnesses rapid growth in wallet addresses, surpassing 1.1 million.
• Introduction of Wrapped BONE token boosts SHIB token burns and total value locked.

The Shibarium network, a part of the Shiba Inu ecosystem, has experienced remarkable growth following its recent relaunch by the development team. This layer-2 scaling network has seen substantial developments in key metrics, including transaction count, wallet numbers, and more.

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Shibarium achieved a significant milestone by surpassing one million transactions within a short span after its relaunch. Specifically, it recorded over 1,170,000 transactions in under two weeks. 

This achievement coincided with a notable surge in daily user activity. Data from Shibarium’s dedicated explorer indicates an average of 109,400 daily transactions on the network. The explorer’s data also reveals a substantial increase in the number of wallet addresses within Shibarium, totaling 1,118,003. 

This impressive growth of 112,619 addresses within two weeks is noteworthy when compared to other blockchains. For instance, the XRP Ledger has accumulated only 4.7 million wallets in 11 years, while Cardano boasts 4.27 million wallets in six years.

Recently, the Shiba Inu team introduced a new Shibarium-based token called Wrapped BONE (WBONE). This token aims to enhance the interoperability of Shibarium’s gas token with other cryptos. In turn, it allows seamless engagement with decentralized finance systems and exchanges.

The launch of Shibarium has led to a significant increase in the burning of Shiba Inu tokens. In August alone, nearly six billion SHIB tokens were burned, marking a 100% increase from the previous month. 

This reduction is crucial for SHIB, as it decreases the overall token supply. In July, there were only 2.09 billion SHIB tokens remaining out of Shiba Inu’s vast supply of over five hundred trillion. The development team is actively working on the Shibarium burn portal to further enhance token burns.

Shibarium’s Total Value Locked (TVL) reached $1.36 million, as previously reported. However, data from DeFi TVL aggregator Defillama reveals that the TVL reached a peak of $1.47 million on August 30 before slightly decreasing to under $1 million.

TVL is a crucial metric that quantifies the value of crypto assets locked within smart contracts on a blockchain, indicating users’ commitment to the network in exchange for incentives.

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