Shiba Inu Achieves Massive Milestone: What Does it Mean for the SHIB Price?

Shiba Inu continues achieving impressive milestones in regard to its layer-two scaling solution called Shibarium.

The network has recently surpassed the impressive 3 million milestone in terms of blocks produced. Data from Shibariumscan reveals that a new block is added once every few seconds.

The total addresses on the network currently stand at 1.3 million, while the total transactions exceed 330,000,000.

Recall that Shibarium was launched back in August 2023 following a long wait on behalf of the SHIB community. More details can be found in our extensive video guide below:

That said, the achievement has done little to move SHIB’s price, which is currently trading at a slight discount compared to 24 hours ago. It’s down 1.2%, which is in line with most of the cryptocurrency market.

In any case, developments of this kind could impact the price positively, provided the conditions are right. Shiba Inu’s team recently revealed an update of its burning mechanism, which is now supposed to be entirely automated.

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The more transactions are executed on Shibarium (hence, more blocks are added), the more SHIB will be burned. This results in deflation, which is known to be capable of positively impacting the price of remaining tokens.