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Shibarium’s beta phase saw a total of 21 million wallets on the L2, driving the interest of users months before the launch. Shiba Inu launched the Shibarium mainnet , an Ethereum layer-2 scaling solution, on Aug. 16 after months of testing that saw millions of users participate and 21 million wallets created. Shibarium is built on a new consensus mechanism called proof-of-participation (PoP), which works by selecting validators in proportion to their quantity of holdings in the associated cryptocurrency. This is done to avoid the computational cost of proof-of-work schemes. The new L2 blockchain solution is designed to interact with the primary Ethereum layer-1 blockchain , providing a more scalable and cost-effective transaction platform. Shiba Inu (SHIB) rose to popularity during the bull market of 2020–2021, even briefly overtaking the OG meme cryptocurrency, Dogecoin (DOGE). However, it couldn’t hold onto its gains for long and lost more than 80% of its valuation during the bear ...

According to ZachXBT, one alleged scammer in particular launched around 114 projects in the past 45 days alone. Crypto scammers have been ramping up the launch of spurious memecoins over the past two months, according to crypto sleuths.  According to research from blockchain sleuths ZachXBT, one address, in particular, has allegedly launched “114 memecoin scams” in the past 45 days alone. In an April 26 Twitter thread, ZachXBT tracked the movements of the Wallet address: 0x739c58807B99Cb274f6FD96B10194202b8EEfB47 , noting that “each time stolen funds from the scam are sent to the exact same deposit address.” “I suspect there are more too. These are just ones sent to that deposit address lol,” ZachXBT added in response to a comment. Over the past 1.5 months one person has created 114 meme coin scams. Each time stolen funds from the scam are sent to the exact same deposit address. 0x739c58807B99Cb274f6FD96B10194202b8EEfB47 pic.twitter.com/uwVAiG9WGG — ZachXBT (@zachxbt) April 26, ...