- Shibarium runs smoothly, with 100,000 wallets reached.
- Shiba Inu bounced back by 1.7% in the last 24 hours.
- Lead dev Shy Kusama posts the final scaling update.
A few days into Shibarium’s L2 relaunch, Shiba Inu lead developer Shytoshi Kusama posted the final scaling update, giving the green light for crypto enthusiasts to explain the latest Layer-2 blockchain technology.
Having dealt with the traffic influx, the average block production time is now around five seconds, per ShibariumScan.io blockchain data explorer. Shibarium’s official gas fee token, Bone ShibaSwap (BONE), faces market correction after a 15.7% weekly bull run, still claiming three crucial on-chain signals in large transactions, net network growth, and concentration.
Furthermore, the restarted Shibarium mainnet reached a milestone of 400,000 transactions on Monday afternoon. At press time, Shiba Inu is changing hands at $0.00000821, according to CoinGecko. The dog-themed crypto reclaimed a critical northward support level of $0.000008 after hitting the daily low of $0.00000790.
Shibarium Traffic Jam: Polygon to the Rescue
In the latest blog, Kusama gave a special shoutout to developer Sandeep from Polygon, as “without a second thought, he helped provide additional resources to ensure a perfect outcome to the situation.”
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Shibarium developers pivoted the Layer-2 to be a Polygon fork. Hence, the developer team at Polygon Technology came in handy to deal with the high traffic demand and the hard work to restore the Shibarium L2 mainnet for public use. Kusama thanked those “who fought the fud and ignored the misinformation posted on multiple news sites recklessly.”
On the Flipside
- Despite the rebound gains of 1.7% in the last 24 hours, key on-chain signals remain bearish for $SHIB.
- Blockchain analytics firm IntoTheBlock reports a 5.85% decrease in large transactions on the token.
Why This Matters
Shiba Inu’s detachment from Ethereum brings a unique case of a memecurency with its own Layer-2 blockchain.
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