Shiba Inu addresses have reached a new all-time high after shattering the 3,145,000 mark. This is coming amid the anticipation of the token’s upgrade, named Shibarium.
Shibarium is a layer 2 protocol designed to improve the Shiba Inu ecosystem.
The meme coin which is also taunted as the Doge killer has been experiencing a sort of fundamental strength while its community otherwise known as the Shiba Army is in a frenzy mode ahead of the upgrade.
According to the crypto analytic firm, Glassnode, addresses holding SHIB have been growing in number virtually nonstop, recently breaking another all-time high even as price trades mostly sideways.
Similarly, on-chain data also shows that unique addresses, or addresses with non-zero balances and not part of a cluster controlled by a single entity, have also been steadily climbing and now above 1.3 million.
Investors King understands that the Shiba Inu’a upgrade is similar to Polygon (MATIC) on Ethereum. The upgrade will also make the transactions on the Shiba Inu ecosystem faster and cheaper.
Speaking of the development, Shiba Inu lead developer, Shytoshi Kusama noted that the upgrade will make it easier for anyone looking to build on Shibarium to collaborate.
“It’ll allow us to grow Shibarium’s reach with professional companies, and allow us to reset our relationships with businesses that we’ve connected to in the past. Finally, it’ll help us find the right validators,” he said.
Kusama added that the Shibarium portal is designed to be a hub for developers, content creators, business owners, and job seekers looking to contribute to the Shiba Inu ecosystem.
Investors King had earlier reported that the Shiba Inu community has been in a frenzy mode since the Shibarium upgrade was announced. A number of whales who hope to benefit from the price increases have also scooped the Shiba Inu token ahead of the upgrade.
At the time of writing, Shiba Inu is trading at $0.00001268, up 2% in the last 24%.