Bitrabo Editorial
It has been a year since Shibarium entered the crypto scene, making waves in the meme coin niche and beyond. Launched on the Shiba Inu mainnet on August 16, 2023, Shibarium aimed to bring new utility to SHIB and BONE, two prominent tokens in the Shiba Inu ecosystem, moving beyond being just a meme coin.
Shibarium Turns One
Shibarium was designed to enhance the Shiba Inu cryptocurrency ecosystem by offering improved scalability, lower gas fees, and a smoother user experience. Notably, gas fees on Shibarium are paid using BONE, with a portion of these fees being converted to SHIB and then burned. This burning process helps reduce the circulating supply of SHIB tokens, potentially increasing their value over time.
After its launch, Shibarium gained widespread acceptance, processing over 3 million transactions within a month and mining over 1.3 million blocks. These initial achievements laid the foundation for continuous growth, as Shibarium continued to handle millions of transactions and witness a rise in the number of created wallets.
Currently, Shibarium has processed over 417 million transactions and seen the creation of more than 1.8 million wallets while maintaining low gas fees. The platform has also witnessed a steady increase in smart contracts, with 17,487 contracts recorded until now.
Future Outlook for Shibarium
Although Shibarium’s activity has slightly slowed from its initial peak, the layer-2 scaling solution holds significant promise for future growth. Considered a vital part of the Shiba Inu ecosystem, Shibarium is expected to reinvigorate user engagement and network activity through upcoming developments.
Lucie, the marketing lead for Shiba Inu, has secured $12 million for Shibarium’s future expansion. Plans are in place to introduce NFTs, games, and a metaverse to the platform, aiming to increase user interaction significantly. These efforts could potentially drive Shibarium back to its peak activity levels, positively impacting the prices of SHIB and BONE.
As of now, SHIB is trading at $0.00001336, while BONE is trading at $0.3945.
Featured image from Pexels, chart from TradingView