Popular dog-themed cryptocurrency Shiba Inu SHIB/USD witnessed an astronomical burn rate jump as the ecosystem's Layer-2 network, Shibarium, marked its first anniversary.
What Happened: Shibarium went live on mainnet in August last year, marking a watershed point for the ecosystem in establishing Shiba Inu as a full-fledged decentralized system.
In a post dated Wednesday, Shibarium was referred to as the "cornerstone" of the broader ecosystem and a long-standing vision of Shiba Inu's anonymous founder, Ryoshi.
Since launch, the layer-2 blockchain has processed more than 418 million transactions, with the total number of accounts ballooning to 118,337, according to Shibarium Explorer.
Transaction fees on the network have also remained in check, barring last year's December spike.
Shibarium has facilitated a wide range of DeFi activities due to its speedier and less expensive transactions, with K9 Finance being the most notable addition to the platform.
Why It Matters: These developments come even as SHIB's burn rate shot up by 1088% in the last 24 hours, according to the official Shibburn portal.
More than 98,000 SHIB tokens were kicked out of circulation, adding to the deflationary pressure of the world's second-largest memecoin.
It's worth noting that a portion of transaction fees paid on Shibarium are set aside and burned, leading to a direct correlation between SHIB's deflationary momentum and the Layer-2 network's on-chain activity.
Price Action: At the time of writing, SHIB was exchanging hands at $0.00001396, up 2.03% in the last 24 hours, according to data from Benzinga Pro.
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