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.
Will Crypto Boom In 2024? Ask industry experts directly at Benzinga’s Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won’t just be a passive spectator. Don’t let this chance slip away – secure early bird discounted tickets now!
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy
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.
Image via CryptoFX on Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
