Shibarium unveils new features; Can it benefit SHIB in long run?
- Shiba Inu testnet Shibarium enables Ethereum bridging and achieves significant transaction milestones.
- Positive funding rates and price signals suggested optimism for SHIB in the crypto market.
While the details about the Shiba Inu [SHIB] Shibarium’s full range of features remain murky, one key aspect of the L2 was recently brought to the forefront.
Realistic or not, here’s SHIB’s market cap in BTC terms
Bridging on Shiba Inu Shibarium
On 29 April, Lucie Sasnikova of the Shiba Inu army revealed an exciting new feature of the Shibarium. As per the post, the bridge feature on Shibarium has been activated and was partially operational. This addition marked a significant milestone for the Layer 2 network.
#Shibarium bridge – partly functional.
I Don't share the address, but I'm happy to share screenshots.
— ????? (@LucieSHIB) April 28, 2023
It also indicated that Ethereum [ETH] bridging was already functional right out of the gate. It’s a promising development that will generate buzz among crypto enthusiasts and Shiba Inu investors.
For the uninitiated, bridging is a vital process that’s required when two distinct blockchain networks are incompatible with each other. Such incompatibilities can arise due to varying consensus algorithms or token standards across different networks.
However, bridging is a complex undertaking. It requires a meticulous approach to ensure the security and integrity of the assets being transferred.
A look at the key metrics of Shibarium
As of this writing, Shibarium achieved an impressive milestone with over 4.6 million total transactions recorded. This remarkable achievement represented a significant leap from just a few thousand transactions observed some weeks ago.
Furthermore, there was a significant surge in the number of wallets on the testnet, with over 14 million active on the L2 network.
However, it’s worth noting that the daily transaction volume decreased recently and is yet to surpass the peak of over 400,000 transactions recorded on 20 April.
Nevertheless, the overall trend remained positive, and it will be interesting to see how the network’s growth unfolds over the coming days and weeks.
Read Shiba Inu (SHIB) Price Prediction 2023-24
Funding rates and prices flash positive
At the time of writing, Shiba Inu was experiencing positive funding rates across most of the exchanges. This indicated that the sentiment around the token was optimistic, with more traders betting on its price increase rather than decrease.
Furthermore, the SHIB’s price displayed positive signs, gaining almost 1% in value. Although this rise may not be significant enough to break the current bearish trend, it’s still a promising development for SHIB holders and investors.