As a seasoned analyst with a decade of experience in the crypto market, I can confidently say that Shibarium’s growth trajectory is nothing short of impressive. The resilience and adaptability shown by this project since its inception are commendable, especially considering the highly volatile nature of the cryptocurrency landscape.
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 upgrades for better performance, wallet compatibility, faster processing, and a token-burning mechanism to reduce SHIB supply and potentially increase value.
Another Target Reached
The Shiba Inu‘s layer-2 blockchain solution was officially activated in August and has become a significant part of its ecosystem. This technology, specifically designed to cut down transaction fees, boost speed, and increase scalability, has already achieved numerous milestones in its short lifespan. As recently as mid-November, the number of transactions conducted on the network exceeded 500 million.
Lately, the total number of blocks has surpassed 8 million, indicating that Shibarium is still on an upward trend. Additionally, wallet addresses are getting closer to a significant milestone, currently sitting at nearly 2 million.
Apart from achieving the previously mentioned achievements, Shibarium underwent numerous enhancements in recent months. In April, the team rolled out a revamped user interface (UI), touting it as “faster, smoother, and more accessible than ever.” The primary objective was to boost compatibility with widely-used self-custody wallets like TrustWallet, MetaMask, Coinbase Wallet, among others.
In addition, they implemented an update through a hard fork aimed at expediting block processing times and boosting the developer and innovator community’s influence.
As a proud crypto investor, I should mention that Shibarium has implemented a burning mechanism similar to its initial design. The objective is to gradually decrease the vast number of SHIB tokens in circulation, which could increase their worth due to scarcity.
For more updates on the ecosystem, make sure to check out our Shibarium news.
SHIB Price Outlook
The progress in developing Shibarium is seen as a significant factor that might lead to an increase in Shiba Inu’s price again. In reality, the token’s value has risen by approximately 4% over the past day and is currently being traded at around 0.00002493 USD.
The strong showing aligns with a significant surge in altcoin prices, driven by Gary Gensler’s decision to resign as Chairman of the US Securities and Exchange Commission (SEC). The community often sees him as a formidable adversary for the asset class because of the numerous lawsuits his agency filed against cryptocurrency businesses during his term.
It’s not surprising that Ripple‘s XRP has seen significant gains after his departure was announced, given its ongoing legal dispute with the SEC. The XRP community hopes for a swift resolution and an end to the uncertainty, especially if the new Chair is supportive of cryptocurrencies.
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2024-11-22 17:06