Shibarium's Relaunch Make Significant Impact, Spur Growth in Shiba Inu

29-08-2023

There has been a significant surge in Shibarium adoption

Shibarium had faced initial launch setbacks, disappointing the Shiba Inu (SHIB) community. Nevertheless, it seems the SHIB community has rebounded from this setback, as Shibarium adoption sees a significant surge. Following Shibarium's relaunch, the wallet count on the Layer-2 network has surpassed 100,000. In a blog post published on August 28th, Shiba Inu's lead developer, Shytoshi Kusama, formally announced the successful enhancement of Shibarium's functionality. With the relaunch announcement, there has been an impressive 55.8% increase in wallets and a substantial 20.2% growth in transactions. The total wallet addresses on the network now amount to 101,401. On the day following Shibarium's relaunch, an impressive 35,000 wallets were added. The network has recorded 439,210 transactions, with an average block time of 5 seconds per transaction. Additionally, the number of blocks has reached 327,872.

Following the relaunch, Shibarium's testing platform, Puppyscan, has also garnered attention. Despite being in the testing phase, Puppyscan has successfully gathered 100,000 addresses. Despite facing challenges with its launch, Shibarium has swiftly achieved the milestone of 100,000 addresses.

increase in the price of Shiba Inu

Furthermore, the situation is improving for SHIB holders as well. The week of Shibarium's launch was filled with challenges and saw very little token burning, but after Shibarium's relaunch, there has been an optimistic trend observed in the asset. Following the relaunch, the network has removed a total of 2,139,000,405 SHIB tokens from circulation through 122 transactions. Additionally, the burn rate has increased by 9.53%. While this growth may seem modest, it's being viewed as the beginning of a significant trend. Post-relaunch, there has also been an uptick in the price of Shiba Inu. As of the time of writing, SHIB is trading at $0.0000081.

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Rohit Khandelwal is a seasoned English Blog Writer and financial expert contributing to Coin Gabbar, where he writes about cryptocurrency markets, blockchain technology, and global finance trends. As a qualified Chartered Accountant and Company Secretary, he brings in-depth knowledge of financial systems and regulatory frameworks to his writing. Rohit’s content focuses on investment strategies, market insights, and the evolving digital economy, making it valuable for both beginners and seasoned investors. Passionate about continuous learning, he spends his free time traveling, investing, trading, listening to music, and writing, blending practical expertise with creative expression.