As a crypto investor with some experience under my belt, I’ve followed the Shiba Inu (SHIB) ecosystem closely and have been intrigued by its recent developments, particularly in relation to its layer-2 blockchain solution, Shibarium. The latest news about Shibarium’s substantial transaction increase and upcoming upgrades has piqued my interest once again.
TL;DR
- Shibarium experienced a significant transaction increase and announced upcoming upgrades to improve user experience and processing times.
Despite these advancements and a notable spike in the SHIB token burn rate, Shiba Inu’s price has fallen by 14% in a week.
Shibarium’s Latest Advancements
On April 29, there was a significant surge in Shiba Inu’s layer-2 blockchain solution, Shibarium. The number of daily transactions reached over 12,000, which is double the 5,000 transactions recorded the previous day.
Although there has been a significant increase, the number of daily transactions still pales in comparison to the record-breaking high of nearly one million reached in mid-April.
Recently, Shibarium gained attention for two significant upgrades within its ecosystem. The first upgrade was the release of a new user interface (UI) by its development team. They proudly announced that this update is “quicker, more seamless, and easier to use than before.” The main goal of this improvement is to ensure optimal compatibility with widely used self-custody wallets like MetaMask, Coinbase Wallet, and Trust Wallet.
Last week, the developers made an announcement that they will be releasing an upgrade on May 2 using a “hard fork” method. This new update is intended to improve the user experience, decrease the time it takes to process blocks, and provide more power to the community of developers and innovators.
As a crypto investor, I appreciate how the developers are working to make transaction fees more consistent during periods of high network traffic. By smoothing out these fee fluctuations, they ensure that costs remain fair and predictable for all users. This is crucial for maintaining an affordable and accessible platform for everyone.
Last but not least, Shibarium’s marketing strategist – LUCIE – disclosed on X that the decentralized exchange ShibaSwap moved to the L2 network, “bringing new innovations.”
If you’re intrigued to gain further insights into the network and its main objectives, I recommend watching the video we’ve prepared specifically for that purpose below.
SHIB Price to Head North?
The advancement of Shibarium is being widely recognized as a significant factor that could potentially trigger a surge in the price of Shiba Inu. Another possible influencer is the rising rate at which SHIB tokens are being burned.
In April, the metric experienced a staggering increase of approximately 50,000% at one point, leading to the destruction of millions of assets. The removal of over 15.5 billion SHIB tokens from circulation in March was also noteworthy.
As an analyst, I’ve noticed that the meme coin, which has been quite popular recently, has experienced a setback in the last week. Specifically, its value has decreased by approximately 14%.
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2024-04-29 16:05