NOWNodes, the well-known blockchain infrastructure firm, has unveiled the Shibarium RPC Full Node designed for Shiba Inu’s (SHIB) layer-2 network. An RPC Full Node is a development environment that streamlines direct interaction with a blockchain. According to NOWNodes, this novel tool is set to provide developers and cryptocurrency companies with limitless possibilities when it comes to building on Shibarium. The company had earlier declared its support for SHIB’s layer-2 network in February of this year.
Following the deployment of their Shibarium nodes, NOWNodes is actively seeking partnerships. One noteworthy collaboration is with Tangem, which is integrating Shibarium into its offerings. Tangem had previously introduced a cold wallet focused on Shiba Inu (SHIB) in July. NOWNodes communicated this information through X, stated, “Build, create, enhance—we’re here to support builders on Shibarium!”.
Despite a problematic launch characterized by overwhelming traffic that forced a temporary network pause, Shibarium consistently achieves fresh achievements. Daily transaction volumes have now exceeded 200,000, accumulating a total of more than 2.5 million transactions. Conversely, the quantity of wallets has surpassed the 1.2 million threshold.
Shiba Inu’s Resurgence: Is Shibarium the Key to Recovery?
In spite of the growth observed in Shibarium, Shiba Inu’s (SHIB) price continues to face challenges. SHIB has registered a 5% decline over the past week, and this descent has persisted since February 2023. Notably, the Shibarium launch did not have a significant impact on SHIB’s price.
Nevertheless, the project is striving to expand its utility through ongoing developments on the new network. As more use cases materialize, there is potential for an increase in demand for the token, which may subsequently drive its price higher. Additionally, Shiba Inu (SHIB) will also depend on a broader recovery in the overall cryptocurrency market to recoup its losses. Presently, a substantial 88% of SHIB holders find themselves at a loss, while only 9% are currently in a profitable position.