Shiba Inu Burns Over 76 Billion Tokens in 2023, Shibarium Records High Transactions
According to CryptoPotato, Shiba Inu burned over 76 billion tokens in 2023, a decrease of 8.33% compared to the previous year, with December seeing the highest burn rate. The burn mechanism aims to reduce the circulating supply of nearly 590 trillion SHIB tokens, making them more scarce and potentially valuable over time. The asset's price has been on an uptrend, with a 5% increase in the past 24 hours and around 30% on a monthly basis. Shiba Inu's layer-2 blockchain solution, Shibarium, has also shown significant progress, recording a high number of transactions and blocks. The network, which officially went live in the summer of 2023, has surpassed multiple milestones, with total transactions exceeding 200 million around Christmas and currently standing at almost 250 million. The total number of blocks is just shy of 2.5 million. Shibarium aims to enhance the efficiency and scalability of the base layer by handling transactions off the main blockchain, allowing users to enjoy reduced transaction fees and faster processing times.
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