Shibarium Crosses 1 Million Wallet Addresses, Faces Potential Price Volatility
Shiba Inu’s Layer 2 network, Shibarium, has achieved a significant milestone by surpassing 1 million wallet addresses and completing over 770,000 transactions. This data comes from Shibariumscan, the official block explorer of the network. Shibarium’s mainnet and cross-chain bridges became fully operational on August 28, 2023.
Shibarium’s Strategy with Scalability Concern
- Shibarium initially faced scalability issues, with its fail-safe mode being activated due to a surge in user activity.
- Collaborations with teams like Alchemy led to a 1500% scaling of operations, stabilizing the network.
- Withdrawals of various assets can now be completed within a time frame of 45 minutes to 3 hours, except for Bone, which may take up to 7 days.
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Layer 2 Network Offers Scalability and Lower Transaction Costs
- Shibarium aims to alleviate congestion and high fees on the Ethereum mainnet.
- Layer 2 solutions like Shibarium are becoming increasingly popular in the crypto space, particularly for DeFi applications and NFTs.
Price Analysis: Resistance and Support Levels for $SHIB Token
- In the 4-hour chart, the 99-period Moving Average acts as a strong resistance line for the $SHIB token.
- The daily chart shows an upward trending line that serves as a robust support level for the token.
Conclusion
The $SHIB token is facing price volatility, with the 99-period Moving Average posing as a critical resistance level and the upward trending line serving as a crucial support level. Traders and investors should closely monitor these technical indicators to make informed decisions about the token’s future price action.
Source: Trade Wise
