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Shiba Inu makes waves again – Here’s how and why

TL;DR

  • Shiba Inu’s layer-2 blockchain solution, Shibarium, continues to make headlines, regularly surpassing milestones.
  • Daily network transactions reached 3 million in mid-February, and total transactions exceeded 360 million.
  • According to some experts, additional advancements in Shibarium could positively impact Shiba Inu prices.

Shiba Inu (SHIB), a popular meme-based crypto, has recently reached another significant milestone in its development journey. The milestone revolves around the achievement of its layer-2 blockchain solution called Shibarium. This advancement aims to enhance transaction efficiency within the Shiba Inu ecosystem.

Despite this remarkable progress, the price of Shiba Inu has not seen substantial gains over the past 24 hours. However, this milestone underscores Shiba Inu’s continuous efforts to evolve and improve its infrastructure. The community views this achievement as a testament to Shiba Inu’s rising popularity and its potential for broader adoption 

Shiba Inu just made history

The Shibarium layer-2 blockchain, which was created to improve the Shiba Inu cryptocurrency ecosystem, recently reached important milestones, indicating a notable increase in its utility. According to data from the Shibariumscan explorer, the platform has achieved 360 million transactions, setting a new milestone after very modest growth.

This rise in activity demonstrates Shibarium’s increasing adoption and use in the cryptocurrency world. According to the most recent estimates, there have been 360,936,003 transactions on Shibarium, up from 297.2 million just 20 days ago. 

This 63 million transaction increase demonstrates a significant acceleration in network activity, indicating rising interest and confidence in Shibarium’s capabilities.

In addition to the total number of transactions, Shibarium’s daily transaction volume has increased significantly. The platform has successfully recovered a daily transaction volume of three million, a level not seen since late January. 

The recent increase in daily transactions from 1.07 million on February 16 to 3 million demonstrates the Shibarium network’s dynamic and fast-changing character. Furthermore, the number of wallets connected to Shibarium has increased to 1,358,306, indicating a larger user base and increased network involvement.

What’s all the fuss about Shibarium?

Shibarium is an innovative blockchain technology created exclusively to improve the Shiba Inu crypto economy. It marks a strategic evolution in Shiba Inu development, with the goal of providing a more efficient, scalable, and user-friendly blockchain experience.

Shibarium’s release date was August 16, 2023. However, its launch did not go as planned, and the layer-2 solution had to be relaunched shortly afterward.

As a layer 2 solution, Shibarium runs on top of the existing Ethereum blockchain with the goal of improving transaction speeds and lowering costs, both of which are typical difficulties in traditional blockchain systems. 

This advancement is expected to improve Shiba Inu’s functioning and utility, marking a watershed moment in its path beyond meme-based digital currency. Shibarium’s debut demonstrates a dedication to continual growth and adaptation in the ever-changing field of digital assets.

The fundamental purpose of Shibarium is to overcome the key issues that have previously hampered Ethereum’s full potential. This includes the infamous gas surcharges, which frequently prevent users from conducting transactions, as well as the annoyingly slow confirmation timeframes. 

Shibarium, by design, addresses these difficulties by providing a more scalable and cost-effective platform for transactions. As a result, users can experience faster transaction processing and considerably lower costs, redefining the user experience and strengthening Ethereum’s usefulness.

Innovations in Shiba Inu’s Ecosystem

Through these milestones, the Shiba Inu development team, led by the pseudonymous Shytoshi Kusama, has been actively trying to enhance the ecosystem’s offering. A significant milestone is the launch of Sheboshis NFTs, which are based on the new Ethereum token standard ERC-404. 

These NFTs, geared at the female element of the Shiba Inu community, are a strategic move to broaden the ecosystem’s attractiveness and usefulness.

Holders of the existing Shiboshis NFT collection can claim these new Sheboshis NFTs, further integrating the community and increasing the value of Shiba Inu-related assets. The aim to connect these NFTs from Ethereum to Shibarium demonstrates a commitment to using Shibarium’s capabilities for broader ecosystem applications.

The Shiba Inu team is also working to improve the Shiba Eternity game by fixing bugs, preventing cheating, and providing a fair and pleasurable gaming experience for its participants. 

These initiatives are part of a larger strategy to improve the Shiba Inu ecosystem by introducing play-to-earn and stake-to-earn features, which will increase engagement and incentivize community participation. These advancements improve the user experience while also contributing to the Shiba Inu ecosystem’s general growth and sustainability.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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