Decoding Shiba Inu: An Overview Explained
Shiba Inu, commonly known as SHIB, emerged in August 2020, created by an anonymous entity known as “Ryoshi.” Named after the Japanese dog breed, SHIB has become notably popular and often categorized as a “meme coin.”
Exploring the Shiba Inu Ecosystem
The SHIB ecosystem includes other tokens such as LEASH and BONE, with each token serving unique roles within it. Additionally, the Shiba Inu community developed ShibaSwap, a decentralized exchange platform for token trading and staking.
Current State
As of 4:05 p.m. UTC on 9 December 2023, SHIB was trading at around $0.00001031, marking almost a 20% increase in the past 24 hours.
The Comparison of Shibarium and Ethereum
Shiba Inu community members engaged in discussions about Ethereum’s transaction fees and speed compared to those of Shibarium. Users detailed the transactions fees and speed of both networks, emphasizing Shibarium’s economic efficiency and scalability.
Current and Future Capacity of Shibarium
The lead developer of Shiba Inu, Shytoshi Kusama, has confirmed that Shibarium can process up to 200 transactions per second and will further increase its multiple capabilities in the hard fork. The network has consistently processed over 7 million transactions daily since 2 December 2023, recording 7.89 million transactions the previous day.
Hot Take
Shibarium: The Future of Cryptocurrency Transactions?
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