Shiba Inu (SHIB) traded sideways on Wednesday as the broader crypto market struggled to sustain upward momentum after a liquidity surge.
Notably, over the past seven days, the second-largest meme token posted modest gains, rising nearly 4% while several major digital assets faced persistent selling pressure.
Meanwhile, according to a recent update from the Shibarium development team, the network has surpassed 270 million wallet addresses, marking a major milestone that underscores the platform’s expanding user base and growing on-chain activity.
The figure highlights the scale of growth of the ecosystem since the launch of the Layer-2 network designed to reduce transaction costs and improve efficiency for applications built around Shiba Inu.
“Shibarium’s last 30 days were defined by a major server migration + full chain re-indexing. This is not slowdown. This is infrastructure upgrade,” they wrote.
 
Additionally, the team noted that the Shibarium blockchain explorer is currently undergoing a complete rebuild, so the data visible to users is only a partial snapshot of the network’s true activity.
While the explorer currently displays roughly 2.4 million blocks and about 168 million transactions, the team clarified that the blockchain itself has already processed more than 14 million blocks and over 1.56 billion transactions.
With the indexing process currently only about 45% complete, some explorer metrics may temporarily appear lower. Developers emphasize that this reflects a display delay, not a slowdown in network activity.
Notably, the update also highlighted a significant surge in token burn, with the SHIB burn rate jumping by over 370% following a major burn event on Saturday.
Beyond burn metrics, the infrastructure overhaul included improvements to remote procedure call (RPC) endpoints, which help applications and wallets interact with the blockchain. The migration to high-performance endpoints has now been finalized, with developers reporting that the network is stable following the transition.
Importantly, the Ethereum-Shibarium bridge, an essential component that enables asset transfers between the two networks, remains fully operational. The team also confirmed that earlier security upgrades, including key rotations and additional hardening measures, remain in effect.
Meanwhile, development efforts have begun expanding toward future upgrades, including the ecosystem’s evolving Layer-3 initiatives, internally referred to as “Shib Alpha” and “ShibClaw.”
The project’s test network, Puppynet, has shifted focus toward these experimental features, and a new Layer-3 explorer went live on Saturday to support early testing.
Recently, analyst Javon Marks suggested that the token may be approaching the breakout point of another falling wedge formation, a pattern often associated with bullish reversals.
“SHIB looks to be nearing the breaking point of another Falling Wedge-like structure and can be getting ready to deliver a huge move!” he noted.
He also noted that the previous breakout from a similar structure resulted in a surge of more than 455%, suggesting that the current setup could mirror that historic move if confirmed.
At press time, SHIB was trading at $0.000005776, reflecting a 2.86% drop in the past 24 hours.
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