Shibarium Weathers Massive Influx, Shytoshi Kusama Claims "All Is Well"

Read More: Shiba Inu’s Layer-2 Blockchain Shibarium Is Live

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In a recent blog post, the project’s lead developer, Shytoshi Kusama, addressed the situation. Kusama stated that the issues were not inherent to Shibarium itself. Instead, they resulted from the massive influx of users and transactions that coincided with the platform’s launch.

“Our team has been working to scale and bring up the chain again to the extent that we can handle the influx of our decentralized nation-state,” Kusama wrote.

Unprecedented Traffic Levels

Kusama provided insight into the scale of traffic that Shibarium experienced. According to analytics from Alchemy, Shibarium saw over 160 million compute units in about 30 minutes, a pace that matches the most active layer-2 blockchains currently in operation.

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“On our enterprise plan with Alchemy, we are allotted 400 Million compute units a MONTH. At launch, we experienced 160+ Million compute units in approximately 30 minutes. If we continue at that rate, we are expected to reach billions of compute units daily, on par with the most active layer-2 blockchains. Although we expected a busy moment, we never expected this much traffic instantly,” Kusama explained.

The official Twitter account for the Shib ecosystem shared that Kusama intends to incorporate Self-Sovereign Identity (SSI), a blockchain-based digital identity akin to passports, into all Shiba Inu projects. 

SHIB Price Technical Analysis

At the time of writing, Shiba Inu is trading at $0.000008758, a 10.53% decrease over the last 24 hours. The surge in trading volume supports the ongoing correction phase, which is also reflected in the technical indicators. 

The Moving Average Convergence Divergence (MACD) indicator currently displays a bearish crossover. Meanwhile, the Relative Strength Index (RSI) has dropped to the midpoint.

Shib price analysis

SHIB/USD 1-day price chart, Source: Trading View

If the upward trend is above the 200-day Exponential Moving Average (EMA), the reversal rally could recapture the $0.000010 mark. Shiba Inu holds the 15 position in CoinMarketCap’s rankings, with a market capitalization of $5,151,072,084. The circulating supply of the SHIB/USD cryptocurrency pair stands at 589,346,914,631,298 SHIB.

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