Intrigue in Shiba Inu’s Path: Pivotal Resistance Confronted as Shibarium Lead Developer Teases Huge Upgrade
SHIB adds a zero several hours after hitting its three-month high.
New milestone for the Layer-2 network: hits 83M transactions. Shiba Inu lead developer Shytoshi Kusama visited SHIB Token’s official Telegram during the weekend to preclude a “game-changing announcement,” which is related to Shibarium. The Layer-2 scaling solution has recently seen a renaissance in trader and developer activity. On top of that, the mysterious developer sarcastically warned that he would “lose his **** if people FUD it.”In crypto slang, FUD stands for fear, uncertainty, and doubt and describes informational attacks against cryptocurrency projects, notable personalities, or even the whole blockchain sector.Kusama raised the curiosity of the Shiba Inu community, popularly known as the SHIB Army. “I don’t know, but I’m hyped already,” says Sand, a long-term member of the SHIB community. The message came several days after Shibarium developers conducted the first-ever cumulative Shiba Inu burn on the Layer-2 chain.
The colossal 8.2 billion burn on December 5 has contributed towards Shiba Inu’s run to a three-month high of $0.00001050 in the early hours of Monday. Still, the bullish trend was interrupted by a severe market correction for the canine coin, with a drop to the daily low of $0.00000946 below key resistance with a 7.7% drop in the last 24 hours.Shibarium Activity Efflux Bumps SHIB UpMeanwhile, December witnessed a record-high surge in Shibarium L2 transactions. While the self-sufficient blockchain network went live in August 2023, the initial surge cooled off after a few weeks to generate around 10,000 daily transactions.However, the tables have completely turned since December 1, as Shibarium L2 mainnet reached 5.11 million daily transactions. The parabolic uptrend continued the next day with 7.4 million transactions and persists today with another 7.87 million transfers.
In the latest blog message, Shibarium developer Kaal Dhairya explained that these transactions are related to ‘Puppynet’s’ shift to Sepolia Network. The testnet aims to provide a high-quality environment for builders and developers of Shibarium’s network; thus, the move from Goerli Network sparked a positive shift in Shibarium’s on-chain records.On the Flipside Despite the SHIB community’s requests to also burn Bone ShibaSwap (BONE), Shytoshi Kusama rejected the idea on Twitter. Why This MattersShiba Inu’s Layer-2 scaling solution brought unprecedented scaling and building opportunities to a widely popular memecurrency.Read DailyCoin’s trending crypto news:Cardano DeFi Cracks Top 10 as TVL ExplodesPolygon (MATIC) Tanks as Whales Dump on Weekend Rally