Shibarium, the Ethereum layer-2 network that supports the Shiba Inu (SHIB) ecosystem, is nearing a significant achievement as it approaches its 6,000,000th block. With only a few blocks left to hit this milestone, the network’s progress is a testament to its ongoing development and resilience.
Overcoming early challenges
Launched in August of the previous year, Shibarium initially faced several challenges, including a major technical glitch that temporarily halted transactions. However, the team behind Shibarium has worked tirelessly to address these issues, and the network has since stabilized. Currently, it handles an average of seven million transactions per day without experiencing major outages.
One of the critical developments for Shibarium has been the successful integration of ShibaSwap. This decentralized exchange platform, now operational on Shibarium, has enhanced the network’s functionality and provided users with a more efficient way to transact. The integration has been well-received within the community and is seen as a major step forward for the network.
SHIB price-performance analysis
Despite these advancements, the price of Shiba Inu (SHIB) has recently faced a downturn. As of the latest update, SHIB is trading at $0.00001726, representing a decline of over 2% from its previous levels. Historically, significant milestones for Shibarium have been expected to boost the value of SHIB, but this has not yet been the case.
The Shiba Inu community remains optimistic that reaching the 6,000,000 block milestone will eventually lead to a positive shift in SHIB’s price. As Shibarium continues to grow and enhance its offerings, stakeholders are hopeful that these achievements will eventually translate into increased value for the Shiba Inu token.
For now, the focus is on celebrating Shibarium’s progress and monitoring the network’s ongoing developments. The community is eager to see how these milestones will influence the future of both Shibarium and SHIB.
Besides all these, the overall cryptocurrency market is down by 0.56%, and top assets experienced a massive price drop. The reason behind this price drop is the massive Bitcoin (BTC) transfer by Mt. Gox.
In the last 24 hours, top assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB) have experienced a price drop of over 1%, 2.2%, 1.5%, AND 1.05% respectively.
