The Shiba Inu Shibarium reaches an important milestone: details

TL;DR

Shibarium continues to make headlines, with numerous indicators rising to record levels. Despite the protocol breakthrough, Shiba Inu’s price is in the red today (November 13), down approximately 17%. The great achievement

The Shiba Inu layer 2 climbing solution has seen more activity lately. Daily transactions on the network have been in the millions since the beginning of the month, with total transactions reaching 500 million on November 12, as noted by the pseudonymous Shibarium marketing strategist on X.

Shibizens, cheers to 500 million transactions on Shibarium!

Half a billion and counting, keep it up!#Shibarium – $OS pic.twitter.com/NpQKUP3fXe

— (@LucieSHIB) November 12, 2024

Other Shibarium metrics close to hitting big milestones are total blocks (7.8 million) and wallet addresses (almost 1.9 million).

The protocol was officially launched in August 2023. Its main goal is to foster the development of the Shiba Inu ecosystem by reducing transaction fees, improving speed, and improving scalability.

The Shibarium team has released several updates to optimize functionality over the past few months. In April, it released a new user interface (UI) update, describing it as “faster, smoother and more accessible than ever.” It aims to improve compatibility with popular autocussion wallets such as MetaMask, Trust Wallet, Coinbase Wallet and others.

Shortly after, the developers introduced an update via a hard fork to implement faster block processing times and empower the SHIB community. Last but not least, Shibarium adopted a combustion mechanism called “Burn Portal”. Its ultimate goal (similar to the original program) is to reduce the huge supply of SHIB tokens and potentially increase their valuation due to scarcity.

SHIB Price Outlook

The advancement of Shibarium is considered one of the crucial elements that could positively affect the Shiba Inu price.

While the popular meme coin has been leading the gains over the past week, it has seen a substantial correction in the past 24 hours. SHIB is currently worth about $0.0000243, representing a daily decline of 17%.

SHIB Price, Source: CoinGecko

Its underperformance coincides with a general pullback of the entire meme coin niche. Dogecoin (DOGE) is down 9%, dogwifhat (WIF) is down 8%, while Pepe (PEPE), Popcat (POPCAT), Brett (BRETT) and Neiro (NEIRO) are down by double digits.

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