Shiba Inu (SHIB) has been aggressively building its ecosystem over the past year. The launch of Shibarium, its Layer-2 blockchain constructed on the Ethereum network, was a turning point for the project.
Shiba Inu (SHIB) has been rapidly expanding its ecosystem, culminating in the launch of Shibarium, a Layer-2 blockchain built on the Ethereum network.
Designed to alleviate problems like high gas fees and slow transaction speeds, Shibarium offers a scalable response to the growing needs of the Shiba Inu community.
Shibarium has processed millions of transactions since its launch and had over 2 million registered wallet addresses by late 2024. It demonstrated its efficiency early on, handling 10 million transactions in three days.
Shibarium had completed 600 million transactions with a daily average of 4 million by the end of 2024.
Another key initiative by Shiba Inu is "SHIB: The Metaverse," a virtual space with over 100,000 plots of digital land that can be developed and monetized.
Shiba Inu's massive circulating supply—589 trillion—remains a crucial factor that will either aid or hinder the token in reaching its price goal of $1.
To reduce the supply, token burns have been implemented, permanently removing portions of SHIB from circulation. While the burns have helped decrease the supply, the burn rate is still too low to have a significant impact in the short term.
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