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    Shiba Inu coin up, as whales move $28.7m SHIB and Shibarium launch grows near

    By Darius McQuaid

    Edited by Charlie Mellor

    15:52, 10 January 2023

    Shiba Inu cryptocurrency logo displayed on a phone screen and representation of cryptocurrency are seen in this illustration photo taken in Krakow, Poland on 2 November 2021
    SHIB has said it is approaching the beta launch of the Shibarium upgrade – Photo: Getty Images

    Shiba Inu (SHIB), the “dogecoin killer” meme coin, has seen a rise in value following a whale’s decision to move a multi-million-dollar amount of the crypto.

    The whale is reported to have moved $28.7m (£23.6m) worth of SHIB, according to Bitcoinist.

    As of 14:51 GMT on 10 January, SHIB was trading at $0.00000924, up by 4.21% compared with the previous day, according to CoinMarketCap.

    SHIB to USD

    Shibarium upgrade

    Towards the end of 2022, there was mounting speculation that the long-awaited Shibarium upgrade could come in 2023. However, at the time of writing, no official date has been released as to when it may arrive.

    The Shibarium upgrade is a Layer 2 blockchain solution that was first proposed by Ryoshi, the anonymous creator of SHIB, in May 2021.

    The development of SHIB, which was built on the Ethereum (ETH) blockchain, has been hampered by the Ethereum’s low scalability and high gas fees, which have thwarted SHIB projects from reaching their full potential.

    DOGE/USD

    0.15 Price
    +0.270% 1D Chg, %
    Long position overnight fee -0.0753%
    Short position overnight fee 0.0069%
    Overnight fee time 21:00 (UTC)
    Spread 0.0012872

    BCH/USD

    476.65 Price
    -1.080% 1D Chg, %
    Long position overnight fee -0.0753%
    Short position overnight fee 0.0069%
    Overnight fee time 21:00 (UTC)
    Spread 2.50

    ETH/USD

    3,053.61 Price
    -0.960% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 21:00 (UTC)
    Spread 6.00

    BTC/USD

    63,809.35 Price
    -0.420% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 21:00 (UTC)
    Spread 106.00

    The idea behind Shibarium is to offload some of the transaction data to a dedicated Layer 2 infrastructure while still retaining a direct link to the Ethereum network.

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    Each Shibarium transaction will burn SHIB  

    The Shibarium Network has announced via Twitter that each Shibarium transaction will burn SHIB.

    The network also added that it is “focused on delivery” and it urged followers to “stay tuned for additional information” as it approached the beta launch.

    Additionally, the network reminded everyone that bone shibaswap (BONE) would “serves as the required gas token for operability within Shibarium”.

    Upcoming Bugatti Group event

    On 8 January, SHIB also announced on Twitter an upcoming event involving the Bugatti Group, a branded luggage manufacturer and distributor, that would be arriving “in the next few days”.

    The tweet included a video showcasing luggage with different versions of the SHIB logo printed on it.  

    Markets in this article

    SHIB/USD
    Shiba Inu / USD
    0.00002381 USD
    0.00000019 +0.840%
    ETH/USD
    Ethereum / USD
    3053.61 USD
    -29.59 -0.960%

    Related topics

    #Cryptocurrency #Shiba Inu (SHIB)

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