Shibarium Sees Impressive Growth Since Relaunch
Since its relaunch on August 27, the layer-2 network Shibarium has been experiencing rapid growth. The network has processed over 2.1 million transactions, indicating significant user adoption. Shibarium is being hailed as a cheaper alternative to Ethereum, and its popularity is evident in the increasing number of wallet addresses created, which has surpassed 1.12 million. Despite its troubled start, the network has not encountered any issues since relaunching, with over 589,000 blocks produced. Shibarium is living up to its reputation as a faster and cheaper alternative for decentralized finance (DeFi) projects, with an average gas fee of 1.83 gwei and an average block time of 5 seconds. The network utilization is currently less than 7%, showing its ability to handle more traffic.
SHIB’s Price Impact
Shiba Inu’s (SHIB) price was expected to rise following the launch of Shibarium, as the network adopted SHIB as one of its governance tokens. However, SHIB’s price has declined by over 22% in the last month. Despite this, some argue that the token may be oversold and affected by bear market pressure. Shibarium’s whitepaper, known as the ShibPaper, positioned SHIB as the “core” of the ecosystem and allowed SHIB holders to vote on important decisions within the network. While the anticipated positive impact on SHIB’s price has not materialized, it is possible that market conditions are influencing its performance.
Hot Take: Shibarium’s Growth Signals Potential
Shibarium’s impressive growth since its relaunch demonstrates its potential as a viable layer-2 network. With over 2.1 million transactions processed and increasing user adoption, Shibarium is proving to be a popular choice, particularly for decentralized finance projects. The network’s ability to handle large volumes of traffic, coupled with its faster and cheaper transaction fees compared to Ethereum, makes it an attractive option for users. Despite its initial challenges, Shibarium’s scaling efforts have paid off, and the network is now operating smoothly. While SHIB’s price has not seen the expected boost, it is worth monitoring how the token performs in the future as Shibarium continues to grow and gain traction in the crypto space.
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