The test version of Shibarium, called Puppynet, has reached new milestones and set records with over 32 million transactions, while the number of wallets connected to Puppynet has been updated downward; meanwhile, Shibburn explorer reports that close to 100 million SHIB tokens have been burned in the last 24 hours.
Shiba Inu (SHIB) price has dropped by 23% in the last week due to technical issues with the Shibarium L2 launch and concerns of potential exploitation risks, causing holders to reduce transactional activity; however, trading activity suggests a potential bullish reversal with strategic traders piling up purchase orders, indicating market demand for SHIB, and the price may consolidate around $0.000008 before another breakout.
Shiba Inu's layer-2 network, Shibarium, is set to relaunch to the public following the resolution of issues that caused its initial shutdown, with enhanced features implemented to handle future traffic spikes and plans for the addition of more validators.
Swiss-based company Tangem announces the availability of a new batch of cold Shiba Inu wallets, allowing users to store over 6,000 cryptocurrencies and conduct transactions through smartphones. Additionally, a significant amount of SHIB tokens is being transferred by whales, taking advantage of the price drop, while the SHIB community burns over 1 billion tokens.
Shiba Inu (SHIB) has seen a 4% increase in the past 24 hours following the announcement of Shibarium's impending relaunch, showcasing the project's potential beyond its meme coin origins.
Shiba Inu's layer-2 scaling solution, Shibarium, is set to reopen to the public after resolving technical issues caused by a high influx of users and transactions.
Shibarium, the Shiba Inu Layer 2 solution, is preparing to go public with exciting updates and enhancements, including a new monitoring system, additional fail-safes, and a revamped testnet explorer called Puppyscan.
A massive amount of Shiba Inu meme coins, totaling 708 billion SHIB, was withdrawn from Gemini and transferred to an anonymous wallet, suggesting a reshuffling or potential sale of holdings by the anonymous whale. Additionally, the SHIB community continues to burn millions of tokens in an effort to reduce the circulating supply and potentially increase the value of the coin.
Despite the launch of the Shibarium Layer 2 protocol being abruptly halted for repairs, the majority of Shiba Inu (SHIB) investors find themselves in significant losses, with 74% of SHIB holder addresses in the red and a total of 951,320 addresses trapped in losses.
Mysterious Whale adds $6 million worth of Shiba Inu to her portfolio, accumulating a total of 5.37 trillion SHIB tokens in the past seven days, as the cryptocurrency gains attention following the launch of Shibarium and ranks as the third most trending cryptocurrency globally.
Shiba Inu (SHIB) could potentially reach $1 per token within the next 5-10 years if it achieves mainstream adoption, high developer engagement, and regulatory support, according to a forecast from ChatGPT.
The relaunch of Shiba Inu's layer-2 scaling solution, Shibarium, has attracted over 50,000 wallets and caused a rally for Bone ShibaSwap, resulting in a 6.6% increase in one day for the altcoin.
Popular exchange Bitstamp has highlighted the upcoming relaunch of Shibarium as one of the top three crypto trends of the week, following the blockchain project's technical issue during its initial launch.
Shibarium's fast transaction speed and the burning of SHIB tokens could lead to a potential breakout for the Shiba Inu token, while Bone ShibaSwap has seen a significant amount of tokens staked, indicating user confidence and potential rewards.
The SHIB community has successfully burnt 350 million Shiba Inu coins, locking them in unspendable wallets, in an effort to reduce supply and potentially increase its value, as the launch of the Shibarium Layer-2 blockchain approaches.
The Shiba Inu ecosystem's new Shibarium blockchain is attracting new users as its total addresses reach a new record of 3.56 million, with over 260,000 transactions already processed on the Layer 2 blockchain.
Shibarium, the scalable and decentralized solution for Shiba Inu, has launched in private mode, attracting new users and showing significant growth in wallet addresses and transactions on the blockchain.
Shibarium, a layer-2 blockchain developed by the Shiba Inu team, has reopened fund withdrawals on its bridge to Ethereum, allowing users to move assets between the two networks.
Shiba Inu's scaling solution Shibarium is now live and functioning well, allowing users to withdraw SHIB, WETH, LEASH, and BONE tokens with withdrawal times ranging from 45 minutes to 7 days.
The Shibarium network, which faced a problematic launch due to software bugs and resulted in millions of dollars in limbo, is now showing signs of resilience as 600,000 wallets and over 700,000 transactions have occurred on the platform, with token withdrawals now available to users.
The recent increase in network activity on the Shibarium Layer-2 network and the corresponding rise in the SHIB token burn rate could potentially impact Shiba Inu (SHIB) prices positively, potentially triggering an increase in demand and a rebound in prices.
