Shiba Inu is one of the most popular cryptocurrencies today, and a highly sought-after “meme coin” that supposedly began as a joke. The total supply of SHIB is around $589 trillion, which has made its market capitalization reach $6,065,438,492, making it the 14th most valuable cryptocurrency.
Recently, the popularity of this meme coin reached newer heights, as news surfaced about a new exchange “Shibarium”. Now, what is this Shibarium and how can it influence the shiba inu price? Let us find out below.
What is Shibarium?
Shiba Inu, the meme coin, is about to get a whole ecosystem behind it! Shibarium is the name of the blockchain network they’re making on Ethereum. The creator of Shiba Inu, Ryoshi, is behind this project. They’re planning to create a decentralized exchange (DEX), a metaverse, and even blockchain games. To do this, they’re building a layer-2 blockchain solution on top of Ethereum.
The meme coins are these funny cryptocurrency tokens based on internet memes. Though they can fluctuate in value, they’re mostly influenced by pop culture trends and have a pretty big supply, which can cause inflation. The Shiba Inu token is worth one quadrillion dollars. It’s like a thousand trillion! Plus, Shibarium is reorganizing Shiba Inu as an ecosystem. So if you’re looking for something unique and fun to invest in, Shiba Inu might be what you need.
Shibarium developers were working on this cool project that included a metaverse called SHIB. It was displayed at SXSW 2023 from March 13th to 15th. They were originally aiming to release it in February 2023, but they delayed it to make sure it was flawless. The developers want their release to be error-free, so they’re testing everything well.
Why is Shibarium important to Shiba Inu?
Here’s how Shibarium can improve meme coins.
- Speedy transactions – Shibarium adds layer 2 to support the Shiba Inu ecosystem. Eventually, it’ll be able to handle more traffic as the project grows. The Shibarium network is supposed to make transactions lightning-fast.
- Lower fees – Anyone who wants to transact on Ethereum has to pay a lot. There are times when the fee exceeds the amount of the transaction. One might have to pay a steep price if a $10 transaction is worth $50 of Ether (ETH). As Shibarium layer-2 is introduced, gas fees should go away.
- Ecosystems at their core – The Shibarium ecosystem comprises several projects, including the SHIB metaverse, the ShibaSwap DEX, and blockchain games. The metaverse and games will attract users, while the DEX will provide liquidity.
- The token utility – The high supply of SHIB has hampered its growth, even though more than 40% of its tokens have been burned. Shibarium’s native coin, BONE, solves this problem. Shibarium will pay validators in BONE when it takes off for securing and validating transactions. Apart from that, every transaction in the new ecosystem consumes SHIB so that SHIB supply can be controlled.
- Building DApps – DApps are decentralized applications that run on decentralized peer-to-peer networks. Memecoin, however, couldn’t be used as a native coin for DApps. Shibarium will build a layer-2 solution with Ethereum as part of a robust ecosystem. This technology will let DApps be created within the ecosystem.
The launch of Shibarium could drive Shiba Inu’s growth
Shibarium could be a game-changer for Shiba Inu. Shibarium will make using Shiba Inu easier, faster, and more scalable. This could significantly increase SHIB prices, making it more attractive to everyone. Shibarium is an open and safe platform for creating and trading digital assets and Decentralized Applications (DApps). It even aims to reduce Ethereum’s network congestion.
The project has kept its community in the loop through social media updates and announcements. They recently shared that Shiba Inu merchandise will soon be launched – which excited the community. Speaking of developments, did you hear about Bitpay’s latest announcement? They’ve made it possible to use SHIB for making payments towards various financial obligations, like rent, credit cards, car payments, and personal loans. And guess what? This news has helped SHIB’s price go up!
Conclusion
It is incredible how Shibarium has developed for Shiba Inu. It is more than just technology because it is constantly changing and adapting to suit people. It puts user experience first by speeding up transactions, lowering costs, and scalability as a community-driven initiative.