Shibarium Eyes Historic Milestone as SHIB Price Sell-off Grows

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As a researcher who has been closely following the cryptocurrency space for several years now, I have witnessed the rollercoaster ride that Shibarium has been on since its inception last year. When it first emerged with the technical glitch that halted transactions, many, including myself, had written it off as just another failed attempt in the crowded crypto landscape.

Shibarium is charting a distinct path for its development as it approaches a significant achievement. Currently, the Shibarium blockchain has produced a total of 5,929,347 blocks, leaving only a small number to reach the 6 million mark.

Shibarium’s launch, rise and fall

Last August, when Shibarium was launched for the first time, I and many other crypto investors had our doubts about its potential for significant success. However, things have taken an unexpected turn for the better in recent months, despite an initial setback. The technical issue that arose, which caused a halt to transactions on this Ethereum layer-2 network, was quite major and challenging at the time.

Following this point, significant resources have been invested in climbing the chain. Since then, Shibarium has experienced no major disruptions, managing an impressive average of seven million daily transactions without interruption. Though it hasn’t reached this high volume yet, the block creation continues uninterrupted.

The protocol has gained significant traction within the community, as demonstrated by its increasing usage. Previously reported by U.Today, the incorporation of ShibaSwap into Shibarium has strengthened the protocol’s utility, offering users a clearer pathway for conducting on-chain transactions.

The possibility of Shibarium reaching the milestone of six million blocks has ignited optimism among its followers, despite an unclear timeframe for this achievement.

Shibarium and SHIB correlation

It’s ideal for Shibarium’s expansion to boost Shiba Inu (SHIB) prices. However, contrary to expectations, SHIB prices have dropped by over 2% to hit $0.00001726 at present.

Although the significant advancements related to Shibarium are noteworthy, such as the recent hard fork, the short-term behavior of SHIB is largely influenced by broader market conditions. In the imminent future, the introduction of spot Ethereum ETFs in the US could revitalize investor sentiment and potentially lead to price increases.

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2024-07-24 12:37