Shiba Inu’s on-chain activity has grown by leaps and bounds. Just a few days after SHIB reached a record number of addresses, the meme coin’s transactions skyrocketed. Data from noted crypto data analytics portal IntoTheBlock showed that in just one day, there has been an astounding spike in transactions of $91 million, or a whopping 600%.
These high-value trades are worth at least $100,000. Nearly 9 million SHIB tokens changed hands, bringing the daily amount of transactions to a record-breaking level of 10.44 trillion.
This unprecedented uptick coincides with the soaring demand for SHIB, which has reached new heights, setting an all-time high for the year in the number of addresses. As reported by TronWeekly, SHIB has accumulated an eye-popping 3.51 million addresses so far.
Shibarium, Shiba Inu’s keenly anticipated Layer 2 protocol, is acting as a catalyst in the surge in activity and new SHIB holders. The protocol, whose implementation is planned for this summer, promises to bring forth exciting changes and advancements to the Shiba Inu habitat. As we enter the second week of August, the buzz surrounding Shibarium continues to grow louder.
Shiba Inu Implements Revolutionary Tool
Shiba Inu inched closer to its ultimate decentralization goals with the addition of digital IDs to ecosystem projects, thanks to a colossal innovation called ‘WRKChains’, spearheaded by development firm Unification, which is considered the main developer of Shibarium. Ringoshi Toitsu, a well-known validator of the Unification [FUND] network, shared the exciting news on Twitter a few days ago.
In the series of threads, Toitsu provided instances of actual use cases in the discussions, which gave the assertions more weight. With the aid of the blockchain firm Unification, the Latin American Institute of Health Management [INLAGS] has implemented a decentralized identity utilizing the “WRKChains” technology. Due to this, two million patient healthcare records have been able to be seamlessly deployed to the blockchain.
A key goal of development entity Unification is to enable Shibarium, one of the most talked-about topics and Shiba Inu’s layer-2 scaling solution, to beat Ethereum in decentralization shortly. Decentralized applications [dApps] in the Shibarium ecosystem are planned to employ SHIB’s layer-2 technology in conjunction with the future Unification tool UNODE.