The latest accomplishment in the world of the popular memecoin Shiba Inu (SHIB) and its associated developments continues to grab attention. The recent feat revolves around the newly introduced Shibarium, a layer-2 blockchain solution.

As reported by ShibariumScan, Shibarium has successfully reached the significant milestone of one million blocks, underlining the increasing demand for scalable features.

Just a few weeks ago, the L2 network achieved another milestone when the total number of transactions surpassed the coveted threshold of three million. Currently, this number has grown to nearly 3.4 million, and the count of wallet addresses is approaching 1.3 million.

Shibarium was officially introduced at the end of August, with the primary goal of enhancing Shiba Inu's position in the memecoin space by improving transaction speed and reducing fees. If you're interested in learning more about its launch and objectives, you can check out our dedicated video below.

SHIB's Value Experiencing a Downturn

Certain analysts and crypto enthusiasts, including the pseudonymous Twitter user known as "Shib Informer," have proposed that the continued development of Shibarium could have a positive impact on the valuation of Shiba Inu.

Nevertheless, as of today, October 9, the asset has seen a 4% decrease, echoing the broader decline seen across the entire cryptocurrency market. Over the past week, it has also dropped by more than 8%, according to CoinGecko's data.