Shibarium is charting a new growth trajectory, targeting a significant milestone. Currently, Shibarium has processed a total of 5,929,347 blocks, with only a few more blocks needed to reach the 6,000,000 mark. When Shibarium launched in August last year, many doubted its potential for success. Initially, the Ethereum layer-2 network encountered a major technical glitch, halting transactions.
Source: Shibariumscan
However, following this setback, substantial efforts were made to scale the chain. Since then, Shibarium has not experienced any major outages, despite processing an average of seven million daily transactions at its peak.
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Although it has not consistently maintained this massive transaction count, block production has remained steady. Clearly, the protocol is gaining significant traction among community members. The integration of ShibaSwap on Shibarium, has further bolstered the protocol’s prospects, providing users with a more streamlined on-chain transaction process.
Community Optimism Grows
While the exact timeline remains uncertain, the anticipation of Shibarium reaching the six-million-block milestone has sparked hope within the community. Ideally, Shibarium’s growth should complement a surge in the price of Shiba Inu (SHIB).
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However, the current situation reveals the opposite, as SHIB’s price has dropped by over 2% to $0.00001726 at the time of writing. Despite the positive developments surrounding Shibarium, including the recent hard fork, SHIB’s performance largely hinges on broader market trends.
Future Market Sentiment
In the near term, the launch of spot Ethereum ETF products in the U.S. might rejuvenate market sentiment and drive prices upward. Thus, while Shibarium’s advancements are impressive, the broader market dynamics will likely continue to play a crucial role in determining SHIB’s price movements.
Shibarium’s journey showcases resilience and progress, highlighting its potential within the crypto community. With the milestone of six million blocks on the horizon, community members remain hopeful, even as they navigate the broader market’s fluctuations.
