Shiba Inu’s Layer 2 solution, Shibarium, has achieved an impressive milestone as it enters a new era with the beta version of its network. According to on-chain data by Puppyscan, the total number of transactions on “Puppynet” has reached a staggering 30,532,192. This significant increase showcases the growing popularity and adoption of the Shiba Inu meme coin community. Additionally, the number of blocks processed by Shibarium’s beta Puppynet has risen to 1,743,638. These achievements have delighted the SHIB community and are a testament to the project’s potential.
The official Twitter handle of Shiba Inu has announced the arrival of the “summer of Shibarium,” signaling exciting developments in the pipeline. SHIB lead Shytoshi Kusama has revealed plans to revamp the official SHIB website and other SHIB army websites, adding further anticipation for what’s to come. Moreover, Shiba Inu has secured a prominent position as one of the official title sponsors of the Blockchain Futurist Conference in Toronto, scheduled for August 15-16, 2023. This participation positions SHIB at the forefront of discussions surrounding the future of blockchain technology.
On the other hand, Fox Business anchor Charles Gasparino has sparked controversy by labeling the XRP community as a “cult.” In a tweet, Gasparino expressed frustration with the XRP supporters, stating, “When I wrote what XRP crowd loved they called me a hero. When I reported a few things they hate, I’m public enemy No 1.” This comment has triggered a heated discussion among the XRP community members and comes amidst the ongoing legal battle between Ripple and the SEC. Gasparino questioned Ripple’s strategy and suggested that they might need to access their cash reserves or dilute their XRP holdings to handle the potential fines of up to $1 billion.
However, amidst the legal uncertainties, there is a silver lining for Ripple and XRP. Following a recent ruling by Judge Analisa Torres, which declared XRP is not a security, Ripple’s general counsel, Stuart Alderoty, is optimistic about the future. Alderoty stated that starting in the third quarter, Ripple will begin pitching its On-Demand Liquidity (ODL) service to U.S. banks for cross-border payments. The regulatory clarity surrounding XRP has made it more appealing as a crypto for payments within the U.S. financial system. Alderoty believes that the lawsuit’s resolution will attract new financial players to utilize XRP in their cross-border transaction processes.
While there is a possibility of an appeal from the SEC, the recent ruling has provided much-needed stability for XRP in the near future. It opens doors for Ripple’s ODL service to gain traction, potentially revolutionizing cross-border payments within the American banking sector. The positive developments surrounding XRP and Shibarium’s milestone signify significant progress in the crypto industry and highlight the ongoing growth and adoption of blockchain technology.