2 - 3 minute read
The Shiba Inu community is abuzz with excitement at the news of the upcoming launch of Shibarium, a layer-2 network for the popular Shiba Inu (SHIB) token. A recent update on the protocol has convinced investors that SHIB’s price is about to explode to $0.001.
On Sunday, January 15th, the team behind Shibarium published a blog, giving the community a first look at the protocol. According to the blog, developers are “approaching the finishing touches for Shibarium’s Beta and its imminent launch.” The team asked for patience from the community, stating that the phased release was not a matter of when, but a matter of developing Shibarium correctly and introducing it responsibly.
Shibarium was first proposed in May 2022 by Ryoshi, the anonymous creator of the Shiba Inu (SHIB) token in May 2021. The goal of Shibarium is to transform and improve the investor experience in the Shiba ecosystem by providing increased transaction speeds, lowering costs, allowing projects to scale, and introducing bridges for other blockchains. In short, Shibarium will propel the Shiba Inu ecosystem towards achieving its full potential, which has been hampered by Ethereum’s low scalability and high gas fees.
Notably, Shibarium will also introduce new SHIB burning mechanisms to help reduce the token’s high supply. As previously reported, BONE will act as the native token selected to pay for gas transactions and reward validators within the Shibarium protocol. Furthermore, for every transaction conducted using BONE, SHIB tokens will be destroyed, effectively reducing the circulating supply of the token over time.
The market has reacted favorably to Sunday’s announcement, with investors convinced that Shibarium will revolutionize the ecosystem in the greatest way possible. Some also see Shibarium as a price-pumping tool that could propel SHIB’s price to even $0.001. The so-called “DOGE killer” grew by over 30% in the past week, effectively tapping a fresh high. At press time, SHIB was trading at $0.0000112 after growing by 5.81% in the past 24 hours.
The Shiba Inu community is eagerly awaiting the launch of Shibarium, confident that it will take the ecosystem to new heights. As anonymous developer Shytoshi Kusama put it, “Shibarium is a Pine Tree. Still, it needs water, sunlight and proper soil. But pines survive and thrive during the harshest winters.”