- Shytoshi Kusama, the lead developer of Shiba Inu
, has announced a 1500% scaling of the Shibarium network. - Following the reboot and upgrade of Shibarium, the ecosystem tokens SHIB, BONE, and LEASH have experienced a surge in their prices.
- Shibarium, in preparation for heavy traffic and scaling, has occasionally gone offline.
Shiba Inu’s head developer, Shytoshi Kusama, recently announced a significant upgrade to the Shibarium network, which has led to a price increase for the ecosystem’s tokens, SHIB, BONE, and LEASH. However, the Shibarium network has occasionally gone offline as it prepares for high traffic and scaling.
Announcement of 1500% Scaling of Shibarium
Shytoshi Kusama, on August 19, announced via an official blog post that the Shibarium network has made significant progress in scaling efforts following heavy transaction traffic after its launch. He mentioned that after internal testing, the focus has been on preparing the Layer 2 network for heavy traffic, scaling, and decentralization. This has led to a price increase for the ecosystem’s tokens, SHIB, BONE, and LEASH.
The Shiba Inu development team and its affiliates are working to scale Shibarium by 1500% to ensure the network remains operational in the face of high traffic. They will also work with a decentralized team and validators to scale the server infrastructure by 1500%. Following the first scaling update by Shiba Inu developer Kaal Dhairya, Shibarium was rebooted and brought online, with the team monitoring the Blockchain and insuring a $2 million fund in case of any problems.
The developers have noted that the Layer 2 network may occasionally go offline as they continue to ensure Blockchain synchronization and scaling improvements.
Rise of Shiba Inu Ecosystem Tokens
The price of SHIB has increased by 6% in the last 24 hours from its lowest level of $0.0000082 to $0.000008464 at the time of writing. Despite this increase, the overall negative market sentiment has led to a roughly 40% decrease in SHIB’s trading volume.
Following the resumption of block production in Shibarium, another ecosystem token, LEASH, has also seen a price increase. LEASH is trading at $443, a 3% increase in the last 24 hours. Similarly, the price of BONE has also reacted positively to the developments in Shibarium, trading at $1.17.
Conclusion
The recent developments in the Shiba Inu ecosystem, particularly the scaling of the Shibarium network, have led to a surge in the prices of the ecosystem’s tokens. However, the network has occasionally gone offline as it prepares for heavy traffic and scaling. Despite these challenges, the Shiba Inu development team remains committed to ensuring the network’s stability and growth.
