Crypto News

Shibarium, the Layer-2 blockchain linked to the widely recognized meme coin Shiba Inu, is making notable strides. Recent data indicates a significant uptick in user engagement, marked by a substantial increase in both transactions and wallet growth.

The Shibariumscan explorer reveals that daily transaction volume on Shibarium has reached roughly 7.84 million, reflecting a steady climb since the beginning of the month.

This uptrend in activity has propelled the total transactions on the platform to 212 million, accompanied by the connection of over 1.3 million Shibarium wallets, signifying a growing network of users.

Shibarium’s Dynamic December: Wallet Growth Meets Fluctuating User Activity

Despite the notable growth in wallets, there has been a contrasting trend in active user numbers. While the account numbers have swelled in December, active user engagement experienced a downturn during the same period.

However, a slight rebound in active users was observed on December 27, hinting at a potential revival in participation. Particularly, Shibarium’s active users surged from a low of 1,878 as of December 23 to an high of 2,802 on the 27th.

This pattern of fluctuating user activity, juxtaposed with the consistent increase in wallet numbers, paints a complex picture of Shibarium’s current ecosystem dynamics.

Alongside Shibarium’s transactional growth, the Shiba Inu community has intensified its efforts in token incineration, aiming to reduce the circulating supply of SHIB tokens and potentially boost their value.

The burn tracker Shibburn reports a 17.59% increase in the daily burn rate, with 13.7 million SHIB tokens recently burned. So far, December has witnessed the burning of roughly 24 billion Shiba Inu tokens, underscoring the community’s commitment to reducing SHIB’s supply.

This consistent burning strategy is central to the community’s long-term goal of fostering token value growth through supply reduction.

Shiba Inu Market Resilience Amid Security Warnings

Meanwhile, Shiba Inu has thrived to continue its month-long bullishness. Despite a 1% decline in the past week, the asset currently shows an upward trajectory increasing by 0.8% in the past 24 hours, with a market price of $0.00001047, at the time of writing.

In the midst of these developments, the ShibArmy Scam Alerts account on X has raised concerns about the prevalent issue of security in the crypto domain, particularly focusing on Shibarium. The account underscores the risks posed by fraudulent projects that exploit inexperienced investors through deceptive advertising.

Emphasizing the importance of being well-informed, the ShibArmy Scam Alerts advises thorough research, including scrutinizing white papers, understanding the fundamentals of the asset, and verifying the authenticity of the development team.

In #Shibarium, part of addressing the most significant issue in crypto right now—scams—means prioritizing safety in all aspects. If we put aside the obvious rugged pulls and phishing links, let’s talk about being deceived by false advertising.

How not to be deceived? It’s by… pic.twitter.com/g1RqJDgkId

— Shibarmy Scam Alerts (@susbarium) December 29, 2023

The account also suggests examining media coverage and ensuring active, genuine community engagement on platforms like Discord and Telegram. This comprehensive approach to due diligence is crucial for navigating the crypto space safely and avoiding falling prey to sophisticated scams.

Featured image from Unspash, Chart from Tradingview