Shiba Inu Shibarium Scaling Update Boosts Token Prices: Achievements, Challenges, and Market Impact
Shytoshi Kusama, the lead developer of Shiba Inu, recently unveiled a significant update regarding the status and scaling strategy of Shibarium, the project’s Layer-2 chain. Kusama emphasized the team’s commitment to enhancing Shibarium’s capabilities to handle surges in traffic, a crucial move following internal assessments.
The announcement had a positive impact on the prices of Shiba Inu ecosystem tokens, SHIB and LEASH. In an official blog post released on August 19, Kusama shared the team’s achievements in advancing the Shibarium network. This initiative became necessary as the chain experienced substantial user engagement shortly after launch, leading to a pause in block production.
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Kusama revealed, “Some of you may have noticed that we restarted the blockchain again today and it worked well. However, this was only temporary internal testing. Now, with that stage complete, we are scaling up in multiple ways, testing again, and making it public.”
Shiba Inu plans to expand Shibarium’s capacity by a 1500%
The Shiba Inu development unit, in collaboration with partners, is planning to expand Shibarium’s capacity by a remarkable 1500%. This expansion aims to enable efficient control of incoming traffic. Additionally, the team is working with decentralized groups and validators to boost the server backbone by a similar percentage.
Acknowledging the unwavering support of the ShibArmy, Kusama praised their resilience against negativity and rumours. The community’s backing has proven vital as developers diligently enhance Shibarium. Presently, the L2 chain is temporarily offline to facilitate synchronization and scaling.
Following the initial scaling adjustment, Shibarium underwent a reset, overseen by developer Kaal Dhairya. Dhairya assured the community that they are closely monitoring the chain’s progress. To mitigate potential issues, the team secured a $2 million insurance cover.
Read Also: Shiba Inu’s Head Developer Addresses Challenges and Highlights Commitment to Shibarium’s Future
Amidst concerns in the wider crypto sphere, the SHIB token observed a 6% surge, rebounding from a 24-hour low of $0.0000082 to $0.0000084, as reported by Coinmarketcap. However, trading activity dipped by 37% over the last 24 hours, indicating some apprehension.
Conversely, LEASH’s value rose as Shibarium resumed block production, reaching $442.06 according to Coinmarketcap, marking a 3% increase within 24 hours. Regrettably, BONE did not experience a similar uptrend, facing a 4% decrease and currently trading at $1.17.
In conclusion, Shiba Inu’s lead developer’s update about Shibarium’s scaling strategy and enhancements has spurred positive market movements for SHIB and LEASH tokens. The team’s dedication and the community’s steadfast support are pivotal as they work to fortify Shibarium’s capabilities.
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