SHIB has regained momentum in the cryptocurrency market following the rising adoption of the relaunched Shiba Inu layer-2 blockchain, Shibarium.
Among the many crypto assets printing green candles today is Shiba Inu (SHIB), the popular canine-themed token. While the latest market-wide recovery was triggered by Grayscale’s victory in its SEC lawsuit, SHIB’s impressive bullish price action is largely attributed to the increasing adoption of the relaunched Shibarium.
Notably, the asset is up over 2% in the last 24 hours at the time of writing as investor interest and social dominance regain momentum. Several crypto strategists and market watchers expect SHIB’s price to rally higher in the coming months as more users interact with Shibarium.
Increasing Shibarium Wallet Addresses
Following the recent public relaunch of the Shiba Inu scaling solution, wallet addresses on the L2 network soared dramatically. This indicates that Shibarium is a welcomed development as it is designed to make the Shiba Inu network highly scalable and cost-friendly.
The latest data on Shibariumscan shows that wallet addresses connected to Shibarium have exceeded the 300K threshold. At press time, exactly 336,733 wallet addresses interacted with the L2 network, resulting in 529,669 total transactions executed on Shibarium.
This translates to 369,621 total blocks produced on the network with an average block time of 5.0 seconds at the time of writing. Meanwhile, 78,578 transactions were executed on Shibarium on Tuesday.
Recent Developments Around Shibarium
For the uninitiated, Shibarium is a layer-2 blockchain built to scale the Shiba Inu network. The scaling solution —which is a fork of Polygon Network —was officially launched on August 16 during the Blockchain Futurist Conference.
However, Shibarium encountered network issues on its debut due to an unexpectedly high influx of users. In particular, over 965 ETH tokens worth $1.7M at that time were stuck on the Ethereum bridge as market participants attempted to migrate their assets to the new blockchain as updated by Colin Wu.
To redesign and increase the capacity of the L2 solution, the Shiba Inu development team led by Shytoshi Kusama temporarily halted Shibarium operations on August 17, eliciting FUDs from critics. This escalating FUD, coupled with the market-wide bearish state pushed SHIB’s price to the $0.00000725 zone on Shibarium’s debut.
After weeks of redesigning Shibarium to increase its scalability and capacity to handle high traffic, Kusama announced the public relaunch of the Shiba Inu L2 network on Monday.
Following this positive development, investor interest in SHIB increased substantially as evidenced by the increased SHIB daily trade volume. In the last 24 hours, over 21.6T SHIB tokens have been traded across several exchanges. Notably, SHIB is exchanging hands at $0.00000824 at the time of writing.