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Tuesday, June 25, 2024

Shiba Inu (SHIB) Achieves Another Huge Milestone: Details

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TL;DR

  • Shiba Inu’s layer-2 solution, hits one million blocks and boasts over three million transactions.
  • Introduced in August, Shibarium aims to upgrade Shiba Inu by improving transaction efficiency.
  • Despite Shibarium’s advancements, Shiba Inu’s value fell by 4% on October 9 and 8% over the week.

The Latest Achievement

The popular memecoin Shiba Inu (SHIB) and its surrounding developments keep making the headlines. Its most recent achievement is related to the recently-launched layer-2 blockchain solution Shibarium.

According to ShibariumScan, it reached the milestone of one million blocks, highlighting a growing demand for scalable features.

A few weeks ago, the L2 network blasted through another peak after the total number of transactions on it exceeded the coveted level of three million. Currently, that figure stands at almost 3.4 million, while wallet addresses are inching towards 1.3 million.

Shibarium officially saw the light of day at the end of August. It aims to elevate Shiba Inu as a leader in the memecoin realm by improving speed and lowering transaction fees. Those curious to find out more about its launch and purposes can watch our dedicated video below:

SHIB’s Price is on a Downhill

Some analysts and experts, such as the pseudonymous X (Twitter) user “Shib Informer,” have suggested that further advancement of Shibarium could positively affect Shiba Inu’s valuation.

However, the asset is down 4% today (October 9), in resonance with an overall decline of the entire cryptocurrency market. It has also plunged by over 8% on a weekly basis (per CoinGecko).

SHIB Price, Source: CoinGecko

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