Shiba Inu’s Shibarium Hits an Important Milestone: Details

TL;DR

• Shibarium keeps making the headlines, with numerous indicators rising to record levels.
• Despite the protocol’s progress, Shiba Inu’s price is in the red today (November 13), dropping by approximately 17%.

The Major Achievement

Shiba Inu’s layer-2 scaling solution has witnessed increased activity lately. Daily transactions on the network have been in the millions since the start of the month, with total transactions hitting 500 million on November 12, as the pseudonymous Marketing Strategist of Shibarium noted on X.

Shibizens, cheers to 500 million transactions on Shibarium!

Half a billion and counting—keep it going!#Shibarium – $BONE pic.twitter.com/NpQKUP3fXe

— (@LucieSHIB) November 12, 2024

Other Shibarium metrics close to reaching huge milestones are total blocks (7.8 million) and wallet addresses (almost 1.9 million).

The protocol officially went live in August 2023. Its main purpose is to foster the development of the Shiba Inu ecosystem by reducing transaction fees, improving speed, and enhancing scalability.

Shibarium’s team has unveiled several upgrades to optimize functionality over the past several months. In April, it launched a new user interface (UI) update, describing it as “faster, smoother, and more accessible than ever.” It aims to improve compatibility with popular self-custody wallets such as MetaMask, Trust Wallet, Coinbase Wallet, and others.

Shortly after, the developers introduced an update via a hard fork to implement quicker block processing times and empower the SHIB community. Last but not least, Shibarium embraced a burning mechanism called “Burn Portal.” Its ultimate goal (similar to the original program) is to reduce the tremendous supply of SHIB tokens and potentially boost their valuation through scarcity.

SHIB Price Outlook

The advancement of Shibarium is considered one of the crucial elements that could positively impact the price of Shiba Inu.

While the popular meme coin has been at the forefront of gains in the last week, it experienced a substantial correction in the past 24 hours. Currently, SHIB is worth around $0.0000243, representing a 17% daily decline.

SHIB Price, Source: CoinGecko

Its underperformance coincides with an overall pullback of the entire meme coin niche. Dogecoin (DOGE) is down 9%, dogwifhat (WIF) has plunged by 8%, while Pepe (PEPE), Popcat (POPCAT), Brett (BRETT), and Neiro (NEIRO) have nosedived by double digits.