Shiba Inu: Shibarium Achieves 100K Wallet Addresses Amidst Setbacks

Shibarium, a layer-2 protocol, initially faced a troubled launch which disappointed the Shiba Inu [SHIB] community. However, it seems that the SHIB Army has overcome this setback as the adoption of Shibarium has seen a significant increase. The platform has now surpassed 100,000 wallets on its network.

In a blog post released on Aug. 28, Shytoshi Kusama, the lead developer of Shiba Inu, officially announced the successful reinstatement of Shibarium’s functionality. At the time of Kusama’s declaration that Shibarium was now “live,” the platform had recorded over 65,000 wallets actively participating in 350,000 transactions.

The adoption of Shibarium has exhibited notable growth, witnessing a substantial surge of 55.8% in wallet addresses and a commendable increase of 20.2% in transaction volume, as reported by Shiariumscan.io. Presently, the cumulative count of wallet addresses stands at an impressive 101,401. It is noteworthy that following the relaunch of Shibarium on August 28th, an astounding 35,000 new wallets were added to the network within a mere 24-hour span.

Shibarium has witnessed a considerable number of transactions, reaching a total of 439,210. These transactions have been executed with an average block time of 5 seconds, ensuring prompt processing. Furthermore, the platform has generated 327,872 blocks to date, reflecting its active usage and engagement.

It is noteworthy that Shibarium’s testing platform, Puppyscan, also garnered substantial attention. Despite being a testnet, Puppyscan managed to attract approximately 100,000 addresses within a span of three weeks since its launch. Interestingly, Shibarium surpassed this milestone at a faster pace, despite facing initial challenges during its own launch.

Shiba Inu Sees Surge in Price and Burn Rate

Positive developments continue to unfold for SHIB holders, as recent developments have shown a more favorable trend for the asset. While the launch week of Shibarium faced considerable challenges with limited token-burning activity, the past week has brought about notable improvements.

During this period, the network witnessed the removal of an impressive 2,139,000,405 SHIB tokens from circulation through 122 transactions. Additionally, the burn rate experienced a 9.53% increase. While this rise may seem modest, it is regarded as a potential starting point for a more significant trend in the future.

In the wake of Shytoshi’s recent blog post, the value of the meme coin has shown signs of recovery. This upward movement can be attributed to both the specific improvements within the SHIB ecosystem and the overall positive market conditions

As of the present moment, SHIB is being traded at $0.000008117, reflecting a daily increase of 2.37%. This price rebound indicates a positive sentiment among investors and suggests a potentially favorable outlook for the asset.
Related also: Shiba Inu’s Shibarium Scaling Protocol Resolves Initial Challenges: Final Updates Revealed

Olasunkanmi Abudu

Olasunkanmi Abudu is a Web3 content writer with over five years of experience covering blockchain, decentralized finance, and digital assets. He specializes in producing well-researched and accessible content that explains complex technologies and market trends to both general readers and industry professionals.

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