News - Shibarium and SHIB picking up steam

By Ted Maas

Shibarium and SHIB picking up steam

Shiba Inu (SHIB)

There is good news for Shiba Inu (SHIB) and Shibarium, the layer 2 solution to this popular memecoin. Shibarium seems to be back on track after a bumpy start.

In just one week, Shibarium, the layer 2 network designed for SHIB and other tokens within the Shiba Inu ecosystem, including Bone (BONE) and Leash (LEASH), has achieved remarkable milestones. Despite initial technical challenges, the network now boasts an impressive 600,000 unique wallets and 700,000 transactions.

Although Shibarium was inaugurated on August 16, it encountered an 11-hour transaction glitch the following day, resulting in approximately $1.7 million worth of Ethereum becoming temporarily stranded on the bridge connecting the Ethereum and Shibarium networks.

Despite these initial hurdles, Shibarium has steadily witnessed an upswing in user activity since its inception. On August 31, the network recorded nearly 100,000 daily transactions, with its peak daily transaction volume reaching 132,000 on August 25.

However, it's worth noting that the total locked-in value (TVL) on Shibarium currently stands at a relatively modest $1.26 million. This suggests that the majority of users are presently experimenting with the network using modest capital amounts.

Moreover, a mysterious crypto-whale recently emerged, executing a single transaction worth $37 million in SHIB tokens.

Shibarium's primary goal is to streamline swift and cost-effective token transactions within the Shiba Inu ecosystem. After a challenging start, the Shibarium Bridge was officially declared operational on August 28, 2023. This "bridge" enables the seamless transfer of tokens from Tier-1 to Tier-2.

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