Shiba Inu Frenzy: Shibarium Surpasses 800,000 Wallets, SHIB Slips 2% On The Sidelines

After overcoming initial setbacks, Shibarium, an Ethereum (ETH) layer-2 (L2) network backed by Shiba Inu (SHIB) tokens, has experienced a remarkable surge in metrics. With over 820,000 new wallet addresses and more than 90,000 daily transactions, Shibarium has demonstrated its appeal to users seeking faster, cheaper, and more private off-chain transactions while leveraging the security of the underlying Ethereum blockchain.

Timeline of Shiba-inu

The Shiba Inu army has made significant progress in monthly SHIB burns recently – in the month of August they managed to burn twice as much SHIB as they did in July. Thus, billions of SHIB were removed from circulation, according to a recent tweet.

Shiba Inu (SHIB) has been a true roller coaster of emotions for holders recently. The meme coin has recently fallen below a critical symmetrical triangle pattern, a technical indicator that often signals a significant price move.

Shiba Inu's flagship Ethereum-based Layer 2 protocol Shibarium is setting a clean slate for the month of September after its historic but tumultuous launch in the month of August. According to data from the official data curator for the platform, Puppynet, Shibarium is boasting of an average total daily transaction of 166,310, a figure that might form the baseline to which other records will be compared.

The price performance of Shiba Inu (SHIB), a prominent meme coin, has exhibited a subdued trend in recent weeks within the cryptocurrency market. This meme-based cryptocurrency has once again garnered considerable attention in the digital asset landscape, primarily following the relaunch of Shibarium, a layer-2 scaling solution.

Shibarium, Shiba Inu's Layer 2 network, has reached new milestones with 634,438 wallet addresses and 698,607 transactions. Despite initial technical challenges, collaborations with Alchemy have scaled operations, and asset withdrawals now occur within 45 minutes to 3 hours.

Following a bumpy start, Shiba Inu's (CRYPTO: SHIB) layer-two protocol, Shibarium, has made a comeback. What Happened: After encountering a glitch during the beta version launch, developers took action to rectify the issue.

In a surprising turn of events, Shiba Inu (SHIB) experienced a brief consolidation break, reaching a 10-day high of $0.00000850, following the overall market uptrend on Tuesday. This upswing was further fueled by Grayscale's legal victory against the US Securities and Exchange Commission (SEC).

For the past two weeks, the Shiba Inu price has been trading sideways reflecting indecisive sentiment around the crypto space. However, the daily chart indicates this consolidation is confined within two converging trendlines indicating the formation of a symmetrical triangle pattern.

Last week, Shiba Inu (SHIB), the second largest meme coin by market capitalization, experienced a significant extraction of over 2 trillion SHIB tokens, sparking controversy within the crypto community regarding the token holders and their intentions.

Shiba Inu Layer 2 blockchain Shibarium has relaunched, much to the delight of the SHIB and wider crypto communities. Barely days after officially going live, Shibarium has set new milestones, and excitement remains about the prospects of the blockchain.