Shibarium (SHIB) New Accounts Surges By 621% – Burn Rate Spikes By Over 190%

There’s been a significant increase in activity on Shiba Inu’s layer-2 blockchain platform, Shibarium. Within just 24 hours, new account activity surged by an astonishing 621%. Data from Shibariumscan shows that new accounts jumped from 33 on February 6 to an impressive 205 on February 7. This raised the total number of accounts on Shiba Inu’s L2 to 63,341.

Overall, Shibarium has over 63,000 accounts on its Layer 2 platform. This rise in network activity aligns with a significant increase in the asset’s price. Currently, the price has surged by more than 3% in the last 24 hours, according to CoinMarket Cap.

Increases in network activity like this often indicate possible changes in the prices of related cryptocurrencies. The rise in new accounts on Shibarium came before a noticeable increase in the price of SHIB. After more than two weeks of quiet trading with little change, the SHIB token experienced a significant increase. This surge marks a significant shift from a long period of little movement, sparking excitement among SHIB supporters.

On the other hand, Shiba Inu (SHIB) has experienced a remarkable increase in its burn rate, rising by an impressive 191.69% in the past 24 hours. The most recent data from Shibburn shows that a staggering 7.65 million SHIB tokens have been burned during this time. This substantial rise in the burn rate suggests a considerable decrease in the token’s total supply, leading to speculation about potential price rises soon.

According to recent reports, a total of 410.7 trillion SHIB tokens have been permanently taken out of circulation. This means the current circulating supply of SHIB is roughly 581.36 trillion tokens. Burning SHIB tokens to decrease the supply is seen as a strategic move to increase its rarity and, therefore, its value in the long run.

The big question now is if Shibarium’s momentum will last and what it means for the future price of SHIB. As the market eagerly waits for more news, recent increases in network activity and price movements show that Shiba Inu continues to attract investors’ interest.