Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Shiba Inu layer 2 Shibarium has just received a crucial update. Shiba Inu team member Lucie shared on X the details of this latest Shibarium update, announcing that the Shibarium Token Asset Repository is now live.

The new Shibarium token repository supports tokens on Ethereum, Sepolia, Shibarium and Puppynet networks and is structured to help manage token images and data across multiple networks within the Shiba Inu ecosystem.

This means token owners on these networks can add images and information about their tokens to increase visibility. Each network has its folder for token images and data, making it easy to locate and update token information.

In another stunning milestone, Shibarium has crossed 500 million in transactions, spurring excitement in the Shiba Inu community.

Shiba Inu developer Kaal Dhairya reacts to the latest milestone of Shibarium crossing half a billion transaction milestone: "Shibarium just fetched 500 million transactions—proof of pack is unstoppable. Here’s to more tail-wagging milestones ahead."

Currently, Shibarium has processed total transactions of 503,898,749 with total blocks of 7,861,565 with wallet addresses of 1,889,664, according to Shibariumscan data. Daily transactions in the last 24 hours totaled 4.7 million.

Shiba Inu gains spotlight

Shiba Inu took the spotlight in the crypto market at the the start of the week as dog-themed meme coins led gains outside of majors, recording massive jumps.

Shiba Inu, for instance, rallied as much as 50% in Sunday's trading session, surging from lows of $0.000020 to $0.000028 and thus producing a massive daily green candlestick.

Amid the rally, Shiba Inu exceeded $3 billion in trading volume and reentered the top 10 cryptocurrencies by market capitalization.

Following three days of increases, SHIB reached a high of $0.0000304 on Tuesday, a level not seen since April before falling. This comes as the cryptocurrency market pauses its rocket rally that began a week ago, with Bitcoin also falling after reaching all-time highs of $90,100.

At the time of writing, SHIB has fallen 8% in the previous 24 hours to $0.00002423, with a trading volume of $2.98 billion and ranking as the 11th largest cryptocurrency. However, it is still 27% higher weekly.