Shibarium, the Layer-2 protocol built around the popular cryptocurrency Shiba Inu (SHIB), is on the verge of achieving a significant milestone amidst a challenging period for SHIB itself. The decentralized exchange and community-driven project has been making waves in the crypto space, showcasing resilience in the face of SHIB’s recent decline.
Shibarium to Reach 300 Million Transaction Milestone
Shiba Inu, the meme-based cryptocurrency that gained immense popularity in 2021, has faced a decline in its market value in recent times. At the time of writing, it is down by 2.1% to $0.00000924. This decline has sparked concerns among SHIB holders and the broader crypto community.
However, Shibarium, which operates independently but is intricately tied to SHIB’s success, is bucking the trend.
Reports from Shibarium data revealed that the total number of completed transactions carried out on the Shiba Inu platform has surpassed 298 million. Likewise, from analysis, it was discovered that between the 17th and 18th of January, over 2.6 million transactions were recorded. With all of these, the protocol is on track to reach the 300 million transaction mark very soon.
Despite market fluctuations, the project is nearing a point where it could assert its independence and further distinguish itself in the competitive crypto landscape. This milestone could be a pivotal moment, solidifying Shibarium as a substantial force in the decentralized finance (DeFi) space.
SHIB Development Team Prepared for 2024
Early this year, Shiba Inu’s development team hinted at some major developments coming to the protocol in this new year. The SHIB Discord Admin known to the community as DaVinci delved into the protocol’s plan for this year, citing that 2024 is coming with a “buzz in the air.”
Consequently, the SHIB development team is putting effort into rolling out serious developments, and game-changing stuff. This commitment to progress is attracting attention from crypto enthusiasts who see Shibarium as more than just a satellite project to SHIB.
Binance Greenlights SHIB as Collateral Asset
Aside from the several upgrades and improvements that were introduced to the Shiba Inu ecosystem, one of the token’s achievements in 2023 was getting recognized by the leading cryptocurrency exchange Binance, as a collateral asset. This implies that the Shiba Inu coin is one of the 22 new loanable and collateral assets that are added to the firm’s Flexible Loan and VIP Loan services.
As the new year unfolds, community members are bound to be on the lookout for more of such significant additions.