Shibarium Reboots With Positive Sign, SHIB Soars Over 2.5%

Key Points:

• Shiba Inu’s blockchain, Shibarium, gained 100,000 wallets after the relaunch, backed by a rapid 35,000 user influx in 24 hours.
• Shibarium resolves software issues and introduces token withdrawals, preventing future network glitches.
• SHIB’s price rises 2.5% post-relaunch, and Shibarium shines with quick 5-second block times and soaring user engagement.

Shibarium, a prominent layer-2 blockchain designed for Shiba Inu enthusiasts, has triumphantly amassed an impressive user base, surging beyond the 100,000-wallet milestone on its platform.

One of the platform’s significant milestones is the activation of token withdrawals from the bridge.

This feature, which enables users to transfer tokens across networks, had been eagerly anticipated after a previous launch was marred by software glitches. These glitches resulted in substantial funds being locked on the network, causing a setback for the ambitious project.

In response, developers have diligently worked to remedy these issues, collaborating closely with developers on the Polygon blockchain. As a fork of Polygon, Shibarium employs modified code based on its counterpart.

Shytoshi Kusama, the lead developer and co-founder of Shiba Inu, emphasized that Shibarium is now fully operational, as stated in an August 28 blog post.

The surge included a staggering influx of 35,000 wallets within a mere 24 hours following its relaunch on August 28.

The successful relaunch of the network had a positive impact on the value of SHIB, the native token, which surged by 2.5% to reach $0.00000817 within the last 24 hours. During a comprehensive testing phase spanning four months, millions of wallets were engaged, executing a staggering 22 million transactions.

Presently, the block explorer attests to the participation of 101,395 wallets, contributing to 434,215 transactions across 347,355 blocks. With an average block time of just 5 seconds, the platform showcases its efficiency and capability.

Despite the initial setbacks that led to transaction halts and price drops, Shibarium has impressively rebounded and is poised to harness its growing user base to strengthen its position in the blockchain realm.

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