TL;DR
Shiba Inu’s layer-2 blockchain solution officially went live in August. It plays an important role in the meme coin’s ecosystem since it is designed to reduce transaction fees, improve speed, and enhance scalability. During its relatively short existence, the protocol hit countless milestones. In mid-November, the total number of transactions processed on the network surpassed 500 million.
Most recently, total blocks exceeded 8 million, signaling Shibarium’s continued resurgence. Wallet addresses are also close to reaching a psychological level, with the figure currently standing just shy of 2 million.
Besides hitting the aforementioned milestones, Shibarium underwent several upgrades over the past months. In April, the team launched a new user interface (UI) update, describing it as “faster, smoother, and more accessible than ever.” Its main goal was to improve compatibility with popular self-custody wallets such as TrustWallet, MetaMask, Coinbase Wallet, and others.
The developers also introduced an update via a hard fork to implement quicker block processing times and empower the community of developers and innovators.
Last but not least, Shibarium adopted a burning mechanism. Similar to the original program, the effort aims to reduce the tremendous circulating supply of SHIB tokens, making them potentially more valuable through scarcity.
For more updates on the ecosystem, make sure to check out our Shibarium news.
Shibarium’s development is considered one of the key elements that could trigger a price resurgence for Shiba Inu. In fact, the token’s price is up nearly 4% on a daily scale, currently trading at around $0.00002493.
Its solid performance coincides with a major bull run among altcoins fueled by Gary Gensler’s decision to step down as Chairman of the US Securities and Exchange Commission (SEC). The community views him as a big enemy of the asset class due to the numerous lawsuits the agency filed against crypto businesses during his tenure.
Unsurprisingly, one of the biggest gainers following the news of his departure is Ripple’s XRP. The company has been involved in a legal battle with the SEC for almost four years. The XRP army now expects a quick settlement and no more uncertainty, assuming the next Chair is pro-crypto.
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