Shiba Inu coin up, as whales move $28.7m SHIB and Shibarium launch grows near
Subscribe to Weekly HighlightsThe major market events for the week ahead right in your inbox. Subscribe
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.
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
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.
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.
What is your sentiment on SHIB/USD?
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.