In mid-August, the developers of Shiba Inu introduced Shibarium, a new Layer 2 blockchain designed to make the Ethereum (ETH) network more scalable. The blockchain has grown rapidly in the last few days and has now reached another milestone. But the price of Shiba Inu has not gone up yet.
Shibarium reaches new milestone
The network was restarted a week ago. The network crashed upon its launch, preventing users from sending their tokens. Shortly thereafter, a fake message would have caused additional excitement. Shiba Inu chief developer Shytoshi Kusama even threatened to sue.
However, this did not detract from the fun. A day later, users had already created more than 100,000 wallets and the number of transactions reached half a million. Blockchain explorer Shibariumscan shows that more than 1.01 million wallets have already been created and the number of transactions has increased to 959,000. As a result, the block size increases steadily.
This seems like significant growth, but it turns out that the number of new accounts hasn’t continued to grow exponentially. In addition, the number of active accounts is about half as high as at the time of the relaunch. So the network is still growing, but not exponentially at the moment.
The Shiba Inu price is not rising yet
All of this is reflected in Shiba Inu’s price, as the memecoin is down about five percent. The rest of the crypto market, meanwhile, is subject to sideways price action or slight declines.
The interest in The strike against Shibarium isn’t that big yet either. Only $0.05 million is currently tied to SHIB on the network, according to DefiLlama. That’s a significant drop from the peak on Aug. 30, when that amount was $1.47 million. Since then the price has fallen slightly.
In any case, the makers have big plans for Shibarium. This should not only make Ethereum transactions significantly more efficient, but ultimately Shibarium should also become the base layer for the entire Shiba Inu ecosystem.