Shibarium Crosses 1 Million Wallet Addresses

As of September 2, 2023, Shibarium, the Layer 2 network of Shiba Inu, has reached a significant milestone.

According to Shibariumscan, the official block explorer of the network, it now has over 1 million wallet addresses and has completed more than 770,000 transactions. This achievement follows the recent announcement by Shytoshi Kusama, Shiba Inu’s lead developer, who confirmed that the Shibarium mainnet and its cross-chain bridges have been fully operational since August 28, 2023.

Shibarium, a variant of Polygon, initially faced scalability issues. The network’s safety mechanism was triggered due to an unexpected increase in user activity shortly after its launch. According to internal data, almost half of the platform’s monthly allocation of 400 million compute units was utilized within 30 minutes of its launch. However, collaborations with teams such as Alchemy resulted in a 1500% increase in operations, stabilizing the network’s ability to accommodate its expanding user base.

Shytoshi Kusama announced on August 28 that the Shibarium mainnet and its cross-chain bridges are operating smoothly. Users can withdraw assets like ETH, Shib, Leash, and WEth within 45 minutes to 3 hours. However, withdrawals that entail Bone, the network’s native token, may take up to 7 days.

The Layer 2 network aims to alleviate congestion and high fees on the Ethereum mainnet. Shibarium’s swift adoption aligns with the rising trend of Layer 2 solutions in the crypto space, which offer scalability and lower transaction costs. These features significantly benefit decentralized finance (DeFi) applications and NFTs.

Currently, the $SHIB token faces some technical challenges as it tries to navigate a complex environment. On the 4-hour chart, it is experiencing a solid resistance level, while on the daily chart, it is at a crucial support level. This uncertainty in price dynamics is due to the growth of Shibarium. Two essential technical levels that could determine the future price of the token are the 99-period Moving Average and the upward trending line at 0.0000077. Investors and traders must monitor these indicators closely to make informed decisions.