After it was announced that Shibarium’s public beta would launch in the third quarter, the shiba-inu crypto community anticipates the Shibarium layer two (L2) scaling option. Shytoshi Kusama (shiba inu developer) and Ryoshi (shiba coder) claim that layer 2 will lower transaction fees and potentially even bring them to zero.
Shiba Inu’s L2 Solution Shibarium to Launch in Q3, Ethereum Whale Acquires 163.2 Billion SHIB
In the past seven days, the meme token shiba ibu (SHIB), has experienced a 33.6% increase against the U.S. Dollar. Much of this rise is due to the Shibarium announcement. A ethereum whale was also purchased 163.2 billion SHIB during the last 24 hours worth around $1.74 million using today’s SHIB exchange rates. There’s been a lot of discussion about the L2 scaling solution Shibarium on the project’s Discord server. And
The Unification Foundation (a group of developers who created Shibarium) also shared some updates on the project. The Unification Foundation claims that Shibarium launched during an alpha-testnet phase in private. The developers explained that the results were successful and “the primary tool under heavy development is the wallet application.”
The Unification Foundation’s Maziar Sadri further added:
To coincide with FUND Testnet upgrades, the Shibarium public beta testnet is scheduled to be launched in Q3. This will include the highly anticipated IBC/Gravity/wFUND update. Participating parties will have full access to the network’s Beta Testnet. This includes validation.
The Year-to-Date Annual SHIB is up 56% against the US Dollar
SHIB has increased 33.6% in the past week but is still down 87.6% from October 2021’s all-time high. The SHIB token has risen 56% against the U.S. Dollar year to date. According to Into the Block statistics, SHIB token holders are making around 23% at the moment of writing. SHIB has a large concentration of whales as Into the Block metrics indicate that SHIB’s concentration of large holders is roughly 81%.
SHIB’s burn strategy aims at making the crypto asset less common by permitting people to burn SHIB through the burn portal. While burning helps reduce the SHIB supply there’s 589,390,205,650,282 SHIB in circulation today. Although shiba Inu gained over 33% in the last week, only 10.1% of it was collected within the last 24 hours.
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Images CreditsShutterstock. Pixabay. Wiki commons. Editorial feature credit to Dennis Diatel
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