Shiba Inu’s Shibarium Turns 1. These Are Its Key Achievements

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As a seasoned crypto investor who has witnessed the rise and fall of numerous digital assets, I must admit that Shibarium’s journey over the past year has been quite intriguing. Having invested in SHIB early on, I can’t help but feel a mix of emotions as I watch this meme coin’s layer-1 solution evolve.

Shibarium, Shiba Inu‘s layer-1 solution, is celebrating its first anniversary. 

Last year, “Shibarium” emerged as a significant term within the Shiba Inu community, as enthusiasts anxiously anticipated fresh developments regarding its highly anticipated debut.

Last August, the network encountered some initial turbulence, as transactions got stuck and the Shiba Inu token’s value plummeted sharply. The developers attributed these issues to an overwhelming influx of transactions that the system struggled to manage at first.

After developers resolved the problems that were affecting it, Shibarium was fully operational from August 28 onwards.

In an enthusiastic online message, the Shiba Inu team showcased some significant milestones reached by the Shibarium platform. Notably, it has successfully handled a staggering 417 million transactions thus far. As U.Today reported, Shibarium saw a massive 1,548% surge in daily transactions on Wednesday alone. Previously, activity on the network had been rather low with only a handful of transactions since April. However, in late 2023, the platform was witnessing intense interest, processing millions of transactions each day.

The Shibarium network has experienced three major updates, known as the Delhi, Indore, and Shanghai hard forks. Each of these updates has introduced additional capabilities to the network.

According to U.Today’s report, developers of Shibarium have launched a burn portal, an action designed to eliminate a certain amount of SHIB tokens from circulation permanently. This move could be interpreted as a positive factor that might stimulate growth for the second-largest meme cryptocurrency.

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2024-08-22 00:01