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Dogecoin Rival Shiba Inu (SHIB) Completes Highly Anticipated Shibarium Hard Fork

May 03, 2024

Dogecoin (DOGE) competitor Shiba Inu (SHIB) is announcing the completion of its highly anticipated Shibarium hard fork.

In a new thread on the social media platform X, the team behind the dog-themed meme asset says they have officially completed the Shibarium hard fork, a move traders have been expecting since last year.

“Shibarium has successfully completed its hard fork at block height 4504576! Get ready for: blazing-fast transactions and predictable gas fees!”

Shibarium, a layer-2 scaling solution, initially released a beta bridge for public use in July 2023. It utilized both plasma and proof-of-stake (PoS) technology to allow investors to shift tokens between Shibarium and the leading smart contract platform Ethereum (ETH).

In June 2023, Lucie, a content market specialist for Shiba Inu, detailed the benefits of Shibarium, including lower gas fees, faster transactions, more use cases for the Bone ShibaSwap (BONE) digital asset, as well as enhanced security features.

“Shibarium empowers projects by offering scalability, cost-effectiveness, and enhanced security. The reduced gas fees on Shibarium can have a significant impact on Bone, increasing its demand and potential value.

With Shibarium, projects have the opportunity to innovate, expand, and create a more accessible and thriving decentralized ecosystem.”

In September 2023, it was reported that Shibarium was growing rapidly, surpassing 2.5 million transactions overall, reaching 200,000 daily transactions on average. Furthermore, it was revealed that the protocol had over 1.2 million unique wallet addresses using its service while the amount of BONE reached 27.1 million.

SHIB is trading for $0.000024 at time of writing, a 5.2% increase during the last 24 hours.

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