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Shiba Inu SHIB Founder Ryoshi NFT Collectible Debut on HEEL and SHIBACALS

by Blockchain NewsSeptember 10, 2023

A mystery but significant NFT brand has recently emerged in the Web3 landscape. HEEL and SHIBACALS have unveiled a limited edition collectible titled ‘Young Ryoshi in Space’. This collaboration between the two prominent entities is set to introduce only 45 of these exclusive pieces to the market.

The NFT collectible symbolizes the enigmatic founder of Shiba Inu, Ryoshi. Often referred to as the “Dogecoin killer,” the Shiba Inu cryptocurrency reached unprecedented highs in October 2021, boasting a market cap close to $40 billion. Shiba Inu commands one of the largest fan bases in the crypto realm. Recently, Blockchain.News reported an exploration into the identities behind Ryoshi.

The ‘Young Ryoshi in Space’ collectible is limited to just 45 pieces, emphasizing its exclusivity within the blockchain community. Interested parties should mark September 9, 2023, at 20:00 UTC on their calendars. The sale is anticipated to see a rapid uptake given the limited quantity. Priced at 0.1 ETH, the collectible offers an affordable entry point for both seasoned crypto enthusiasts and newcomers to the NFT space.

The collectibles are initially available as NFT passes, which may unlock exclusive content and experiences for their holders in the future. While the cost of the collectible covers the item itself, shipping charges are separate. Deliveries are expected to begin in mid-to-late October. In a move to add more value to the purchase, SHIBACALS will award five random collectible holders with 500 HEEL tokens each.

To preserve the uniqueness of the sale, ‘Young Ryoshi in Space’ collectible passes will not be available for resale. Prospective buyers are advised to use the official sale link on OpenSea when the sale goes live to ensure the security of their crypto assets. Each ‘Young Ryoshi in Space’ Collectible Pass will contain unlockable content, which will provide further details, including shipping information. Winners of the HEEL special minting event held last week will receive a collectible pass, granting them exclusive access to the ‘Young Ryoshi in Space’ sale.

This collaboration between HEEL and SHIBACALS, combined with the intrigue surrounding Shiba Inu’s founder, underscores the growing interest and innovation within the NFT and blockchain space. As the market continues to evolve, such limited edition offerings and influential figures highlight the potential for unique digital assets to capture the imagination of collectors and investors alike.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Shiba Inu Lucie Addresses Key Questions Around SHIB and Rug Pull

by Blockchain NewsSeptember 9, 2023

In a series of tweets today, Lucie of Shibarium, a prominent figure within the Shiba Inu community, addressed various concerns and provided clarifications about the project’s direction. The tweets, which garnered significant attention, emphasized the project’s commitment to transparency and its dedication to building a sustainable ecosystem.

Lucie highlighted several resources for the community to refer to for accurate information:

* The upcoming update to the Shibarium Technical Documentation.

* The official Shib blog.

* The abridged version of The Shib Paper.

Lucie highlighted the active development of Decentralized Autonomous Organizations (DAOs) in the ecosystem. When these DAOs become functional, they will empower community members to suggest and cast votes on different issues, bolstering the project’s decentralized nature.

Reiterating the project’s commitment, Lucie stated,

We are committed to transparency, and no information is being hidden.

She also emphasized the importance of understanding the project’s plan in its entirety.

Addressing the topic of token burns, Lucie acknowledged that while the burns might appear minimal, they have been executed. The overarching goal, she noted, is to

onboard millions of people who will create games, use the metaverse, and engage with other DApps with MINIMUM cost.

Lucie also cautioned the community against misinformation and urged them to be wary of individuals with malicious intentions. Referring to past incidents, she mentioned certain YouTubers who spread negativity about Shibarium and later engaged in deceptive practices like executing rug pulls.

Recently, Shiba Inu faced numerous questions from fans due to the plunge in SHIB’s price. As reported by Blockchain.News, Shiba Inu‘s cryptocurrency, SHIB, saw a 36% price drop after an initial surge during the “Summer of Shibarium.” The summer campaign, announced on July 15, promised significant updates, including the launch of Shibarium, a Layer 2 blockchain solution. After the announcement, SHIB’s price rose by 50%, but it soon declined, correlating with a 13% drop in Bitcoin’s value. On SHIB’s peak day, its 24-hour trading volume on Binance increased by over 100%. As Bitcoin traditionally underperforms in September, SHIB’s future remains uncertain. The summer’s events highlight the need for investor caution and strategic selling decisions.

In a concluding tweet, Lucie responded to critics who had previously claimed that Shibarium did not exist. She emphasized the active use of Shibarium and the project’s plans for its extensive utilization in the future, hinting at initiatives like Shiba Eternity, Shib the Metaverse, and Shibahub.

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Tagged : Daos / LUCIE / News / Shib / Shiba Inu / SHIBARIUM

Shiba Inu SHIB Dream NFT Collection Debuts on PawZaar

by Blockchain NewsSeptember 9, 2023

Following the introduction of the Shibarium MainNet, the Shiba Inu community is gearing up to unveil PawZaar, an innovative NFT marketplace tailored to meet the evolving demands of the crypto community. The platform’s inaugural offering, the “Shib Dream NFT collection,” is a testament to the harmonious blend of art and the community’s core values.

According to the Shiba Inu Community (Shib Dream) official blog, PawZaar’s foundation on the Shibarium MainNet is strategic. It’s not just about leveraging advanced blockchain technology; it’s about creating an ecosystem where NFTs aren’t just digital assets but symbols of a community’s ethos and aspirations. The Shib Dream collection stands as a beacon of this philosophy, emphasizing a unique fusion of artistry, innovation, and community-driven values.

Diving deeper into the collection‘s features, there’s a clear emphasis on community engagement. A designated portion of the company’s quarterly profits is set aside for select NFT holders, creating a financial incentive that goes beyond the traditional appreciation of digital assets. Additionally, once all 3333 NFTs are minted, a select group of holders will be rewarded with digital currencies, namely $SHIB, $BONE, and $LEASH. This not only elevates the value proposition of owning these NFTs but also strengthens the bond between the project and its stakeholders.

Collaboration is another cornerstone of the Shib Dream collection. It extends its support to other promising projects in the Shiba ecosystem. Token giveaways from notable entities, such as @nfalabs and @pawzoneofficial, are part of this collaborative initiative, fostering a sense of unity and mutual growth within the ecosystem.

Philanthropy is woven into the fabric of the Shib Dream collection. Allocations from the project’s profits are earmarked for noble causes:

* 5% is dedicated to @StJude, championing children’s healthcare.

* Another 5% supports @WCKitchen’s mission to combat global hunger.

* 2% is channeled towards @LADS_STFT, advocating for reforestation in the Pacific Northwest.

Sustainability is a key focus. A segment of the initial sales, coupled with creator fees, will be directed towards the Shib token burn, ensuring the project’s long-term viability.

Beyond its immediate offerings, the Shib Dream NFTs are gateways to a broader vision: the “Shib Dream City” within “Shib The Metaverse.” This initiative promises unique digital experiences, ranging from interactive social spaces to potential virtual real estate opportunities.

In wrapping up, the Shib Dream NFT collection is not just another project in the vast sea of NFTs. It’s a reflection of a community’s aspirations, a blend of art, technology, and shared values, setting the stage for the future of community-driven blockchain initiatives.

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Tagged : DREAM NFT COLLECTION / News / PAWZAAR / Shib / Shiba Inu

Will Shiba Inu SHIB reach $1 by 2030?

by Blockchain NewsSeptember 8, 2023

Founded under the pseudonym “Ryoshi” in August 2020, the SHIBA INU token, or SHIB, has quickly morphed into a crypto sensation. An Ethereum-based token, it champions the decentralization narrative, rallying a broad global audience to its fold. By September 17, 2021, Coinbase, a prominent U.S. crypto exchange, had added Shiba Inu to its listing, which consequently pumped its value by 40% within 48 hours.

However, a pivotal query has arisen: Can this meme-inspired token touch the $1 mark by 2030?

Shiba Inu’s Evolution: A Quick Recap

Created by an anonymous individual, Ryoshi, the SHIBA INU token rode the wave of popular endorsements from the likes of Elon Musk and Vitalik Buterin. While many speculated Buterin’s role in its inception, he cleared the air on the Lex Fridman podcast aired on June 5, 2021. The ShibaSwap, the token’s dedicated decentralized exchange, has played a vital role in its growth.

In October 2021, murmurs about a potential Robinhood listing pushed SHIB’s price, even temporarily overtaking Dogecoin in market capitalization. Though a listing on Robinhood remains elusive, Christine Brown of Robinhood acknowledged the Shiba Inu community’s spirited efforts.

Another noteworthy chapter in SHIB’s journey was when Vitalik Buterin burned a significant chunk of his SHIB share, which he had received from Ryoshi. This act, coupled with his charitable donations using the token, carved a distinctive narrative for SHIBA INU in the crypto landscape.

What Sets SHIBA INU Apart?

The SHIBA INU ecosystem isn’t just about its primary token. It’s also fostering an “artistic Shiba movement” in the NFT sector. The objective, according to the platform, is twofold: establishing a decentralized organization sans central leadership and introducing SHI, an algorithmic stablecoin pegged at one cent.

In December 2021, the American electronics vendor, Newegg, ushered SHIB into its payment methods, highlighting the growing merchant adoption of the token. Moreover, efforts like the SHIB burn party by Bigger Entertainment last Christmas signals an active community trying to manipulate the token’s supply and, potentially, its price.

The SHIB Supply Dynamic

The SHIBA INU platform locked 50% of its token supply on Uniswap, and the rest was “gifted” to Buterin, who later burned 40% of the total tokens. The platform also features other tokens like LEASH and BONE, each with its unique attributes and utilities.

On May 10, 2021, SHIB reached its ATH of 0.00005. A contributing factor was when Buterin, in an unforeseen move, donated a significant amount of his tokens for COVID relief in India.

Looking Ahead: Can SHIB Reach $1 by 2030?

Forecasting if SHIB could attain a value of $1 by 2030 necessitates an examination of myriad factors. This includes its current circulating supply, scheduled and potential burn events, overarching market conditions, and the evolution and expansion of its ecosystem.

Current Numbers Breakdown:

Total burnt from initial supply: 410,658,540,184,213

Max Total Supply: 999,983,856,519,899

Current Total Supply: 589,341,459,815,786

Circulating Supply: 579,724,727,441,499

Putting it into Perspective:

Currently, there’s a whopping 600 trillion SHIB coins in circulation. To understand the scale of this, consider that the entire US stock market cap stands at approximately $46 trillion.

For SHIB to reach $1, its total market cap would need to hit $600 trillion, which is over ten times the combined valuation of all U.S. stocks. This scenario, on its face, seems implausible.

Although Shiba Inu is ramping up its token burn strategy to reduce the circulating supply, the numbers still present challenges. Even if an ambitious 99% of the current circulating supply were to be burned, SHIB’s market cap would hover around $6 trillion. This would be double the market cap of tech giant Apple, currently the world’s most valuable company.

In conclusion, while the Shiba Inu community is passionate and the token continues to gain traction, reaching a $1 valuation by 2030 would require unprecedented market shifts.

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Tagged : $1 / 2030 / Analysis / Shib / Shiba Inu

Shiba Inu SHIB Price Plummets Over 30% in Summer of Shibarium, Here is Why

by Blockchain NewsSeptember 6, 2023

Despite a promising start to the much-anticipated “Summer of Shibarium,” Shiba Inu’s native cryptocurrency, SHIB, has experienced a dramatic 36% price drop. This article explores the rollercoaster ride of SHIB’s price, the technological advancements in the Shiba Inu ecosystem, and the market factors contributing to this decline.

What Was the Summer of Shibarium?

On July 15, Shiba Inu’s official Twitter account, @Shibtoken, heralded the arrival of the “Summer of Shibarium.” The announcement promised a series of exciting updates and urged the community to brace for “a splash of thrilling releases.” The summer was expected to be a pivotal season for Shiba Inu, featuring the launch of Shibarium, a Layer 2 blockchain solution.

Initial Market Response

Following the “Summer of Shibarium” announcement, SHIB’s price surged to $0.00000853. Although it experienced a slight correction to $0.00000756 two days later, the token soon embarked on an upward trajectory, peaking at $0.00001136 on August 12, a 50% increase.

Technological Advancements

The Shiba Inu project has been busy with numerous updates, the most noteworthy being the development of Shibarium. This Layer 2 solution aims to enhance the Shiba Inu ecosystem, which already includes a decentralized exchange (ShibaSwap) and multiple tokens (SHIB, LEASH, BONE). Shibarium is seen as a crucial step in fulfilling the project’s decentralized vision.

The Downfall: Tied to Bitcoin?

However, the euphoria was short-lived. As Bitcoin’s price dropped by 13% on August 17, SHIB followed suit, plummeting by 12% on the same day. The token’s price fell to $0.00000725, even lower than its lowest point during the “Summer of Shibarium,” marking a 36% decline.

Source: Binance

Market Indicators

On the day SHIB reached its peak, Blockchain.News reported that trading volumes and open interest showed unusual activity. SHIB’s 24-hour trading volume on Binance skyrocketed over 100% to $1.32 billion, ranking third behind Bitcoin and Ethereum. In the meantime, open interest in Shiba Inu surged by over 33% to $101.65 million.

What’s Next?

With SHIB currently consolidating at a price of $0.00000765 and given that historical data suggests Bitcoin often underperforms in September, the future outlook for SHIB remains uncertain. Investors should closely monitor the upward trending support line for potential price movements.

Lessons and Future Outlook

As autumn sets in, the key takeaway from this summer’s events is to be prepared for the next “Summer of Shibarium” but to exercise caution and consider selling before potential price drops.

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Tagged : Analysis / HERE IS WHY / Shib / Shiba Inu / SHIBARIUM SUMMER

Shiba Inu ShibArmy Rallies Community Amidst 30% SHIB Price Drop and Shibaswap Delay

by Blockchain NewsSeptember 4, 2023

#SHIBARMY, is demonstrating resilience and unity in the face of a challenging market environment. A tweet from the official Shib Army, @theshibdream, emphasized the community’s strength as the SHIB token experienced a 31.69% price drop from its August 12, 2023, high of $0.00001136 to its current value of $0.00000776.

Community Strength in Focus

The real backbone of this whole operation, you, the #SHIBARMY. The community you’ve built here? It’s incredible!

stated @theshibdream today, on September 4, 2023. The tweet highlighted the community’s role in spreading updates, answering questions, and assisting newcomers.

That sense of unity and strength makes me even more optimistic about what we’re setting up for,

the tweet added. The community has been a beacon of positivity, even as the market shows bearish signs.

Market Context and Price Drop

The broader crypto market has been in a bearish state, affecting various tokens including Shiba Inu.

Have you seen the state of the crypto world lately? It’s not just us feeling the heat—this is a market that sucks right now!

added @theshibdream. The tweet acknowledged the bearish trend that historically characterizes September in the crypto market. The 31.69% price drop in SHIB during Shibarium Summer has been a point of concern but also a rallying cry for the community to stay strong and united.

Shibarium and Technical Milestones

Shibarium, the Layer 2 solution for Shiba Inu, has successfully gone live, a milestone that was also acknowledged by @theshibdream. Additional technical developments were highlighted by another community spokesperson, @kuro_9696_9696, who tweeted on September 3, 2023, that $WBone is complete and that verified contracts are done.

Renouncing the contract is next as well as increasing Validator nodes. It’s a process,

@kuro_9696_9696 added. The tweet also mentioned that the delay in launching Shibaswap is to give room for other tokens and projects that have been building on Shibarium.

Looking Ahead

Despite the challenging market conditions, the Shiba Inu community remains optimistic.

When the market turns bullish, and it’s gonna happen, this community is going to rocket like you wouldn’t believe,

concluded @theshibdream. The community is not just waiting for market conditions to improve; they are actively participating in the ecosystem’s development, a sentiment echoed by both @theshibdream and @kuro_9696_9696.

As the Shiba Inu community navigates these turbulent times, the focus remains on long-term development and the strength of its community.

Our time to shine is just around the corner,

the tweet from @theshibdream affirmed.

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Tagged : Community / News / Shib Price / Shiba Inu / SHIBARMY / Shibaswap

Shiba Inu Shibarium Wallets Top 1 Million, Yet SHIB Price Faces Uncertainty

by Blockchain NewsSeptember 2, 2023

Key Takeaways

Shibarium, Shiba Inu’s Layer 2 network, crosses 1 million wallet addresses.

Over 700,000 transactions have been completed on the network.

Despite rapid adoption, the SHIB token faces potential price volatility.

Shiba Inu’s Layer 2 network, Shibarium, has crossed a significant threshold, boasting over 1 million wallet addresses and completing more than 770,000 transactions as of September 2, 2023. The data comes from Shibariumscan, the Shibarium network’s official block explorer. The milestone follows an announcement by Shiba Inu’s lead developer, Shytoshi Kusama, confirming that the Shibarium mainnet and its cross-chain bridges became fully operational on August 28, 2023.

Shibarium’s Strategy with Scalability Concern

Shibarium, a fork of Polygon, initially grappled with scalability issues. The network’s fail-safe mode was activated due to an unprecedented surge in user activity shortly after its launch. “Nearly half of the platform’s monthly allocation of 400 million compute units was consumed within just 30 minutes of its launch,” according to internal data. However, collaborations with teams like Alchemy led to a 1500% scaling of operations, stabilizing the network’s ability to handle its growing user base.

Shytoshi Kusama stated on August 28 that the Shibarium mainnet and its cross-chain bridges are “functioning smoothly.” Users can now complete withdrawals of various assets, including ETH, Shib, Leash, and WEth, within a time frame of 45 minutes to 3 hours. However, withdrawals involving Bone, the network’s native token, may take up to 7 days.

The Layer 2 network aims to alleviate congestion and high fees on the Ethereum mainnet. Shibarium’s rapid adoption is in line with the growing trend of Layer 2 solutions in the crypto space, which offer scalability and lower transaction costs. These features are particularly beneficial for decentralized finance (DeFi) applications and non-fungible tokens (NFTs).

4-Hour Chart: 99-Period Moving Average as a Strong Resistance

While this suggests a promising future for the network, the $SHIB token is grappling with its own set of challenges, particularly in terms of price stability.

In the shorter time frame of the 4-hour chart, the 99-period Moving Average stands out as a formidable resistance line for $SHIB. This technical indicator has consistently acted as a ceiling for the token’s price, making it a critical level to watch for traders. The overall market environment appears permissive, indicating that there’s a likelihood for the price to decline further. Investors should exercise caution as the asset nears this resistance, as a failure to break above could signal a bearish trend.

Daily Chart: Upward Trending Line Offers Robust Support

On the flip side, the daily chart offers a more optimistic outlook. An upward trending line, currently pegged at a price of 0.0000077, serves as a robust support level for $SHIB. This line has historically acted as a floor for the token’s price, providing a safety net during market downturns. It is crucial for investors to monitor this level closely; a break below it could trigger a significant price drop, potentially leading to a deep plunge in $SHIB’s market value.

Conclusion

The $SHIB token is currently navigating a complex technical landscape, caught between a strong resistance level on the 4-hour chart and a crucial support level on the daily chart. As Shibarium continues to grow, the token’s price dynamics remain uncertain. Both the 99-period Moving Average and the upward trending line at 0.0000077 are key technical levels that could dictate the token’s future price action. Investors and traders should keep a close eye on these indicators to make informed decisions.

TA with support from “Trade Wise“.

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Tagged : $1 Million / News / Shib Price / Shiba Inu / SHIBARIUM / Wallets

Shiba Inu’s Shibarium Hits 600k Wallets and 700k Transactions

by Blockchain NewsSeptember 1, 2023

Shiba Inu’s Layer 2 network, Shibarium, has reached new milestones, boasting 634,438 wallet addresses and 698,607 transactions, according to updated data from Shibariumscan. This comes after Shiba Inu’s lead developer, Shytoshi Kusama, confirmed the full operational status of Shibarium’s mainnet and cross-chain bridges on August 28, 2023.

Updated Metrics

Average block time: 5.1 seconds

Total transactions: 698,607

Total blocks: 400,115

Wallet addresses: 634,438

Overcoming Initial Hurdles

Shibarium, initially a Polygon fork, faced technical challenges due to a surge in user activity. Collaborations with teams like Alchemy led to a 1500% scaling of operations, overcoming the initial hurdles.

Mainnet and Cross-Chain Functionality

Shytoshi Kusama stated that the mainnet and cross-chain bridges are “functioning smoothly.” Asset withdrawals, including ETH, Shib, Leash, and WEth, now occur within 45 minutes to 3 hours, although Bone token withdrawals may take up to 7 days.

User Adoption and Market Trends

The Layer 2 network aims to alleviate Ethereum’s congestion and high fees. The updated data indicates a rapidly growing user base, aligning with the rising trend of Layer 2 solutions in the crypto space.

Implications for Shiba Inu

The milestones could attract more developers to Shibarium, enhancing its utility and value proposition, and moving Shiba Inu beyond its meme coin status.

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Tagged : News / Shib / Shiba Inu / SHIBARIUM / Wallets

Shiba Inu’s Mysterious Founder Ryo Suzuki Explored

by Blockchain NewsAugust 31, 2023

In a captivating series of tweets, TruthLabs (@BoringSleuth) has unveiled new details that could potentially identify the enigmatic founders of Shiba Inu ($SHIB). The tweets, dated August 31, 2023, disclose Suzuki’s connections to MIT’s Media Lab, a Microsoft internship, his advisory role and subsequent resignation from B2C2 Group, and a surprising link to Ethereum co-founder Vitalik Buterin.

The Shiba Inu project was anonymously launched in August 2020 by an individual using the alias “Ryoshi.” In statements about his own identity, Ryoshi has claimed to be an unimportant and inconsequential figure, suggesting that any attempts to reveal his true identity would ultimately prove to be unremarkable. Shiba Inu has emerged as one of the leading meme-based cryptocurrencies, having a global fan base that spans millions.

Advisors to B2C2 Group: Ryo Suzuki and Tsuyoshi Maruyama

The tweet from TruthLabs speculates that the anonymous founder “Ryoshi” could be a combination of two individuals: Ryo Suzuki and Tsuyoshi Maruyama. Both have served as advisors to B2C2 Group, a significant detail that adds a new layer to the ongoing mystery surrounding Shiba Inu’s creation. Ryo Suzuki notably resigned from his advisory role on April 27, 2021.

MIT Media Lab and High-Profile Associations

The Massachusetts Institute of Technology’s Media Lab has associations with high-profile individuals like Gary Gensler, Jeffrey Epstein, Caroline Ellison’s father and Bill Gates. Although the tweet lacks details about the purpose of Suzuki’s visit to the lab, it prompts speculation regarding possible partnerships or influences that could have contributed to the development of Shiba Inu.

Source: Twitter

Microsoft Internship and Shiba Inu’s Launch

Ryo Suzuki was an intern at Microsoft during the time Shiba Inu was launched, adding another layer of complexity to the narrative surrounding the cryptocurrency’s origins.

Source: Twitter

Advisory Role and Resignation from B2C2 Group

Ryo Suzuki and Tsuyoshi Maruyama were both advisors to B2C2 Group. Intriguingly, Suzuki resigned from his advisory role on April 27, 2021, a detail that adds further depth to the ongoing discussions about his identity and involvement in the Shiba Inu project.

Vitalik Buterin’s Involvement

A follow-up tweet from TruthLabs revealed that Vitalik Buterin was gifted half of the Shiba Inu supply. “In 2018, the first outbound ETH the Shib deployer sent made its way to a personal wallet where Vitalik also sent ETH,” the tweet stated, suggesting a deeper connection between Shiba Inu and Ethereum.

Conclusion

The tweet thread from TruthLabs introduces fresh angles to the existing discourse about the elusive creator of Shiba Inu. As this information circulates within the cryptocurrency community, it remains to be seen whether additional revelations will come to light, further illuminating the mysterious individual behind high-profile Shiba Inu.

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Tagged : B2C2 / Founder / News / RYO SUZUKI / Shiba Inu

Shibarium Wallets Surge 200% to 306K in One Day: Limited Impact on Shiba Inu ($SHIB) Price

by Blockchain NewsAugust 30, 2023

Shiba Inu’s Layer 2 network, Shibarium, has witnessed an explosive growth in wallet addresses, reaching 306,205 as the time of writing. This marks a staggering 200% increase from just over 100,000 wallet addresses reported yesterday. The network has also processed 524,559 transactions and mined 368,891 blocks, according to the latest data from Shibariumscan.

A Meteoric Rise Following Operational Mainnet

Just yesterday, Shibarium reported crossing the 100,000 wallet address milestone, along with completing over 445,000 transactions. This data was confirmed by Shibariumscan, the network’s block explorer. The surge in activity comes on the heels of an announcement by Shiba Inu’s lead developer, Shytoshi Kusama, who stated that Shibarium’s mainnet and cross-chain bridges became fully operational as of August 28, 2023.

Overcoming Initial Hurdles

Shibarium, a fork of Polygon, initially encountered technical difficulties due to an unexpected spike in user activity. The network’s fail-safe mode was activated to safeguard users’ funds. Within the first 30 minutes of its launch, nearly half of the platform’s monthly allocation of 400 million compute units was consumed. However, partnerships with entities like Alchemy led to a 1500% scaling of operations, ensuring the network’s ability to accommodate its rapidly expanding user base.

Functionality and User Experience

As per Shytoshi Kusama’s statement on August 28, the Shibarium mainnet and its cross-chain bridges are now fully functional. Users can execute withdrawals of various assets, including ETH, Shib, Leash, and WEth, within a time frame of 45 minutes to 3 hours. Withdrawals involving the network’s native token, Bone, may take up to 7 days.

The Layer 2 Advantage

The Layer 2 network aims to mitigate the congestion and high transaction fees associated with the Ethereum mainnet. Layer 2 solutions are increasingly popular in the crypto space, offering scalability and lower transaction costs, which are beneficial for decentralized finance (DeFi) applications and non-fungible tokens (NFTs).

Implications for the Shiba Inu Ecosystem

Shibarium’s rapid adoption could potentially attract more developers to its platform, thereby enhancing its utility and value proposition. The Shiba Inu ecosystem, initially known for its meme cryptocurrency status, is evolving to include faster and more cost-effective transaction options through Shibarium.

The Limited Impact on Shiba Inu ($SHIB) Price Despite Shibarium’s Growth

Despite the positive news of a surge in Shibarium’s wallet addresses, the price of Shiba Inu ($SHIB) has only increased by 2.5% over the last 24 hours. This modest gain lags behind Bitcoin, which saw a 6% uptick in the same period, driven by news of Grayscale’s legal victory over the Securities and Exchange Commission (SEC).

Conclusion

The exponential growth in Shibarium’s wallet addresses and transactions signifies a robust user engagement and adds another layer of utility to the Shiba Inu ecosystem. As Layer 2 solutions continue to gain traction, Shibarium’s recent milestones could serve as a bellwether for the broader adoption of scalable blockchain networks.

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Tagged : News / Shiba Inu / SHIBARIUM / WALLET ADDRESSES