SHIB Shibarium Hits 26M Transactions as Price Struggles

The total number of transactions processed by Shiba Inu’s Shibarium testnet has surpassed 26 million. However, SHIB’s burn rate substantially declined in June.

According to Puppyscan data, the network processed around 9 million transactions in June, significantly increasing its adoption levels. During the period, the network’s average daily transactions were around 270,000.

Overall, the Shibarium testnet has completed 26 million transactions and processed 1.5 million blocks as of press time. The average block time is 9 seconds, while the network’s wallet addresses are above 17 million.

SHIB’s Price Struggles in June, Burn Rate Declines

In June, SHIB’s price lost over 10% of its value due to the uncertainty that faced the crypto industry. During the period, the U.S. Securities and Exchange Commission (SEC) filed lawsuits against major crypto exchanges Binance and Coinbase.

While a wave of spot Bitcoin ETF applications from traditional financial institutions returned positive sentiments to the market, that was not enough to prevent the popular meme coin from losing around $1 billion of its market cap. According to BeInCrypto data, SHIB is trading at $0.0000076 as of press time after rising by over 5% in the last 24 hours.

Meanwhile, despite Shibarium’s rising activity, SHIB’s burn rate drastically dropped by around 89% in June to 1.65 billion from the 15.36 billion burnt in May, according to Shibburn data. During the last 24 hours, Shiba Inu’s burn rate remained very low, dropping by 35.5% to 7.75 million, while its weekly burn rate fell by 38.8%.

SHIB Listed on Hong Kong Virtual Asset Index

On June 27, the Hong Kong Virtual Asset Consortium (HKVAC) included SHIB among the cryptocurrencies in its virtual asset list index. The Index signifies the collective performance of the most valuable digital assets in the global crypto market.

Wu Blockchain reported that the HKVAC is supported by Hong Kong legislator Johnny Ng, crypto exchanges Huobi, KuCoin, and others, adding that the index is non-governmental.