Shiba Inu’s Shibarium Reaches a New Milestone: Details

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As a researcher with over a decade of experience in the cryptocurrency market, I have witnessed countless projects come and go. However, Shibarium’s progress has been nothing short of impressive. Having closely followed the Shiba Inu ecosystem for some time now, it is evident that the team behind this meme coin has been consistently working towards improving its scalability and reducing transaction costs – key factors in any successful blockchain project.

TL;DR

  • Shibarium has processed over 500M transactions and introduced key upgrades to boost the Shiba Inu ecosystem.
  • Analysts suggest Shibarium’s progress could be one of the factors sparking a SHIB rally.

Shibarium Keeps Progressing

The layer-2 scaling solution for Shiba Inu was officially launched in August the previous year. Since then, it has reached several significant achievements. According to a report by CryptoPotato in November, more than half a billion transactions have been processed on this protocol.

As per the most recent figures, the count of wallet addresses has surpassed the 2 million mark, a psychologically significant level. Moreover, the total number of blocks is rapidly approaching an impressive high, presently around 8.3 million.

The main objective of Shibarium is to nurture the growth of the Shiba Inu environment, primarily by optimizing speed, minimizing transaction fees, and boosting its capacity to handle a larger number of transactions. Over the past few months, the system has undergone numerous updates.

In the month of April, our team introduced an upgrade to our user interface (UI), boasting it as “swifter, sleeker, and more accessible than ever before.” This enhancement has enhanced its compatibility with widely-used self-custody wallets, including MetaMask, Coinbase Wallet, Trust Wallet, and others.

Immediately following this, the team rolled out an update via a hard fork, aiming to boost the community of creators and pioneers, as well as expedite transaction processing within blocks.

Shibarium similarly implemented a destructive process. Unlike the initial software, this mechanism aims for the same objective: to diminish the enormous quantity of Shiba Inu (SHIB) coins in circulation, thereby increasing their potential value due to scarcity.

SHIB Price Condition

Some experts predict that progress in Shibarium might ignite a surge for the well-known meme token SHIB. Over the past month, SHIB has experienced significant growth, but it has dropped approximately 7% over the last 24 hours. This dip aligns with a wider correction across the entire digital currency market.

On December 9th, Bitcoin (BTC) dipped below $100K, and Ethereum (ETH) fell to $3,800. Several popular cryptocurrencies experiencing losses today include Cardano (ADA), Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE), and numerous others as well.

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

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2024-12-09 22:20