• Shib Army's effort resulted in a 333.34% surge in the burning rate over the past 24 hours
  • Shibarium recorded 588,356 processed blocks and was inching toward the 600,000 milestone
  • SHIB was trading down at $0.000007207 in the early hours of Tuesday

Shiba Ecosystem's layer-2 scalability solution, Shibarium, set a new record when it hit a milestone this week in terms of the total number of transactions. The Shib community's push to increase the token's value has triggered a three-digit surge in its burn rate.

Less than a month after Shibarium re-opened to the public, the blockchain had an impressive overall transaction of more than two million.

The blockchain had 2,096,508 total transactions as of 2:36 a.m. ET Tuesday, data from Shibarium Explorer revealed. It also recorded 588,356 processed blocks, moving closer to the 600,000 milestone and 1,125, 964 wallet addresses.

The Shib Army, the fierce and loyal members of the Shiba Ecosystem, is patiently waiting for the renunciation of the Bone ShibaSwap contract, as well as the burning mechanism on Shibarium.

While the crypto industry is currently in a bear market, the Shib Army is fighting FUD (fear, uncertainty and doubt) by burning SHIB tokens to decrease the supply and somehow boost the crypto asset's price. The effort resulted in a 333.34% surge in the burning rate over the past 24 hours, with 181,859,002 tokens destroyed and forever removed from its total circulating supply.

"Shibarium burns may be low, but the community's effort plays the most significant role. Those who genuinely care and are determined to see it succeed will drive its growth," a Shiba Ecosystem and Shibarium Tech marketing specialist, who uses the X handle @LucieSHIB, told International Business Times.

Shibburn – an X account that provides data on the Shiba Inu supply, its burn rate, the amount of SHIB tokens burned over the last 24 hours and the latest burn transactions – revealed last week that burning activities resulted in an 823.79% burn rate. This rate is equivalent to 79,083,234 SHIB tokens being permanently destroyed.

SHIB was trading down at $0.000007207 as of 2:45 a.m. ET Tuesday, with a 24-hour trading volume up by 56.72% to $129.47 million – representing a 2.11% decrease in the last 24 hours and a 0.1% loss over the past seven days.

SHIB's total circulating supply stands at 589.35 trillion tokens, with its value down by 2.11% at a $4.25 billion market cap, according to data from CoinMarketCap.