Shibarium's Wallets Skyrocket to 100K Following Relaunch

Shibarium’s Wallets Skyrocket to 100K Following Relaunch

Time Stamp: August 30, 2023 5:57 AM
Source Node: 2853830

When critics started to pen the eulogies, Shibarium—Shiba Inu’s layer-2 blockchain—roared back to life. The project, which faced a shaky start with outages and technical difficulties, witnessed a remarkable turnaround, with its wallets surpassing the 100,000 mark.

This resurgence, coming within a mere 24 hours of its relaunch, speaks volumes about the robustness of the Shiba Inu ecosystem and the unwavering faith of its community.

Shibarium’s journey has been a blend of ambition, community trust, and tireless efforts from its development team. The initial launch on August 16 generated massive interest, leading to an unforeseen surge in user activity. Shytoshi Kusama, the lead developer of Shiba Inu, candidly acknowledged the challenges.

In addition, he attributed the technical difficulties to the “massive influx of transitions and users. A subsequent deep dive into the issue unveiled a block saturated with “thousands upon thousands of contract creations and normal transactions,” triggering the system’s fail-safe mode.

Polygon’s Helping Hand and a Swift Recovery

While many in the cryptosphere might have considered this a setback, the Shiba Inu team saw it as an opportunity to iterate and improve. Their resilience was further boosted by the timely assistance of Sandeep Narwal, co-founder of Polygon Labs.

“Quickly after the incident began, I called Sandeep from Polygon directly. He helped provide additional resources to ensure a perfect outcome,” Kusama said.

Within days of the glitch, the Shibarium team reportedly increased their server infrastructure by a whopping 1,500%. This significant upscaling aimed to handle on-chain congestion better, ensuring smoother and more reliable operations for its users.

By August 28, their efforts bore fruit, with Shibarium back online and thriving. The blockchain, built on the innovative proof-of-participation consensus mechanism, quickly recorded over 420,897 transactions across 344,614 blocks, with the average block time standing impressively at five seconds.

ShibArmy’s unwavering faith

Despite initial hiccups, the Shiba Inu community’s ShibArmy showcased their unyielding faith in the project. Rather than succumbing to panic or negative sentiments, they rallied around Shibarium, dismissing fear, uncertainty, and doubt (FUD) and supporting the token and its associated ecosystem.

Additionally, this community spirit was reflected in the token metrics as well. Data showed 2 trillion SHIB coins flowed from exchanges between August 6 and August 27. Such outflows typically signify bullish sentiment as investors move their assets off exchanges to hold for the long term.

As a result, Shiba Inu’s (SHIB) bullish momentum has enjoyed the upper hand in the previous 24 hours, with bulls rising from a $0.00000792 low to an intra-day high of $0.000008285 before hitting resistance.

SHIB seems to be maintaining its positive trend, as of press time, trading over the $0.000008 level. If bulls break over the $0.000008285 barrier, the $0.000009 level may be the next possible target for Shiba Inu.

Shibarium's Wallets Skyrocket to 100K Following the 'Bridge Relaunch'

Shibarium's Wallets Skyrocket to 100K Following the 'Bridge Relaunch'

SHIB/USD 1-day price chart (source: CoinMarketCap)

However, if bears manage to drive the price below the $0.000008 support, it may result in a brief consolidation or, presumably, a short-term drop.

SHIB’s road ahead

Moreover, with Shibarium back on track, the Shiba Inu ecosystem looks poised for renewed growth. The project’s focus on gaming and metaverse applications and the potential of its L2 scaling solution promise a vibrant future for its tokens, including SHIB, BONE, and LEASH.

However, Shibarium’s recent comeback is a testament to the project’s resilience and the power of a decentralized, supportive community.

All eyes are on Shibarium and the Shiba Inu team as they chart their course in the rapidly evolving world of blockchain and decentralization. If their recent recovery is any indication, they have the tenacity and the community backing to achieve their ambitious goals.

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