Shiba Inu (SHIB), a rival of Dogecoin (DOGE), has just announced the successful completion of its highly anticipated Shibarium hard fork. The team behind this dog-themed meme asset shared the news in a new thread on the social media platform X, stating that traders have been eagerly awaiting this development since last year.

According to the team, Shibarium has officially completed its hard fork at block height 4504576. They are now preparing for the benefits that come with it, such as blazing-fast transactions and predictable gas fees.

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

In June 2023, Lucie, a content market specialist for Shiba Inu, outlined the advantages of Shibarium, including lower gas fees, faster transactions, increased utility for the Bone ShibaSwap (BONE) digital asset, and enhanced security features.

Lucie stated, “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.”

By September 2023, it was reported that Shibarium was experiencing rapid growth, with over 2.5 million transactions in total and an average of 200,000 daily transactions. Additionally, the protocol had attracted over 1.2 million unique wallet addresses, and the amount of BONE had reached 27.1 million.

As of the time of writing, SHIB is trading at $0.000024, representing a 5.2% increase in the past 24 hours.

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[Image: Midjourney]