Shiba Inu (SHIB), a cryptocurrency that competes with Dogecoin (DOGE), has announced the successful completion of its highly anticipated Shibarium hard fork. The team behind this dog-themed meme asset confirmed the completion of the hard fork on social media platform X, a move that traders have been eagerly anticipating since last year.

The Shibarium hard fork, which took place at block height 4504576, brings several exciting developments. Users can now expect blazing-fast transactions and predictable gas fees, thanks to this layer-2 scaling solution. Shibarium initially released a beta bridge for public use in July 2023, utilizing both plasma and proof-of-stake (PoS) technology to enable the seamless transfer of tokens between Shibarium and Ethereum (ETH), the leading smart contract platform.

Lucie, a content market specialist for Shiba Inu, previously highlighted the benefits of Shibarium. These include lower gas fees, faster transactions, increased use cases for the Bone ShibaSwap (BONE) digital asset, and enhanced security features. With reduced gas fees on Shibarium, Bone’s demand and potential value are expected to rise significantly. Additionally, Shibarium empowers projects by offering scalability, cost-effectiveness, and enhanced security, enabling a more accessible and thriving decentralized ecosystem.

In September 2023, it was reported that Shibarium was experiencing rapid growth, with over 2.5 million transactions overall and an average of 200,000 daily transactions. The protocol also boasted over 1.2 million unique wallet addresses and a total of 27.1 million BONE tokens.

Currently, SHIB is trading at $0.000024, reflecting a 5.2% increase in the last 24 hours.

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