- Data revealed Shibarium has over 17,000 average daily transactions and nears the 3 million mark in terms of completed transactions
- “Shibarium has the potential to revolutionize the way that SHIB tokens are used and traded,” says Bitrue chief strategy officer
- As of 9:32 a.m. ET on Monday, SHIB was trading up at $0.00000753
The Shiba Ecosystem development team, headed by its pseudonymous lead developer Shytoshi Kusama, has already rolled out a major solution that has the power to revolutionize the way the Shiba Inu (SHIB) token is used.
Ryoshi, the pseudonymous creator of Shiba Inu, first proposed Shibarium as a part of their vision to make the ecosystem truly decentralized and for the community to have its own low-cost blockchain.
“Shibarium will offer low fees for every service, game, or application built on it,” Kusama earlier said, with “seconds for less than pennies,” as the goal turnaround time for transactions.
What Ryoshi and Kusama did not explicitly reveal to the Shib Army was the groundbreaking role of Shibarium in revolutionizing SHIB, the native token of the ecosystem. This was pointed out by Bitrue chief strategy officer (CSO) Robert Quartly-Janeiro.
“Bitrue believes that Shibarium has the potential to revolutionize the way that SHIB tokens are used and traded. As more people use Shibarium-based D-Apps and tokens, increased demand for SHIB will follow as it is the native currency of the platform,” the executive told International Business Times.
“The growth of Shibarium will also open new use cases for SHIB, such as in-game payments, decentralized finance (DeFi), and non-fungible tokens (NFTs),” the Bitrue CSO, who has years of experience in investment banking, investment management, strategic advisory and communications, said, adding, “Bitrue has supported the growth of the Shibarium ecosystem by providing users with the easiest possible experience when trading using SHIB tokens.”
Even though some SHIB holders had demanded that the development team roll out the burning mechanism of Shibarium, Kusama — the first to introduce the idea to the community — encouraged the Shib Army to instead focus on adoption, while the highly anticipated feature was still in the works.
Earlier in September, Kusama responded to a question on the Shibarium Telegram channel when a user asked for clarity about burning activity on the Layer-2 solution.
The lead developer assured that the “burn portal” was currently in development, but made it clear to the community that “burns will not and are not the end all be all,” while adding that the community “absolutely MUST increase adoption.”
Nearly a month after its full launch, Shibarium showcased the power of the Shib Army, as it achieved milestone after milestone, and made history in the layer-2 industry.
As of 9:26 a.m. ET on Monday, data from Shibarium explorer revealed that it has nearly 3 million (2.951 million) completed transactions, 1.252 million total addresses, over 3 million transactions (3.155 million), 26,465 transactions and an average of over 17,000 daily transactions.
“Shibarium’s support for Shib goes beyond its small burn with each transaction,” Shiba Ecosystem and Shibarium Tech marketing specialist who uses the X handle @LucieSHIB told IBT.
“In the long term, it aims to utilize Shib in numerous dApps, transforming it into a governance token and shedding new light on its potential,” the marketing specialist added.
With the market currently trading in the green zone, SHIB has been on an uptrend since late Sunday.
As of 9:32 a.m. ET on Monday, SHIB was trading up at $0.00000753, with a 24-hour trading volume up by 33.65% to $103.23 million, representing a 1.36% increase in the last 24 hours and a 3.6% gain over the past seven days.
Based on the latest data from CoinMarketCap, SHIB’s total circulating supply stands at 589.35 trillion SHIB, with its value up by 1.36% at a $$4.44 billion market cap.