Shibarium Transactions Surge 507% as Shiba Inu Layer-2 Network Hits One-Month High

Shibarium, the Layer-2 blockchain associated with Shiba Inu, has recorded a sharp rebound in daily transaction activity, with the network processing its highest number of transactions in a month.

According to data from Shibariumscan, the Shiba Inu L2 blockchain processed 4,480 transactions on August 9, marking a one-month high. The figure represents a dramatic recovery from the 738 transactions recorded on August 8. As a result, Shibarium’s daily transaction count jumped 507% within 24 hours.

The latest increase interrupts a prolonged decline in network activity. For context, Shibarium processed 5,170 transactions on July 10. However, daily activity gradually weakened afterward, eventually falling below 1,000 transactions for several consecutive days by August 2.

Therefore, the sharp increase recorded on August 9 represents a notable shift in network activity. Nevertheless, it remains unclear whether Shibarium can maintain this momentum over the coming days.

Shibarium’s Impressive Long-Term Stats

Meanwhile, Shibarium continues to post impressive long-term network statistics despite its recent weakness in daily activity.

Data from Shibariumscan shows that the Layer-2 network has now processed 1.56 billion transactions since launching in August 2023. In addition, the blockchain has recorded roughly 269.93 million addresses, highlighting the scale of its cumulative network usage.

Shibarium has also produced more than 18.47 million blocks, while its average block time currently stands at approximately 8.3 seconds.

Shibarium DEX Activity Remains Extremely Weak

Despite the latest surge, Shibarium has yet to see a corresponding increase in decentralized finance activity.

At press time, decentralized exchanges on Shibarium had processed just $0.02 in trading volume over the previous 24 hours. This extremely low figure suggests that the increase in transaction activity has not yet translated into meaningful trading activity.

Similarly, Shibarium’s total value locked (TVL) stood at $25,273, while the network generated only $0.14 in fees and $0.14 in revenue during the same period.

Consequently, the latest transaction spike should not yet be interpreted as a broad recovery in Shibarium’s overall on-chain economic activity.

Shiba Inu Burn Rate Declines 55%

Meanwhile, Shiba Inu’s token-burning activity has also weakened.

The $SHIB burn rate declined by 55% over the past 24 hours. During that period, the community permanently removed 4.72 million $SHIB tokens, worth around $22, from circulation.

The sharp slowdown contrasts with periods of elevated burn activity in recent weeks. However, the latest burn figure remains relatively small compared with the broader $SHIB supply.

$SHIB Slips to 29th in Crypto Rankings

The latest Shibarium developments come as $SHIB struggles to maintain its position among the largest cryptocurrencies by market capitalization.

After climbing to 25th place toward the end of July, Shiba Inu has since slipped to 29th. At press time, $SHIB had a market cap of $2.76 billion and traded at around $0.000004692.

Nevertheless, the token recorded a modest short-term recovery, gaining 1.28% over the previous 24 hours. Despite that increase, $SHIB remained down approximately 2.7% over the past seven days.