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Shiba Inu’s Shibarium Hit Major Milestone Amid Rapid Network Recovery

The Shiba Inu Layer 2 Shibarium network is recovering once again after the festivities of the holidays have died down. This time around, the layer 2 network is celebrating a major milestone after a couple of months of impressive outperformance.

Shibarium Network Crosses 250 Million Transactions

The Shibarium network has now crossed a total of 250 million transactions that have been processed since it was launched last year. This latest milestone coincides with a significant recovery in the network’s daily transactions which had plunged at the start of the new year.

As NewsBTC reported on Thursday, the average daily transactions on the network had fallen around 50% from the 7 million average to 4 million. This decline would persist for at least two days, on January 2 and January 3, where an average of 4 million transactions were carried out.

Shibarium Shiba Inu

However, there has since been another jump in the number of transactions processed by the network. Currently, the daily transactions for Friday are sitting at 6.19 million at the time of writing. This translates to a 50% jump from the numbers recorded over the last few days.

The total number of blocks produced has also risen rapidly at this time as well. As the data shows, there are now over 2.84 million blocks produced on the Shibarium network. If the daily transactions on the Shiba Inu layer 2 network continue to rise, then the total number of blocks produced could cross 2.5 million before the month is over.

Shiba Inu price chart from Tradingview.com (Shibarium milestone)

Shiba Inu Burn Rate Mounts A Comeback

The transactions carried out on the Shibarium network are not the only thing making a comeback at this time. The Shiba Inu burn rate is also seeing a significant surge after being subject to a slow start to the year.

According to data from the burn tracking website Shibburn, there have been more than 4.2 million SHIB tokens burned in the last day. This figure translates to a 244% surge in the burn rate over this time, continuing the trend that was registered on Thursday.

The rise in the Shiba Inu burn rate shows that interest is not only localized to the Layer 2 network alone. But also, community members continue to work together in their bid to reduce the total circulating supply of the meme coin.

In the year 2023, the total number of SHIB tokens burned through this initiative has come out to more than 76 billion. However, this figure is minute compared to the over 400 trillion supply of the SHIB token, showing a need to ramp up burning.

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Shiba Inu Community Sounds Warning Alarm As Scammers Siege Shibarium

In a recent development, the Shiba Inu community has warned of a “scam” project that may be responsible for some of the FUD attacks that have plagued the Shibarium network since it launched on August 16. 

Shibarium Admin Warns Of Scam Project

In a tweet on the X (formerly Twitter) platform, a member of the Shibarium tech team (known as Digarch) shared a screenshot of the admin warning of a scam project set to be deployed on the layer-2 network. According to the Shibarium tech admin named DaVinci, “Pawswap” is the scam project responsible for funding attacks on Shibarium. 

Besides funding these attacks, Pawswap allegedly uses its community to spread fear, uncertainty, and doubt (FUD) about the network. DaVinci said the project and its team had infiltrated the Shibarmy by passing off as Pawzone, a credible project set to launch on the Shibarium network.

Shibarium Shiba Inu scam

As a result of this, he urged the Shib community to stay safe from Pawswap, which he called a “Scam or Shitcoin,” and that they defend the ecosystem from such projects. 

Meanwhile, Digarch, who shared the screenshot, clarified that Pawzone was different from Pawswap, which DaVinci had mentioned, and stated that Pawzone was the team behind the NFT marketplace Pawzaar, which will be one of the NFT marketplaces that will be launching on Shibarium soon. 

Pawswap Legit Or Not?

Following Digarch’s tweet, another user on the X platform said that Pawswap wasn’t a scam and pointed out that the project was certified by Certik, a leading blockchain security firm, and certification always inspires confidence in the minds of the public about a particular project.

Upon further investigation, this user’s assertion is correct, as Certik awarded a silver KYC badge to the project on September 3, according to data from their website. As part of the verification process, Certik also verified 8 of the project’s core team members and reviewed its token contract. 

It is also worth mentioning that the project plans to launch its decentralized exchange (DEX) on the Shibarium network. As such, one might wonder why the Pawswap team would be looking to cause Shibarium to fail when it does not benefit the team. The project also seems to have a significant following, with over 13,000 followers on its X platform. 

While there are no assurances that Pawswap is legit or a scam like DaVinci has asserted, it is important for the community to always do their research. 

This is something that Shibarium’s lead developer, Shytoshi Kusama, has always emphasized in the network’s updates as he mentioned the influx of tokens and projects into the Shibarium ecosystem.

Shiba Inu price chart from Tradingview.com (Shibarium)

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Shiba Inu Whales Begin Accumulation As Shibarium Grows

The success of the Shibarium blockchain so far has led to Shiba Inu whale activity rising once more. These whales have been making large transfers carrying trillions of SHIB tokens worth tens of millions of dollars. This heightened activity, while interesting on its own, is also leading to positive sentiment around them due to their destinations.

Shiba Inu Whales Moving Away From Centralized Exchanges

A number of large Shiba Inu transactions were highlighted by the popular whale tracking account on X (formerly Twitter) called Whale Alert. The first transaction took place on Saturday, September 2, a couple of days after the Shibarium blockchain went public and started growing.

The transaction saw a total of 4.36 trillion SHIB tokens moved from the Bitvavo exchange to an unknown wallet. This transaction was worth roughly $37 million at the time and was speculated to be moved to a private wallet for holding.

This is because when crypto users move tokens toward centralized exchanges, it is often to sell due to the deep liquidity. While moving tokens from centralized exchanges to private wallets is often for holding while investors wait for the market to recover.

Another similar transaction was then flagged on Monday, September 4, carrying almost the same number of SHIB. The 4.615 trillion SHIB worth $35.69 million was also moved from the Bitvavo exchange to an unknown wallet, presumably for safekeeping.

These transactions could signal that the whales are expecting the Shibarium network to grow and positively affect the price of SHIB. The meme token is already showing signs of this recovery its trading volume rose 14% in the last day.

Shibarium Continues To Grow

Shibarium was launched in late August but despite an initial rocky start, the network seems to have taken it in stride and bounced back stronger. The activity on the network saw its Total Value Locked (TVL) quickly surpass $1 million.

Shibarium TVL

This was brought about by high activity in decentralized finance (DeFi) protocols such as DogSwap and MARSWAP. The former currently boasts over 50% of Shibarium’s TVL with the latter not too far behind at 26%.

The network has also crossed the 1 million wallet market in addition to transactions on the blockchain reaching the same figure. However, the TVL has taken a hit to fall from the $1.42 million figure recorded on August 30 to be sitting at $1.05 million at the time of this writing.

While the figures may be slowing for Shibarium, it may not mean a total lack of interest. Shibarium was launched in a deep bear market climate, which is one factor that could now be limiting its growth as prices fall.

Shiba Inu price chart from Tradingview.com (Shibarium whales)

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This Metric Indicates Shibarium Is Growing Rapidly Following Its Public Launch

Shibarium has only been live for a few days but is already showing early signs of success. The Ethereum layer-2 scaling solution, which hopes to provide lower gas fees and faster transaction times for the Shiba Inu community, has seen some impressive growth numbers in terms of Total Value Locked (TVL). 

TVL Crosses $1.4 Million

Since Shibarium launched its mainnet, the total value deposited in the network has skyrocketed. The TVL recently crossed $1.4 million, indicating strong interest in the new chain. 

Data from DeFi TVL aggregator DeFiLlama shows that the total TVL in Shibarium has grown to $1.42 million in the past two days. While this amount is small when compared to the total DeFi TVL of $38.731 billion, the rapid growth demonstrates the potential that Shibarium possesses. 

A look through DeFiLlama shows that Shibarium currently has seven protocols. The DEX DogSwap with a TVL of $794,582 accounts for most of the total TVL. Other protocols on the chain are MARSWAP, Woof Finance, WoofSwap, Shibex, LeetSwap, BoneDex, and yield farm ChocoInu.

Shibarium TVL

Shibarium’s growth piggybacks on the vast community Shiba Inu has gathered in the past few years. But the network did witness some hiccups before its launch, as PeckShield reported that a total of $1.7 million was stuck on the bridge. 

Just hours after its launch, the network witnessed a flurry of user traffic, causing it to be temporarily shut down. However, this has been resolved as Shibarium developer Kaal Dhairya explained this was a fail-safe to ensure the safety of the funds.

As of the time of writing, block explorer Shibariumscan shows that there have been a total of 599,554 transactions from 444,134 wallets averaging a daily transaction count of 68,402. 

Will Shibarium Translate To A Higher Price For SHIB?

SHIB’s price has always reacted positively to Shibarium developments. Prior to its launch, the Shiba Inu ecosystem witnessed massive withdrawals from exchanges as many investors opted for self-custody in hopes of what the Shibarium launch might bring. SHIB also saw a jump in price after lead developer Shytoshi Kusama teased Shibarium’s launch on a social media post. 

It would appear, however, that the launch of Shibarium hasn’t really translated into a price spike for SHIB. At the time of writing, the token is trading at $0.000008178 and is down by 1.28% and 1.73% in the past 24 hours and seven days respectively. 

With the recent slump in crypto markets, Shibarium’s early success is a bright spot. This early success of Shibarium could potentially boost the price of Shiba Inu. As investors see the rapid growth in total value locked (TVL) on Shibarium, interest in the supporting SHIB token may increase.

Shiba Inu price chart from Tradingview.com (Shibarium TVL)