Shiba Inu (SHIB) is staging a remarkable comeback following a turbulent week in the ever-evolving world of digital currencies. The enigmatic meme coin employs all its tricks to recover from a recent setback tied to its highly-anticipated Shibarium Layer 2 protocol. The blockchain analytics data from Shibburn indicates that an astonishing 106 million SHIB tokens have been consigned to the burn address.
Shiba Inu’s journey has taken an audacious turn as it forays into expanding its ecosystem. This expansion has birthed a new set of fundamentals, offering investors fresh criteria to evaluate their commitment to SHIB and other tokens within this growing ecosystem. The stalled launch of Shibarium and subsequent delays have triggered waves of concern throughout the crypto community.
Shiba Inu Expansion And Private Mode Progress
Shytoshi Kusama, the lead developer of Shiba Inu, has provided an update on Shibarium’s status, revealing that the layer-2 network is active in private mode, with rigorous testing currently in progress. Shiba Inu enthusiasts are buzzing following Kusama’s latest Shibarium update, which reported resolving all issues plaguing the newly-launched network. Kusama also emphasized the ongoing efforts to maximize scalability.
The critical takeaway from Kusama’s update is that Shibarium is indeed operational but not yet accessible to the public. This strategic move aims to enable the development team to conduct comprehensive security testing on the blockchain. Furthermore, Kusama confirmed that block production has recommenced on the private-mode Shibarium. Kusama has advised patience, urging the SHIB team to take a breather and tackle all security challenges before reintroducing Shibarium to the public.
To address this capacity issue, Shibarium was temporarily paused to increase its capacity. Kusama revealed that Shibarium’s scaling and capacity have expanded by an impressive 1,500%. Encouraged by these developments and ongoing improvements, Shiba Inu supporters eagerly anticipate the public release of Shibarium.
Nonetheless, the long-awaited surge that Shiba Inu ardently desires could potentially materialize via Shibarium, as many decentralized applications (dApps) contemplate transitioning onto the protocol in the imminent timeframe. The advent of these dApps holds the significant potential to amplify the appetite for SHIB, consequently exerting a positive impact on its market value.
Currently, Shiba Inu is trading at $0.000008113, reflecting a 3.16% decline over the past 24 hours. This decline may be attributed to the impact of the burned tokens on their price recovery. However, over the past week, SHIB has trimmed its losses to 22.35%, a positive sign for its recovery efforts.
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