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Shibarium is setting a different growth course for itself as it is eyeing a very important milestone ahead. At the time of writing, Shibarium boasts a total block of 5,929,347, with just a few more blocks remaining to hit the 6,000,000 milestone.
Shibarium's launch, rise and fall
When Shibarium made its debut in August last year, many did not believe it would record as much success as it has managed to in recent times. The Ethereum layer-2 network first suffered a major technical glitch that forced the halting of transactions.
Alex DovbnyaAfter this, much effort was expended to scale the chain. Since then, Shibarium has not recorded any major outages to date, despite processing an average of seven million daily transactions at a time. While Shibarium is far from recording this massive transaction count, the block production has not stopped.
It is evident that the protocol is finding major uses among community members. As reported earlier by U.Today, the integration of ShibaSwap on Shibarium has further enhanced the prospects of the protocol, as users now have a more defined avenue to transact on-chain.
Though the timeline remains uncertain, the prospects of Shibarium hitting the six-million-block benchmark has triggered hope within the community.
Shibarium and SHIB correlation
Ideally, the growth of Shibarium is supposed to mark a complementary surge in the price of Shiba Inu (SHIB). However, the reverse is currently the case, as the price of Shiba Inu has nosedived by more than 2% at the time of writing to $0.00001726.
Yuri MolchanDespite the impressive updates surrounding Shibarium, including the recent hard fork, SHIB’s performance is mostly determined by trends on the broader market. In the near term, the launch of spot Ethereum ETF products in the U.S. might reboot sentiment on the market and drive prices upward.
Arman Shirinyan
Vladislav Sopov
Dan Burgin