Recent developments within the Shiba Inu ecosystem have brought the anticipated Shibarium relaunch into the spotlight. The Layer-2 scaling network technology, previously hindered by technical glitches during its initial release, is making waves once again with its impending relaunch.
Bitstamp Highlights Shibarium Relaunch as Top Trend
Bitstamp, a prominent crypto exchange, has identified the ongoing plans for the Shibarium relaunch as one of its top three crypto trends for the week. This recognition comes amidst growing speculation about the potential of Shibarium’s role in the development of the Shiba Inu ecosystem. The hype surrounding Shibarium’s relaunch has been ranked as the first trend in Bitstamp’s list.
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Here are the top 3 #CryptoTrends from this week:
š¦ Shibtoken plans to restart Shibarium's public launch after initial failed start
š Ordinals still make up majority of BTC transactions despite lower prices
š± Phantom Wallet introduces a feature allowing apps to authenticateā¦ pic.twitter.com/8ZMG5q31cr— Bitstamp (@Bitstamp) August 25, 2023
Rectifying Initial Glitches
During the initial release of Shibarium, technical issues caused disruptions in block production, leading to a temporary halt. However, the Shiba Inu team is committed to addressing these concerns and rectifying the glitches to provide improved access to the ecosystem. In a video, Bitstamp acknowledged Shiba Inu’s plans for a public relaunch of Shibarium, highlighting the team’s dedication to overcoming technical obstacles.
Additional Trends in Bitstamp’s Report
Aside from the Shibarium relaunch, Bitstamp’s report also touches on other noteworthy crypto trends for the week. The report highlights updates on how ordinal solutions are capitalizing on Bitcoin transactions despite their low associated costs. Additionally, the introduction of the phantom wallet functionality has been identified as one of the top three trends of the past week.
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Shibarium’s Technical Developments
Shiba Inu developer Kaal Dhairya has shed light on the functionality of the Shibarium network solution. Despite the availability of the Shibarium explorer, the developer emphasized that ShibariumScan utilizes an open-source version of Blockscout. The development team remains committed to creating a hosted version of ShibariumScan shortly.
Currently operating in private mode, Shibarium is undergoing rigorous security measures to enhance its technology before its official relaunch. Although no official announcement for the second release has been made, Shibarium has resumed block production, and its technology solution is gaining traction in terms of usability.
Growing Usability and Engagement
According to data from ShibariumScan, the number of wallet addresses interacting with the Layer-2 solution blockchain has surpassed an impressive 54,000. Additionally, over 15 million BONE tokens have been staked, reflecting a growing engagement with the ecosystem and its features.
Current Market Status
At the time of writing, the value of Shiba Inu stands at $0.00000814, indicating a 0.6% increase. The cryptocurrency’s market capitalization is estimated at $4,806,180,269, with a market dominance of 0.44%.
As the Shiba Inu ecosystem continues to evolve, with developments like the Shibarium relaunch and growing usability, the community’s enthusiasm remains strong. While challenges persist, the commitment of the Shiba Inu team and the engagement of users showcase the ecosystem’s potential to shape the future of crypto.
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