Dogecoin (DOGE) rival Shiba Inu (SHIB) is experiencing a wave of fundamental strength as its community braces for the release of Shibarium, the highly anticipated layer-2 specially designed for the ecosystem.
According to data from Glassnode, addresses holding SHIB have been growing in number virtually nonstop, recently breaking another all-time high even as price trades mostly sideways.
[adinserter block="1"]Glassnode’s data shows the number of SHIB addresses is now sitting just above the 3,145,000 mark.
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 sit above 1.3 million at time of writing.
Shiba Inu’s on-chain strength comes as the project prepares for the roll out of Shibarium, which aims to help Shiba Inu scale, similar to Polygon (MATIC) on Ethereum.
The pseudonymous Shytoshi Kusama, lead developer and figurehead for the Shiba Inu community, recently announced the launch of a new portal dedicated to boosting the adoption of Shibarium.
Kusama says “Join 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.
He said he hopes the new site will make it easier for anyone looking to build on Shibarium to collaborate.
“Ideally, this intake system will allow us to find the best projects and link them together with others who can help or assist. It’ll allow us to meet the army and remain organized in the process.
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.”
At time of writing, Shiba Inu is trading at $0.00001284, up 3.4% in the last day.
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