Key Shiba Inu Metric Skyrockets by 4,000%: What Does it Mean for the SHIB Price?

TL;DR

• Shibarium, Shiba Inu’s layer-2 blockchain solution, saw a massive increase in daily transactions, indicating significant network growth.
• Positive developments in the network and a surge in SHIB’s burn rate hint about a potential bull run for the meme coin.

Shibarium Experiences Surge in Transactions

Shiba Inu’s layer-2 scaling solution – Shibarium – experienced a significant revival, with daily transactions exceeding 200,000 on April 11. This represents a 4,000% increase compared to the number observed the day before.

Shibarium, which saw the light of day last summer, is designed to foster the development of the second-largest meme coin by improving speed and lowering transaction fees. 

It has completed multiple achievements in the last several months. As CryptoPotato reported, the number of total blocks on the network surpassed the 4 million mark, while wallet addresses crossed 1.4 million. Those willing to learn more about Shibarium, feel free to check our dedicated video below:

What of the SHIB Price?

The advancement of the network is one factor that could positively impact the price of Shiba Inu. Another element is the SHIB burn rate, which skyrocketed by a staggering 50,000% on April 11.

The amount of tokens removed from circulation last month was more than 15.5 billion, a 2,300% increase compared to the figure in February.

Numerous analysts, including the X users Rekt Capital and JAKE, have recently predicted that the meme coin is on the verge of a bull run. 

The former envisioned a triple-digit increase should the token overcome an important resistance zone, while the latter thinks “fading” SHIB “is a major mistake.”