Benzinga - Shiba Inu (CRYPTO: SHIB) has experienced a 4% increase in the past 24 hours, outperforming both Dogecoin (CRYPTO: DOGE) and Floki (CRYPTO: FLOKI).
What Happened: The rise in SHIB’s price comes after Shibarium, Shiba Inu’s Layer-2 network, announced the impending relaunch of its enhanced network, stating it is “almost ready” to be reopened to the public.
At the time of writing, SHIB is trading at $0.000008167. Meanwhile, DOGE has seen a 0.08% increase, while Floki has seen a decline of 0.4% within the same 24-hour period.
Shibarium, which encountered initial challenges last week, is set to reintroduce itself with a redesigned monitoring system and other features to handle high levels of traffic. In a Tuesday blog post by the pseudonymous Shiba Inu developer, Shytoshi Kusama, it was stated that after meticulous testing and parameter adjustments, “Shibarium is now enhanced and optimized.”
“As mentioned, it is still in testing, but producing blocks. Moreover, we have enabled a new monitoring system and additional fail safes including rate limiting at the RPC level and auto server reset in case we get a huge level of traffic again,” explained Kusama.
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’
Why It Matters: Shibarium, an Ethereum (CRYPTO: ETH) layer-2 network supported by SHIB tokens, aims to establish its position as a prominent player in the blockchain industry. With its focus on metaverse and gaming applications, as well as providing a cost-effective settlement solution for DeFi applications, Shibarium seeks to showcase the broader potential of the Shiba Inu project beyond its meme coin origins.
“Ensuring perfect security measures are in place while scaling and testing the network has been our primary focus. Once additional validators join the network and testing wraps up, we will prepare for public consumption once again,” mentioned Kusama in the blog post.
The developer also disclosed their plan to implement the ShibPaper, a comprehensive blueprint of the entire Shiba Inu project and its extended strategy to achieve full decentralization.
Photo by Dennis Diatel on Shutterstock
Read Next: Bitcoin, Ethereum, Dogecoin Trade Mixed As Investors Await Jerome Powell’s Jackson Hole Speech: Analyst Predicts Dark Times Ahead For BTC, ETH
Join Benzinga’s Future of Digital Assets in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.