Shiba Inu’s Shibarium network hits transaction milestone

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Shibarium, the Layer-2 Ethereum network built by Shiba Inu, has reached a milestone of two million transactions. With over 1.1 million wallets registered on the network, the platform is seeing increasing adoption.

Shibarium, developed as a fork of Polygon, is part of Shiba Inu’s strategy to incorporate metaverse and gaming platforms. Shibarium also offers affordable settlement options for DeFi applications.

After fixing some issues, including software bugs and slow transaction speed, Shibarium has now stabilized, with the network implementing additional fail-safes.

“Our technical difficulty is not an issue with Shibarium, but rather from the massive influx of transactions and users that happened at the same time when we announced that Shibarium was live,” lead developer Shytoshi Kusama said in a blog post.

“Our team has been working tirelessly to scale (even though validators were already on autoscale when we made the announcement) and bring up the chain again to an extent that we can handle the influx of our decentralized nation-state.”

As of September 11, Shibarium had reached a total of 580,102 blocks, with a typical block time of 5.0 seconds and a gas tracker at 3.02 Gwei. It currently has an average of 168,150 daily transactions.

Moreover, BONE, the network’s gas token, saw a 50 percent surge in the number of millionaire addresses holding between 10 million and 100 million Bone tokens. The total number of millionaire addresses is currently at an all-time high of 192,760, with 26,138,403 BONE tokens staked on the Shibarium network.

Scam attacks on Shiba Inu Blockchain

Despite the milestone, reports of scam attacks on the Shiba Inu blockchain emerged. Shiba Inu Discord admin “DaVinci” singled out the scammers in an announcement.

“Just to clarify: The scam responsible for funding attacks on Shibarium goes by the name Pawswap,” DaVinci said.

Pawswap is accused of defrauding users by posing as Pawzone, which is scheduled to debut on the Shibarium network.

This turn of events has raised concerns within the Shiba Inu community. Many are emphasizing the need for vigilance amid the rapid surge in Shibarium transactions and the presence of scammers. However, the attack seemed to have no impact on the growth of SHIB, as the network saw a 100 percent increase in transactions within three days.

SHIB’s negative development

However, the value of Shiba Inu’s utility token, SHIB, is still subdued. According to the latest data from CoinMarketCap, SHIB is currently trading at $0.000007287, representing a 0.63 percent decrease in the daily price and a 3.94 percent decrease in the past seven days.

This performance is not much different from other altcoins, such as Dogecoin and Cardano, which also recorded negative numbers last week.

However, while Shibarium’s recent accomplishments have not directly affected the token’s price, they are generally considered signs of the token’s long-term viability.

The Shiba Inu community has set several benchmark targets for SHIB, which include a 1-cent increase in market price. To achieve that, SHIB requires substantial growth, which is determined by factors such as adoption, investor sentiment, overall demand and the utility of the token. Thus, Shibarium’s success is expected to carry SHIB to a higher price front.