What is Shibarium? L2 solution launch hype prompts shiba inu price surge
After waiting for updates, investors in shiba inu (SHIB) are now expecting news on the long-awaited Shibarium network, a Layer 2 solution being developed specifically for the Shiba Inu community.
It comes after Shiba Inu’s lead developer Shytoshi Kusama tweeted: “Head down working. Update coming soon and I think you will love it.”
Head down working. Update coming soon and I think you will love it. #ShibaEternity #Shibarium #SHIBARMY
— Shytoshi Kusama™ (@ShytoshiKusama) October 29, 2022
Shibarium is set to transform and improve the investor experience in shiba inu. The SHIB token has seen bullish activity since thw Shibarium tease from Kusama and was up 34% over the past week, as of 1 November.
SHIB to USD
What is Shibarium?
The shiba inu ERC-20 token is developing its own Layer 2 blockchain titled Shibarium. This network will be added on top of Ethereum (ETH) in attempt to further improve scalability.
Ryoshi, shiba inu’s founder, said previously the solution would improve the speed of transactions, lower fees and contribute to its metaverse ecosystem.
Shibarium’s primary mission is to assist SHIB in its goal of becoming more than just a meme token. Utility has been core to shiba inu since it was founded in 2020, whether it was through decentralised finance (DeFi), governance or non-fungible tokens (NFTs).
With utility in mind, one of the other purposes of Shibarium is to function as a foundation for decentralised apps (dApps). Ryoshi was hoping to attract developers and more projects into the ecosystem.
The Shibarium hype
After the vague update from Kusama, hype surrounding the upcoming blockchain has been restored. But not everyone is convinced over SHIB’s Layer 2 solution.
Finder surveyed a panel of experts about their expectations of Shibarium. A majority of 69% said they were unsure on whether it would reduce costs and speed. Meanwhile, only 16% said it would improve transactions speeds and fees. Similarly, the majority of those surveyed (56%) were unsure on whether it could drive SHIB adoption.
On the other hand, there appears to be a bullish sentiment from investors with SHIB rallying over the past week.
After dipping to a low of $0.0000102 on 26 October, SHIB saw a steady climb and was trading at around $0.000013 as of 1 November. It was up 34% in the past week and almost 20% over the previous month.
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