- Shiba Inu’s price gained about 3.3 percent in the past 24 hours to trade around $0.00000756 on Friday.
- According to on-chain data, the Shibarium layer two beta network has processed more than 25.6 million transactions with over 17 million wallets created.
The Shiba Inu (SHIB) ecosystem continues to discuss the best route for layer two (L2) scalability through its Shibarium beta public testnet. The Dapp development on the Shiba Inu mainnet remains the ultimate goal for the lead developers including team leader Shytoshi Kusama. Moreover, over 1.2 million SHIB holders believe in the long-term success of the network with more than $7.5 billion in fully diluted valuation (FDV).
The vibrant Shibarmy has kept the network running despite the emergence of other meme coins like PEPE and WOJAK that significantly outperformed top coins in the past few months. Undoubtedly, Shiba Inu is slated for more upside gains in the future as more jurisdictions enact friendly crypto regulations.
For instance, the UK government passed the Financial Services and Markets Act 2023 on Thursday to enable the safe adoption of crypto assets in the country. According to the country’s PM Rishi Sunak, blockchain technology is an integral part of a holistic economy that wants to scale securely.
As a result, the Shiba Inu community continues to be ready for DeFi adoption through the Shibarium layer two tests.
Shibarium Test Proves Success for Shiba Inu Holders
According to on-chain aggregate data provided by puppyscan, the Shibarium layer two testnet has finalized about 1,491,607 blocks as of Friday. Additionally, the Shibarium layer two networks have processed a total of 25,687,536 transactions made by more than 17 million wallet addresses. The significant milestones achieved are a clear testament that the Shibarium testnet has generally been a success despite the delays to the official launch.
#Shibarium, a Layer 2 solution, opens up exciting possibilities for projects, while also having a significant impact on $BONE, the gas fee token.
With #Shibarium, projects can achieve scalability breakthroughs by processing transactions off-chain. This reduces congestion on the… pic.twitter.com/erSbL2WXpp
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) June 30, 2023
According to Kusama in the latest tweet, something huge is about to happen for the Shiba Inu network in regards to the Shibarium layer two scaling solution. Notably, Kusama promised Shibarmy that the ecosystem is going somewhere with the recent launch of Shibacals NFC chips.
Notably, the Shiba Inu network can now be used to track real-world objects like apparel through the blockchain-enabled NFTs to assure quality and sustainable growth. The Shiba Inu NFC chips are expected to heighten the mainstream adoption of the second-largest meme coin.
Market Outlook
With the recent crypto market developments, the altcoin market has recorded significant changes in the top-ranked assets. For instance, the launch of EDX Markets helped Bitcoin Cash and Litecoin move a notch higher in rank.
As a result, the ShibFa Inu ecosystem has dropped to the 18th position with a market capitalization of about $4.47 billion. Nonetheless, Shiba Inu holds immense potential to regain its top position with a vibrant social media presence and a well-coordinated global community.
Moreover, the Shiba Inu network has several coins including BONE and LEASH that have already been listed in top-rated exchanges for trading.
#wen is so last year. The real question is… #WHERE? #SHIBARMY #SHIBARIUM #SHIBOSHIS #SHIBAETERNITY #MVSHIB #SHIBACALS #WELLY #UNIFICATION #BADIDEAI #SEEYOUTHERE pic.twitter.com/vLDAXVwWGn
— Shytoshi Kusama™ (@ShytoshiKusama) June 29, 2023
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