$0.001 SHIB Price ‘Closer Than Ever’ As Shiba Inu’s Shibarium Bridge Sees Skyrocketing Numbers

Shiba Inu (SHIB) Price Holds Steady As Creator Ryoshi Takes A Page From Satoshi Nakamoto's Book

Shibarium, a layer-2 scaling solution for the Shiba Inu project, has notched a major milestone, amassing over 100,000 wallet addresses and executing over 400,000 transactions.

This comes after Shiba Inu lead developer Shytoshi Kusama said in a Monday update that Shibarium was back up and running, thus resolving users’ accessibility issues. 

100K Wallets Milestone

After a chaotic start, Shibarium is now fully functional. Both the Shibarium mainnet and connecting bridge were briefly paused due to software bugs that caused over $1.7 million in customer assets to be stuck. Shiba Inu’s anonymous lead developer, Shytoshi Kusama, blamed the earlier stoppage on an overwhelming volume of transactions but strongly refuted any security breaches.

Closing Shibarium to the public left customers in limbo. The inability to access their assets raised serious concerns about the network’s credibility.

But as of now, Shibarium seems to be back on track. The Shibarium team not only restarted mainnet operations but also made sure that the bridge was functioning smoothly. Users can now withdraw a range of assets, including SHIB, LEASH, and wrapped Ether (WEth) tokens.

Shytoshi indicated that Shibarium surpassed 65,000 wallets across 350,000 transactions at the time. However, those figures have skyrocketed since, surging 55.8% and 20.2%, respectively, according to Shibariumscan.

As per current data, Shibarium has an average block time of 5 seconds and has processed 445,267 transactions across 349,163 total blocks.

Notably, Kusama thanked the Polygon team, Unification, and other developers for their timely assistance with the Shibarium reboot.

What’s Ahead For Shiba Inu?

Kusama said in a statement that Shibaswap, the native decentralized exchange (DEX) of the Shiba Inu blockchain, will be migrating to Shibarium in the near future.

Furthermore, he revealed that the official Wbone token will be launched soon and that contract verification is scheduled for rollout early in the coming week.

The anonymous figure warned that “the chain is still very early and we have a long way to go” despite the latest successes post-re-launch, suggesting that while the L2 network has reached major milestones, it’s still a work in progress with potential hiccups yet to be overcome.

The Shiba Inu price stands at $0.00000811 at publication time, up 2.1% over the last 24 hours, as per CoinGecko. However, the token is still down over 14% from its $0.00000963 price just before the initial botched launch.

The Shibarium development is expected to bring about an immense boost to the Shiba Inu ecosystem, causing the price of SHIB to gain upward momentum and potentially move for the coveted $0.001 threshold.

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