Shibarium, an Ethereum-based L2 for the Shiba Inu ecosystem, has seen notable increases in key on-chain metrics. According to Shibariumscan, the number of daily transactions increased from approximately 530K on February 9th to 1.9M on February 12th. This is a huge increase of almost 300% in a few days. 🚀

Although there is no direct relationship between the number of transactions and the SHIB price, as more transactions are processed, more SHIB transactions can be made. This is an important statement due to the burning mechanism employed by the Shiba Inu team to eliminate much of the circulating supply. By reducing the number of tokens in circulation, the remaining tokens can become more valuable. 🔥

According to Shibburn data, the burning rate of SHIB tokens has increased by 70% in the last 24 hours. Shiba Inu price has increased by 8.3% in the last seven days. This may be related to the increase in on-chain activity, but may be more due to the overall market increase.

It will be interesting to see if SHIB continues to increase in the future. 2024 will be an exciting year, and the road ahead is likely to be wild for meme coins, which are more volatile than traditional cryptocurrencies.