Nairobi(Coinchapter.com): The Shibarium network, the Layer-2 solution for the popular meme coin Shiba Inu (SHIB), is set to undergo a significant upgrade on May 2nd. This hard fork promises substantial improvements to the network, focusing on increased speed, reduced transaction fees, and overall scalability. The upgrade aims to enhance the user experience and attract a wider audience to the platform.
The Shiba Inu team announced the hard fork on April 25th through a thread on their official Twitter account. The thread emphasized the team’s dedication to empowering pioneers in innovation and pushing the boundaries of decentralization.
Lightning-Fast Transactions, Unstoppable Momentum
Already renowned for its efficiency, Shibarium is about to raise the bar even higher. The hard fork will supercharge transaction processing times, delivering lightning-fast confirmations within 24 hours of the update’s launch. This game-changing improvement will undoubtedly solidify Shibarium’s position as a frontrunner in the crypto realm.
The hard fork also focuses on stabilizing transaction fees, particularly during peak usage. This will ensure greater cost predictability, making Shibarium a more budget-friendly network for all users. With transaction costs as low as 0.0000219 BONE ($0.00001), Shibarium is already recognized for affordability – this upgrade only reinforces that commitment.
Shiba Inu’s focus is on addressing fluctuating transaction fees that often occur during network congestion. The hard fork will enable more predictable and stable fees, ensuring fair and transparent pricing for all users.
Shiba Inu Price Impact and On-Chain Metrics
As of April 25, 2024, Shiba Inu (SHIB) price is trading at $0.000026, with a 24-hour change of 3.12% and a market capitalization of $15.22 billion. The token’s price correlation with Bitcoin stands at 0.86, indicating a strong positive relationship with the leading cryptocurrency.
According to on-chain data, 63% of SHIB holders are making money at the current price, while 5% are at the break-even point, and 32% are in the red. Large holders control 73% of the token’s supply, suggesting a concentrated ownership.
The token’s holder composition reveals that 75% of investors have held their positions for over a year, 21% have held for 1-12 months, and 4% have held for less than a month. Additionally, transactions greater than $100,000 amounted to $732.42 million over the past seven days.
The Shiba Inu community has seen a 0.26% increase in Telegram members over the past week, with the current member count standing at 486,171. Furthermore, transaction demographics indicate a balanced distribution, with 49% originating from the West and 51% from the East.
