The Shiba Inu Shibarium reaches another important milestone: details

TL;DR

Shibarium has shown significant growth since its launch, processing millions of transactions and blocks while steadily increasing wallet adoption. The protocol has introduced updates to improve performance, wallet compatibility, faster processing, and a token burning mechanism to reduce the supply of SHIB and potentially increase value.

Another goal achieved

Shiba Inu’s Layer 2 blockchain solution officially went live in August. It plays an important role in the meme coin ecosystem as it is designed to reduce transaction fees, improve speed and improve scalability. During its relatively short existence, the protocol achieved countless milestones. By mid-November, the total number of transactions processed on the network exceeded 500 million.

Most recently, total blocks exceeded 8 million, indicating Shibarium’s continued resurgence. Wallet addresses are also close to reaching a psychological level, with the number currently not exceeding 2 million.

In addition to achieving the milestones mentioned above, Shibarium has undergone several updates over the past few months. In April, the team released a new user interface (UI) update, describing it as “faster, smoother, and more accessible than ever.” Its main goal was to improve compatibility with popular self-custodial wallets such as TrustWallet, MetaMask, Coinbase Wallet and others.

The developers also introduced an update via a hard fork to implement faster block processing times and empower the developer and innovator community.

Last but not least, Shibarium adopted a combustion mechanism. Similar to the original program, the effort aims to reduce the huge circulating supply of SHIB tokens, potentially making them more valuable due to scarcity.

For more updates on the ecosystem, be sure to check out our Shibarium News.

SHIB Price Outlook

The development of Shibarium is considered one of the key elements that could lead to a resurgence in Shiba Inu prices. In fact, the price of the token is increasing by almost 4% on a daily basis, currently trading around $0.00002493.

SHIB Price, Source: CoinGecko

Its strong performance coincides with a major bull run among altcoins fueled by Gary Gensler’s decision to step down as chairman of the US Securities and Exchange Commission (SEC). The community sees him as a major enemy of the asset class due to the numerous lawsuits the agency filed against crypto companies during his tenure.

Unsurprisingly, one of the biggest gainers following the news of his departure is Ripple’s XRP. The company has been involved in a legal battle with the SEC for nearly four years. The XRP army is now hoping for a quick fix and no more uncertainty, assuming the next chair is pro-crypto.

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