Following the introduction of layer-2 protocols, Shibarium encountered an unsuccessful initial launch that left the Shiba Inu [SHIB] community disheartened. However, it seems that the SHIB Army has managed to overcome this setback, as the adoption of Shibarium has witnessed a substantial resurgence. The layer-2 platform has now surpassed the 100,000 wallet mark on its network.
In a blog post released on August 28th, Shytoshi Kusama, the lead developer of Shiba Inu, formally announced the successful restoration of Shibarium’s functionality. When Kusama confirmed Shibarium’s ‘live’ status, the platform had a recorded count of 65,000 wallets engaging in 350,000 transactions.
These figures have undergone notable expansion, with a remarkable 55.8% surge in wallets and a 20.2% increase in transactions, as indicated by Shiariumscan.io. At present, the total count of wallet addresses stands at 101,401. It’s important to note that an additional 35,000 wallets joined within a single day following Shibarium’s re-launch on August 28th.
A cumulative total of 439,210 transactions have occurred, each with an average block time of 5 seconds. Furthermore, the current tally of blocks reaches 327,872. It’s worth highlighting that Shibarium’s testing platform, referred to as Puppyscan, also garnered significant attention. Despite being a testnet, Puppyscan managed to amass around 100,000 addresses approximately three weeks after its introduction. In contrast, despite encountering difficulties during its initial launch, Shibarium achieved the 100,000 milestone at a faster pace.
Shiba Inu Token’s Price and Burn Rate Achieve Impressive Recovery Milestones
Favorable developments for SHIB holders continue to arise. While the week of Shibarium’s launch encountered significant obstacles with minimal token-burning engagement, the preceding week demonstrated a more positive trajectory for the asset. Within this timeframe, the network witnessed the elimination of a total of 2,139,000,405 Shiba Inu tokens from circulation through 122 transactions. Concurrently, the burn rate experienced a growth of 9.53%. Although this increase might seem moderate, it is regarded as a potential start to a broader trend.
Following a recent blog post by Shytoshi, the meme coin’s value has also begun to recover. This upward shift can also be attributed to an overall improvement in market conditions. As of the current moment, SHIB is being traded at $0.000008164, indicating a daily rise of 2.91%.
