The team behind Shiba Inu (SHIB), the dog-themed meme coin, has announced the upcoming beta release of Shibarium — a layer-2 network that will run atop the Ethereum mainnet.
SHIB Devs To Launch Shibarium L2 Blockchain Beta This Week
The SHIB ecosystem’s speedy layer-2 upgrade Shibarium is just around the corner.
Shiba Inu developers disclosed on Wednesday that a beta testnet, or a blockchain that simulates real-world functioning, is expected to go live in the course of this week. Users were advised to stay tuned for more details on how to access the beta version.
The public beta is a huge milestone for the Shibarium network, which SHIB lead developer Shytoshi Kusama is steering. Shibarium will reportedly reduce costs and increase transaction speeds — although the precise number of transactions per second has not yet been revealed.
In a previous announcement, the team noted that besides removing barriers to entry for small transactions, Shibarium will also allow the development of decentralized applications (dapps) and the integration of nonfungible tokens (NFTs).
Additionally, after Shibarium goes live, all transactions made on the blockchain will require a certain amount of SHIB to be burned, adding deflationary pressure on the whole SHIB supply — an often-requested feature by Shiba Inu fans.
SHIB To $0.001?
Members of the Shiba Inu community expressed their excitement over the upcoming network development. Notably, the launch could greatly boost Shiba Inu’s fundamentals as the “Dogecoin Killer” endeavours to grow into a more serious project and shed its meme coin status en masse.
That said, the move could also contribute to strong fundamentals for SHIB’s three ecosystem tokens: Shiba Inu (SHIB), leash (LEASH), and bone (BONE), which together command more than $6 billion in market value.
As for Shiba Inu’s token, SHIB jumped over 5% on Wednesday on the back of the announcement of the beta version launch. Shiba Inu investors believe that the token has the potential to reach $0.001 or even $1. Time will tell whether SHIB, currently valued at $0.00001129, has what it takes to reach these coveted heights.