Shiba Inu Layer-2 Network Shibarium Surpasses 1M Wallet Mark As Data Shows 335% Surge In Large Transactions

The newly launched Shiba Inu SHIB/USD layer-2 blockchain network, Shibarium, surpassed one million wallet mark on Sunday. 

What Happened: This comes two weeks after the network’s initial launch, following a relaunch on August 28.

In a blog post on Saturday, the Shibarium team said, "We have achieved—and aim to maintain—our status as one of the fastest and cheapest L2 networks out there. (I also read somewhere that some people are unhappy that the gas prices are very low in the network, which made me chuckle.)"

However, despite a surge in network activity and growing user adoption, the total value locked (TVL) on the Shibarium network stands at just $1.06 million at the time of publication, data from Shibarium Explorer shows.

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Why It Matters: Blockchain data provider, IntoTheBlock disclosed a 335% surge in large transactions valued at $100,000 or more.

This surge amounts to a whopping $29.24 million within the SHIB token ecosystem, equivalent to approximately 3.75 trillion SHIB tokens. 

In the last 24 hours, 48 million SHIB were burnt and completely removed from circulation, data from Shibburn shows.

Price Action: At the time of writing, SHIB SHIB/USD was trading at $0.00000766, down 2.20% in the last 24 hours, according to Benzinga Pro.

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Image via CryptoFX on Shutterstock