Due to a notable price surge, the second-largest meme coin recently attracted a lot of attention. Based on statistics from CoinGecko, Shiba Inu is presently worth $0.00003253, a 230% increase over the last 14 days.
Over the past 24 hours, the trading volume of Shiba Inu has exceeded $5 billion, outpacing the trading volumes of alternative coins such as Dogecoin (DOGE), Cardano (ADA), Ripple (XRP), and others. There has also been a notable upsurge in the burn rate, which increased by 30,000% at one point last week.
The recent increase in the price of SHIB offers investors a chance to make substantial gains. But because of the industry’s well-known volatility, trading meme currencies like SHIB also entails a significant loss of capital.
Shiba Inu’s Shibarium Sets Record
Based on the information Lucie gave earlier today, 400,096,901 (400.09 million) transactions had been completed by Shibarium. Interestingly, in the hours preceding the current time, this number has increased to 400,253,293 (400.25 million). Shibarium has surpassed the 400 million transaction milestone, despite a notable decline in daily transactions.
Shibarium averaged five to seven million transactions a day in December. But the number of daily transactions fell to about a million earlier this year. At the time of reporting, 1.81 million transactions were made on Shibarium each day.
In less than seven months since Shibarium went live on the mainnet, there has been a notable increase in the overall number of transactions. It should be noted that Shibarium’s mainnet launch had some early issues, which caused it to go down for two weeks. Shibarium’s low costs are one of the main factors contributing to the spike in transaction volume. The lowest transaction costs that users can anticipate paying are as low as 0.0000219 BONE ($0.000021), which is much less than the fees levied by the majority of well-known blockchains, including Ethereum and Bitcoin.
Furthermore, the committed community members of Shiba Inu have been instrumental in propelling Shibarium’s transactions. By encouraging others to use Shibarium or by using it themselves, these enthusiasts have made a significant contribution to the projects developed by Shiba Inus becoming widely used.