Shibarium, the layer-2 blockchain of Shiba Inu (SHIB), has reached a significant milestone of 100,000 wallets. The lead developer and co-founder, Shytoshi Kusama, announced the resumption of Shibarium’s operations, resulting in 35,000 wallets going live within 24 hours. Since then, the network’s active wallet addresses and transaction volumes have increased by 55.8% and 20.2%, respectively. Currently, over 138,570 wallets are active on the network, with 463,000 transactions across 353,584 individual blocks. The SHIB meme coin’s price has also seen a positive impact from Shibarium’s achievements, with a 1.1% increase in the past 24 hours, reaching around $0.00000811.
During its initial launch, Shibarium faced technical difficulties due to high traffic volume, causing congestion and increased gas fees. Some users experienced delays of several minutes for their transactions to be processed, and gas fees reached as high as $100 per transaction. However, the project’s team dismissed reports of bridge problems and asset losses, attributing them to fear, uncertainty, and doubt (FUD). The lead developer admitted the technical challenges but stated that they were unrelated to the blockchain’s design.
Hot Take:
Shibarium’s achievement of reaching 100,000 wallets demonstrates its growing popularity and adoption within the crypto community. Despite facing initial technical difficulties, the team has successfully resolved the issues and experienced significant growth in active wallets and transaction volumes. The positive impact on the price of the SHIB meme coin indicates the market’s confidence in Shibarium’s success. The future looks promising for Shibarium as it continues to weather the storm and establish itself as a prominent layer-2 blockchain in the cryptocurrency space.
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