Shiba Inu (SHIB) enthusiasts have been eagerly anticipating the latest updates from Shibarium, and the L2 network’s newest feature, the Bridge, has not disappointed.
With the promise of Ethereum bridging and other exciting possibilities, Shibarium is poised to revolutionize the blockchain landscape.
But as SHIB’s price continues to struggle, the question remains: can these improvements help turn things around for the beloved meme-inspired cryptocurrency?
Shibarium Milestone, Network Growth Trends Amid SHIB Decline
The price of SHIB has been experiencing a slump, with CoinMarketCap reporting a 24-hour drop of 1.69% and a seven-day decline of 2.92%, leaving investors feeling the burn.
However, Shibarium, the L2 network supporting SHIB, has achieved a noteworthy milestone of over 4.6 million total transactions, indicating significant growth from just a few thousand transactions a few weeks ago.
Despite this milestone, the daily transaction volume via Etherscan has recently decreased. On a positive note, the number of wallets on the Shibarium testnet has surged to over 14 million active on the L2 network.
Shiba Inu high funding rate indicates investors are bullish on the crypto. Source: Coinglass
While the SHIB price decline may be a cause for concern, the network’s growth trends offer hope for the future and will be closely watched over the coming days and weeks.
Moreover – across a majority of exchanges – Shiba Inu saw favorable funding rates, suggesting an overall positive sentiment towards the cryptocurrency. This trend indicates that a larger number of traders are speculating that the token’s price will rise, rather than fall.
#Shibarium bridge – partly functional.
I Don’t share the address, but I’m happy to share screenshots.
Remember, this is all testing and preparation.
We believe in $BONE (and $SHIB + $LEASH) pic.twitter.com/nBAyj0lV3u— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) April 28, 2023
Shibarium’s New Bridge Feature Marks Significant Milestone
Lucie Sasnikova of the Shiba Inu army recently shared exciting news about Shibarium’s latest feature: the Bridge. In a Twitter post over the weekend, Sasnikova announced that the bridge had been activated and was partially operational, representing a significant milestone for the Layer 2 network.
For those unfamiliar with the term, bridging is a crucial process used when two different blockchain networks are incompatible with each other due to varying consensus algorithms or token standards.
While bridging is a complex undertaking that requires careful attention to security and asset integrity, it is a promising development that is sure to generate buzz among crypto enthusiasts and Shiba Inu investors.
SHIB/US Dollar trading at 0.00001004 on the daily chart at TradingView.com
While the SHIB price has been struggling, the activation of Shibarium’s bridge feature could potentially pave the way for more integrations and partnerships, which may help increase its value over time.
However, as with any cryptocurrency investment, there are always risks to consider, and investors should always do their due diligence before making any decisions.
-Featured image from CryptoGlobe