Shibarium Wallets Rise to 100k After SHIB Bridge Relaunch

Updated: 29 August 2023

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Shibarium is back in action, according to Shytoshi Kusama, after its latest scaling update. When the Shiba Inu CEO reported this, there were over 65000 wallets and 350,000 transactions.

That number, however, has increased to more than 100k wallets and 445k transactions, according to the latest update on Shibariumscan.io. The average block time is 5.0 seconds, and over 349,000 blocks have been generated at press time.

Thanking Polygon Founder Sandeep, Shytoshi informed users that the Polygon founder was quick to take action and provided the resources necessary to get the “best out of the situation.” The SHIB founder used this statement to reinforce that Shibarium’s pivot to Polygon was the right decision.

Large Influx of Users Leads to Shibarium Server Failure

The crypto community had been waiting for its release for a long time. They flooded the server with high-anticipation orders once it finally came live. However, the scaling solutions were not in place, and the server could not handle it.

“Thousands upon thousands of contact creation and normal transaction “ns” in one block pushed the network into fail-safe, leading to $2.5 million stuck in the bridge.

The incident happened on August 17. Consequently, the SHIB price stopped rallying and fell into the deep end. This shortfall continued for a week. However, the Shibarium team continued to work in the background, stating they were making significant efforts to scale the solution”.

“We spoke to the incredible Alchemy team, and they have scaled operations for Shibarium 150″%.”. they said in a blog post. The scaling efforts focused on increasing the capacity and adjustments according to the expected traffic. In the meantime, Shibarium’s functions were kept at a minimum.

While that happened, the price decreased by 35%, with multiple red candles forming, and the token stabilized between $0.0000075 and $0.00000087.

This new update has induced some positivity in SHHIB’s price action.

Shibarium is like a new born baby who got overwhelmed by so many excited family members coming to greet meet them, this time around they're ready but please do handle it with love and care 😉 https://t.co/vbsMtILsBa

— Kaal (@kaaldhairya) August 28, 2023

Latest Update Turns Gravestone Doji into Dragonfly Doji on Hourly Charts

Shiba InuInu’stest update has turned a previous doji into a Dragonfly Doji.

This indicates that a reversal may be on the way. However, the Tok token ‘sI is still 44 while its MACD is in the positive direction. It could represent that the community is slowly paying attention to this token.

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