Shibarium, the Layer-2 blockchain linked to the widely recognized meme coin Shiba Inu, is making remarkable progress. Recent data indicates a significant increase in user engagement, characterized by a substantial increase in both transactions and portfolio growth.
The Shibarium Scan Explorer reveals that daily transaction volume on Shibarium has reached approximately 7.84 million, reflecting a steady increase since the beginning of the month.
This upward trend in activity has brought the total number of transactions on the platform to 212 million, accompanied by the connection of more than 1.3 million Shibarium wallets, indicating a growing network of users.
Shibarium’s Dynamic December: Portfolio Growth Meets Fluctuating User Activity
Despite the remarkable growth of wallets, there is a contrasting trend in the number of active users. While account numbers increased in December, active user engagement saw a decline over the same period.
However, on December 27, a slight recovery in the number of active users was observed, indicating a possible revival of participation. In particular, the number of active users of Shibarium rose from a low of 1,878 on December 23 to a high of 2,802 on December 27.
This pattern of fluctuating user activity, combined with the consistent increase in the number of wallets, paints a complex picture of Shibarium’s current ecosystem dynamics.
In addition to Shibarium’s transactional growth, the Shiba Inu community has intensified its token burning efforts, with the aim of reducing the circulating supply of SHIB tokens and potentially increasing their value.
The burn tracker Shibburn reports a 17.59% increase in daily burn rate, with 13.7 million SHIB tokens recently burned. So far, December has witnessed the burning of approximately 24 billion Shiba Inu tokens, underscoring the community’s commitment to reducing SHIB’s supply.
This consistent combustion strategy is central to the community’s long-term goal of promoting token value growth by reducing supply.
Shiba Inu Market Resilience Amid Safety Warnings
Meanwhile, Shiba Inu thrived and continued its months-long bullish trend. Despite a 1% decline in the past week, the asset is currently on an upward trajectory having risen 0.8% over the past 24 hours, with a market price of $0.00001047, at the time of writing.
Amid these developments, the ShibArmy Scam Alerts account on X concerns expressed about the prevailing security problem in the crypto domain, with a special focus on Shibarium. The account highlights the risks of fraudulent schemes that exploit inexperienced investors through misleading advertising.
The ShibArmy Scam Alerts emphasize the importance of being well-informed and recommend thorough research, including scrutinizing whitepapers, understanding the fundamentals of the asset, and verifying the authenticity of the development team.
In #ShibariumAs part of tackling the most important problem in crypto right now – scams – it means prioritizing security in all aspects. If we put aside the obvious tricks and phishing links, we can talk about deception by false advertising.
How not to be misled? It is by… pic.twitter.com/g1RqJDgkId
— Shibarmy scam alerts (@susbarium) December 29, 2023
The report also suggests examining media reporting and ensuring active, genuine community engagement on platforms such as Discord and Telegram. This comprehensive approach to due diligence is critical to safely navigating the crypto space and avoiding falling prey to sophisticated scams.
Featured image from Unspash, chart from Tradingview
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