TL;DR

Shibarium has processed over 500M transactions and introduced key upgrades to boost the Shiba Inu ecosystem. Analysts suggest Shibarium’s progress could be one of the factors sparking a SHIB rally.

Shibarium Keeps Progressing

Shiba Inus layer-2 scaling solution officially launched in August last year. Since then, it has achieved numerous milestones. As CryptoPotato reported in November, the total number of transactions processed on the protocol has surpassed 500 million. 

According to the latest data, the number of wallet addresses also reached a psychological level, crossing 2 million. Total blocks are on the way of tapping an impressive peak, too, currently standing at approximately 8.3 million.

Shibariums ultimate goal is to foster the development of the Shiba Inu ecosystem by improving speed, reducing transaction costs, and enhancing scalability. Over the past several months, the network underwent several upgrades.

In April, the team launched a new user interface (UI) update, describing it as faster, smoother, and more accessible than ever. The development improved compatibility with popular self-custody wallets such as MetaMask, Coinbase Wallet, Trust Wallet, and more.

Shortly after, the team introduced an update through a hard fork to empower the community of developers and innovators and implement quicker block processing times.

Shibarium also adopted a burning mechanism. While the effort differs from the original program, its goal is the same: to reduce the tremendous circulating supply of Shiba Inu (SHIB) tokens, potentially making them more valuable via scarcity.

SHIB Price Condition

Some analysts believe Shibariums advancement could trigger a rally for the popular meme coin. SHIB has charted substantial gains in the past month but is down around 7% in the past 24 hours. Its underperformance coincides with a broader correction of the entire digital asset market.

SHIB Price, Source: CoinGecko Bitcoin (BTC) dropped below $100K, while ETH plunged to $3,800. Other well-known cryptocurrencies recording losses today (December 9) include Cardano (ADA), Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE), and many more.

However, some market observers believe SHIBs recent downtrend could be soon replaced by another bull run. X user Whales HQ claimed the token is on the verge of a massive breakout.