Shiba Inu (SHIB) in Q3 2023: Report

Summary

• Shiba Inu's Q3 2023 journey has been transformative, marked by new launches, growing adoption, and community expansion.
• Key developments in Q3 include Alpha Transform Holdings joining Doggy DAO, Shibarium mainnet launch, and technical challenges.
• Shibarium rebounded with impressive statistics, recording 1.25 million wallets and 3.3 million transactions.
• Robinhood increased its Shiba Inu holdings by 15 trillion tokens, solidifying its position as a major custodian.
• HSBC embraced cryptocurrency for mortgage payments, including Shiba Inu.
• Bone ShibSwap token was renounced, opening doors for major exchange listings.
• Shibarium's TVL is $611k, with MARSWAP leading the way.

Shiba Inu's Q3 Evolution

Shiba Inu stands as a prominent player in the crypto space, particularly within the realm of meme coins. As the curtains fall on the third quarter of 2023, it becomes evident that these past months have been transformative for the Shiba Inu ecosystem.

Amidst a flurry of developments encompassing new launches, expanding adoption, surging community growth, and more, Q3 2023 has become one of the most important chapters in Shiba Inu's history.

With this comprehensive exploration, we shed light on Shiba Inu's trajectory and impact within the crypto ecosystem during this pivotal quarter.

Q3 Shiba Inu Updates: Unveiling Key Developments

From major partnerships to technical hurdles and milestones, let's dive into the key updates that shaped Shiba Inu's Q3 journey.

1. Shibarium Mainnet Launch Faces Challenges

The highly anticipated Shibarium mainnet went live on August 15, marking a significant milestone. However, the launch encountered initial challenges, with a backlog of pending transactions causing congestion on the blockchain network. The average block time, initially seconds during testing, extended to an average of five minutes, highlighting technical issues.

2. Shibarium Bounces Back with Impressive Stats

In a blog post on Aug. 28, Shiba Inu's lead developer, Shytoshi Kusama, announced that Shibarium was again operational. The network's average block production speed returned to five seconds, showcasing its ostensible resilience.

Shibarium reported 1.25 million wallets and 3.308 million transactions, in short order, demonstrating its growing user base and activity.

3. Robinhood Accumulates 14 Trillion SHIB Tokens

One of the largest assets holdings company, Robinhood, significantly increased its Shiba Inu holdings by adding 15 trillion SHIB tokens worth $108 million in Q3, 2023. Robinhood now ranks as the fifth-largest Shiba Inu custodian, with a total stash of 35 trillion SHIB tokens worth around $252 million.

4. HSBC Accepts Cryptocurrencies for Mortgage Payments

Amidst the crypto market's bearish trend, HSBC made a groundbreaking move by accepting various cryptocurrencies, including Shiba Inu (SHIB), for mortgage payments from Sept. 26. The integration, facilitated by blockchain payment processor FCF Pay, allows HSBC customers to use digital assets such as Bitcoin (BTC) and SHIB for mortgage payments, signaling increasing cryptocurrency adoption in traditional finance.

5. Alpha Transform Holdings Joins Doggy DAO Advisory Board

Shiba Inu continued its push for decentralization by welcoming Alpha Transform Holdings (ATH) as an advising partner for the Doggy DAO Foundation on August 15. ATH, led by industry veterans Enzo Villani, Michael Terpin, and Seth Shapiro, aims to bolster the decentralized mechanism of the Doggy DAO Foundation. This collaboration brings decades of expertise to the governance decisions and asset management of the DAO, looking to enhance Shiba Inu's ecosystem.

6. Bone ShibSwap Token Renounced for Major Exchange Listings

Shiba Inu's gas fee token, Bone ShibSwap (BONE), witnessed a significant development as the SHIB Token developer team renounced it, opening the door for potential listings on major exchanges from Sept. 27. This move caps BONE's max supply at 250,000,000 tokens. It removes previous governance restrictions, setting the stage for broader adoption and trading.

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Shiba Inu's Q3 2023 Journey

The third quarter of 2023 has shown that Shiba Inu continues to make waves in crypto as we reflect upon its journey.

The relaunch of Shibarium, Shiba Inu's Layer-2 network, proved to be a game-changer. ShibariumScan.io's data speaks volumes, with over 1.25 million crypto wallets and more than 3.35 million transactions recorded.

According to DeFiLlama, Shibarium L2 boasts a total value locked (TVL) of $611k, with substantial assets locked in MARSWAP, ChewySwap, and DogSwap.

With an expanding user base and a commitment to innovation, Shiba Inu continues to shape the memecoin landscape. As the journey continues, we eagerly anticipate what the future holds for Shiba Inu and its dedicated community.