Blockchain infrastructure company NOWNodes has unveiled the Shibarium RPC Full Node for Shiba Inu’s (SHIB) layer-2 network. This RPC Full Node serves as a development environment that simplifies direct engagement with the blockchain.
NOWNodes asserts that this new tool will provide developers and cryptocurrency companies with limitless possibilities for building on Shibarium. The company had previously expressed its support for SHIB’s layer-2 network in February of this year.
Having deployed their Shibarium nodes, NOWNodes is actively seeking collaboration opportunities. One notable partnership in the works involves Tangem and its integrations with Shibarium. Tangem had previously introduced a cold wallet focused on Shiba Inu (SHIB) in July.
NOWNodes said via X,
“Build, create, enhance—we’re here to support builders on Shibarium!”
Despite a problematic launch marred by high levels of traffic that necessitated a temporary network halt, Shibarium consistently achieves significant milestones. It now records more than 200,000 daily transactions and has accumulated a total of over 2.5 million transactions. Additionally, the number of wallets created has exceeded 1.2 million.
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Will Shiba Inu’s Price Rebound With the Expansion of Shibarium?
In spite of Shibarium’s growth, the price of Shiba Inu (SHIB) continues to face challenges. Over the past week, SHIB has seen a 5% decrease, and this downward trend has persisted since February 2023. Interestingly, the launch of Shibarium did not have a noticeable impact on SHIB’s price.
Nonetheless, the project has ambitious plans to expand its utility by introducing more developments on the new network. As these use cases evolve, there is potential for increased demand for the token, which could eventually drive up its price.
Additionally, for SHIB to recover its losses, it may need the broader cryptocurrency market to recover from its current downturn. Currently, a substantial 88% of SHIB holders find themselves in a position of loss, while only 9% are in a profitable position.
