Shibarium Sees Explosive Growth in Daily Transactions with the Launch of Meme Coin "$FEED"

Shibarium, Shiba Inu’s Ethereum Layer 2 solution, is seeing a massive surge in daily transactions, jumping over 10 times in a matter of days.

This spike is linked to the launch of the meme coin $FEED, which has sparked a flurry of activity on the platform.

With Shibarium using SHIB-related tokens for gas fees and contributing to SHIB token burns, this rise in activity could significantly impact the overall SHIB supply.

Learn how $FEED and Shibarium’s growing ecosystem might pave the way for SHIB’s future growth.

Daily Transaction Surge by Over 10x

Shiba Inu’s Ethereum Layer 2 solution, Shibarium, has experienced a significant increase in daily transactions starting around October 18, 2024.

On October 19, over 324,000 transactions were recorded, marking a dramatic surge.

Prior to this, Shibarium had been handling between 2,000 and 11,000 daily transactions for the past month, but the number jumped to 28,000 on October 18, and skyrocketed to 324,590 on the 19th, an 11-fold increase in a single day.

Why Transactions Skyrocketed: The Role of "$FEED"

The sharp increase in Shibarium's transaction count can be attributed to the launch of a new meme coin called "$FEED," a token minted on the Shibarium blockchain.

The $FEED token, a meme coin with a total supply of one quadrillion tokens, was introduced by platforms like "PIKA" and "WoofSwap" on October 18, 2024.

$FEED has gained attention for its ease of minting, requiring only a gas fee for issuance. Since the token’s launch announcement on October 18, there has been a noticeable spike in transactions related to $FEED minting.

Users can obtain $FEED by signing a transaction via the "Write" button on the ShibariumScan FEED page, receiving 50,000,000 FEED per minting transaction.

The introduction of $FEED was announced on X accounts (formerly Twitter) by PIKA and WoofSwap on October 18, leading to a surge in related posts from the SHIB community.

This increase in minting activity has directly contributed to the spike in Shibarium’s daily transactions.

Increased Shibarium Activity Could Boost SHIB’s Growth

Shibarium uses "BONE," one of Shiba Inu’s related tokens, to pay for gas fees on the network. Additionally, every transaction on Shibarium contributes to SHIB token burns, reducing its overall supply.

As $FEED minting activities ramp up, the corresponding rise in Shibarium transactions is expected to result in more SHIB burns, potentially reducing the supply of SHIB and boosting its value.

While Shibarium’s use cases remain somewhat limited, the ecosystem is steadily expanding with more tokens and meme coins like $FEED emerging on the platform.

Services leveraging Shibarium are also increasing, suggesting the network could see even more growth and activity in the future.

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