Shibarium daily transactions have witnessed an 85% crash, while Shiba Inu burns have dropped by 78%. This has raised concerns in the SHIB community, considering the impact they have on the Shiba Inu price.
The Shibarium Transactions And Shiba Inu Burns
Shibariumscan data shows that the daily transactions on the layer-2 network crashed from 4.76 million on October 26 to 699,690 on October 27. Meanwhile, Shibbburn data shows that the Shiba Inu burn rate dropped by 78% in the last 24 hours, with 9.7 million SHIB tokens burnt in this period.
This drop in Shibarium’s daily transactions and Shiba Inu burns are correlated as the burn rate typically spikes when there are more transactions on the layer-2 network. This is because the network has committed to using the base fees earned on the network to buy back and burn SHIB tokens.
Meanwhile, the crash in daily transactions on the Shibarium network looks to be a correction, considering that the network’s daily transactions spiked from 20,000 to millions in just a few days. Therefore, this could simply be a cooling-off period before the daily transactions on the network reach new highs.
Shibarium’s daily transactions will likely spike again, considering that the Shiba Inu marketing lead, Lucie, recently revealed that the SHIB Shiboshi NFT collection, initially launched on Ethereum, is being bridged to Shibarium. Shiboshi holders have already indicated that they are bridging their NFTs. As such, this move could drive more activity to the layer-2 network.
Lucie also revealed that these NFT collections will enjoy a strategic u
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Author: Scott Matherson
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