The Shiba Inu Shibarium reaches a new milestone: details

TL;DR

Shibarium has processed over 500 million transactions and introduced key updates to power the Shiba Inu ecosystem. Analysts suggest Shibarium’s progress could be one of the factors triggering a SHIB rally. Shibarium continues to progress

The Shiba Inu Layer 2 Scaling Solution was officially launched in August last year. Since then, he has achieved numerous milestones. As reported by CryptoPotato in November, the total number of transactions processed using the protocol has exceeded 500 million.

According to the latest data, the number of wallet addresses also reached a psychological level, exceeding 2 million. Total blocks are also nearing an impressive peak, currently sitting at approximately 8.3 million.

Shibarium’s ultimate goal is to foster the development of the Shiba Inu ecosystem by improving speed, reducing transaction costs, and improving scalability. Over the past few months, the network has undergone several updates.

In April, the team released a new user interface (UI) update, describing it as “faster, smoother, and more accessible than ever.” The development improved compatibility with popular self-custody wallets such as MetaMask, Coinbase Wallet, Trust Wallet and more.

Soon after, the team introduced an update via a hard fork to empower the developer and innovator community and implement faster block processing times.

Shibarium also adopted a combustion mechanism. While the effort differs from the original program, its goal is the same: to reduce the huge circulating supply of Shiba Inu tokens (SHIB), making them potentially more valuable due to scarcity.

SHIB Price Condition

Some analysts believe Shibarium’s breakthrough could trigger a rally for the popular meme coin. SHIB has seen substantial gains over the past month, but is down about 7% in the past 24 hours. Its underperformance coincides with a broader correction across the digital asset market.

SHIB Price, Source: CoinGecko

Bitcoin (BTC) fell below $100,000, while ETH fell to $3,800. Other notable cryptocurrencies posting losses today (December 9) include Cardano (ADA), Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE) and many more.

However, some market watchers believe SHIB’s recent downtrend could soon be replaced by another bull run. X Whales HQ user claimed the token is “on the verge of a massive breakout”.

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