• Shibarium’s daily transactions dropped to around 40,000.
• SHIB trades with an over 1% loss after the previous day’s gain.

Shibarium is being hailed as a potential trigger for an upward trend in the price of Shiba Inu [SHIB], especially as the rate of SHIB burning gains momentum within the network. How has the performance of Layer 2 (L2) been so far, and what is the recent rate of token burning?

Read Shiba Inu (SHIB) Price Prediction 2023-24

Shibarium transactions slow down

In a recent post by an enthusiastic Shiba Inu supporter, Shibarium has amassed more than 1.2 million wallets. Also, it has completed over 2.9 million transactions.

While these figures are noteworthy, especially considering when Shibarium was relaunched, a closer examination revealed a decline in transaction activity.

Data from the Shibarium scanner indicated a decrease in the number of daily transactions on the L2. As of this writing, the number of daily transactions has fallen to approximately 40,000. 

This was a significant drop from the over 100,000 transactions observed on the platform between 8 September and 14 September. While the total number of transactions continued to rise, the decrease in daily transaction volume suggested a slow growth.

Consequently, this implied that the burn rate of SHIB tokens would be sluggish. Also, the expected impact on the token’s price would also be gradual.

Shiba Inu’s burn rate decline
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Author: Adewale Olarinde

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