Shibarium, the layer-2 blockchain platform that supports the Shiba Inu ecosystem, has experienced a remarkable surge in new accounts, with a staggering 621% increase within just 24 hours. This surge in account engagements coincides with a significant rise in the price of the cryptocurrency Shiba Inu (SHIB), bringing excitement to SHIB enthusiasts.
Since its launch in August 2023, Shibarium has grown exponentially, more than tripling its user population in less than three months. The platform’s main appeal lies in its low fees for token transfers and decentralized apps (dApps), attracting tens of thousands of users to the Shiba Inu ecosystem.
In addition to the growing user metrics, Shibarium has also seen a notable increase in smart contract deployment by developers. These smart contracts, essential for decentralized applications, execute predefined terms when met by users. The spike in smart contracts deployed since December 1, with a total of 749 new contracts, further underscores the growing popularity of Shibarium. This surge in user involvement often indicates significant fluctuations in the values of associated cryptocurrencies, as seen in the noteworthy increase in SHIB’s value following the surge in Shibarium accounts. Developers’ increasing activity and interest in the Shibarium ecosystem are evident from the 59 contracts added on January 21 alone.
The growing adoption of Shibarium is expected to have a positive impact on the price of SHIB tokens, particularly as developers burn a portion of tokens spent by users on gas fees. In the last 24 hours, there has been a more than 200% spike in the burn rate of SHIB tokens, with 7,648,382 SHIBs destroyed out of the over 7 million burned. This spike in burn rate was caused by two significant burn transactions, resulting in the burning of approximately 7.6 million SHIB tokens.
The current success of the SHIB market, with a 2.00% increase in price over the last day, reaching $0.000009378, aligns with this spike in burning activity. The token’s market capitalization has also increased by 2% to reach $5.51 billion. Additionally, open interest in SHIB has risen by 1.64% in the past 24 hours, reaching $24.59 million, demonstrating growing investor interest and trust in the meme coin.
