Shib News: Shibarium Release and Soaring SHIB
The Shiba Inu token Shib, the meme-inspired crypto that started as a joke, has been making news in the crypto market lately.
The cryptocurrency has made a highly anticipated addition to its ecosystem, Shibarium L2 scaling solution. The development has been the buzz of the crypto market, and the Shib Army is optimistic about big price action on the back of the Shib news.
Shiba Inu is the second most popular meme coin known for having an active community. Therefore, all Shib news tends to create hype for the token.
So, is the Shibarium release gainful for the token?
Shib news about the release of Shibarium
The Shiba Inu team long ago promised its community an Ethereum layer 2 scaling solution, Shibarium. It was supposed to launch in 2022, but was delayed several times. However, a pseudonymous developer, Shytoshi Kusama, has now disclosed the release of a beta testnet for Shibarium.
In a Shib news blog post, Kusama announced that the beta testers can now access the testnet. In addition, the developer mentioned that the layer 2 solutions will be using Puppynet tokens. These tokens are not real assets and are only introduced for an early beta test. Only the Shib testnet is currently available, while the mainnet is still being developed.
Shib’s position in the market
After Dogecoin, Shiba Inu is the most impactful meme coin in the crypto market. The project takes pride in its highly active and enthusiastic community known as Shib Army. Due to this, the token's value depends heavily on the market sentiment.
The coin launched in 2020 and has seen high volatility. However, the token marked its all-time high value in the bull cycle of 2021. According to CoinMarketCap, the token touched $0.00008845 on 28 October, 2021, and is currently down by more than 88%. The current price of Shib is around $0.00001034.
The token has a market cap of around $6 billion. Although it is half the market capitalisation of Dogecoin, it is ranked 15th among all cryptocurrencies. This shows the potential of Shiba Inu as an asset.
The impact of Shib news on Shiba Inu price
The release of Shibarium was first confirmed by Shytoshi Kusama in October 2022. In addition, the Shib ecosystem also mentioned the introduction of several other projects with the L2 solution. These included the addition of SHIB: The Metaverse in the ecosystem. The news exploded and created hype around the value of the Shib token.
Just before the launch of the L2 blockchain, Shib’s price surged by more than 7% in March's first week. Curiously, it was when most cryptocurrencies showed a downward trend. In the first three months of 2023, Shib’s price increased by more than 20%.
The Shib news announcing several projects in the ecosystem played a significant role in this price surge. It developed a positive sentiment among the investors for the token.
The prime reason behind it was that investors became optimistic that the launch of an Ethereum L2 solution would likely increase the usage of the tokens. Secondly, the development team planned to accelerate the Shiba Inu coin burn procedure. It indicates that the price of the coin may get an upsurge.
Moreover, investors expected that the development of Metaverse would help the ecosystem to expand. A Metaverse could open the gateway for Web3 games, NFT projects, and other decentralised applications on the platform. With more projects entering the forum, the coin’s value as an asset may increase.
Although its price saw some positive action after the Shib news of the L2 launch, March has been quite volatile for the token. In February, the coin was floating around $0.000015, but in mid-March, its price dropped to $0.000010. However, it could affect overall macroeconomic conditions in the market.
What is the Shibarium L2 scaling solution?
Shiba Inu developers have created a layer 2 scaling solution for Ethereum. It enables Shiba Inu customers to deal instantly with Ethereum. It leverages Ethereum’s security and offers scalability and efficiency to it. The layer lies on L1, using different methods like roll-ups or side chains to minimise transaction times.
Shibarium is designed to offer lower transaction times and minimal cost. It also allows developers to use the platform and design Ethereum DApps. You can develop various other DApps using the Shibarium resources.
Other developments in the Shiba Inu ecosystem
Developers are also looking to launch Shib: The Metaverse. The involvement of a project like a Metaverse means more brands from different sectors will join the platform. Various brands from the Web3 niche may opt for it to develop their offerings.
A Metaverse may lead to numerous projects in the Shiba Inu ecosystem. It may include play-to-earn games, digital collectables, crypto-staking platforms, DAO-based communities, and other DeFi projects.
Furthermore, you can purchase your virtual land on the Metaverse as an investment. Your virtual real estate can make good returns as the platform gains popularity and expands.
Shiba Inu is among the most popular cryptocurrencies. It has the backing of an active community that completely believes in its potential. As a result, the latest Shib news related to the launch of the Shibarium layer 2 blockchains has been received warmly by the community. It even triggered an upsurge in the price of Shib.
However, the macroeconomic factors and overall market trend have, so far, kept the coin from capitalising on positive price action. At the time of this writing, the meme coin is still trading at $0.000010. Nonetheless, the developments in the Shiba Inu ecosystem are commendable. These developments can be pivotal for the token’s success in the long run.
Author: Wasay Ali
Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.