The Shiba Inu community has been buzzing with excitement at the news of Shibarium’s launch. And now, a new update on the layer-2 network has just dropped, convincing investors that SHIB’s price is about to explode to $0.001.
On Sunday, Jan 15 the team behind Shibarium published a blog, giving the community a first look at the Shibarium protocol. As per the blog, developers behind the much-anticipated protocol were “approaching the finishing touches for Shibarium’s Beta and its imminent launch.”
Addressing the incessant question of “wen” the launch will happen, the team, however, asked the SHIB army to be patient, stating that the phased release was not a matter of when but a matter of developing Shibarium correctly and introducing it responsibly.
“Avoid asking wen, because the answer will always be a ‘soon’,” they said.
In a tweet earlier, anonymous Shiba Inu developer Shytoshi Kusama likened Shibarium to a pine tree which would revamp the Shiba Inu ecosystem and give developers and the Shib community a wide range of functionalities.
“The tree of life may have a thousand leaves, but all these leaves are the same tree.” Wrote Kusama.
“During fall the tree may have only a few leaves, but then spring appears. Luckily, Shibarium, in this context, is a Pine Tree. Still, it needs water, sunlight and proper soil. But pines survive and thrive during the harshest winters.”
Shibarium was first proposed in May 2022 by Ryoshi, the anonymous creator of the Shiba Inu (SHIB) token in May 2021 after launching SHIB in 2020 and establishing a huge and loyal community in the form of ShibArmy.
Shibarium’s goal has been to transform and improve the investor experience in the Shiba ecosystem by providing increased transaction speeds, lowering costs, allowing projects to scale and introducing bridges for other blockchains. In short, Shibarium will propel the Shiba Inu ecosystem towards achieving its full potential, which has been hampered by Ethereum’s low scalability and high gas fees.
Notably, Shibarium will also introduce new SHIB burning mechanisms to help reduce the token’s high supply. As previously reported, BONE will act as the native token selected to pay for gas transactions and reward validators within the Shibarium protocol. Furthermore, for every transaction conducted using BONE, SHIB tokens will be destroyed, effectively reducing the circulating supply of the token over time.
Meanwhile, although the market has reacted favourably to Sunday’s announcement, the upcoming launch has stoked investors who believe that Shibarium will revolutionize the ecosystem in the greatest way possible. Some also see Shibarium as a price-pumping tool that could propel SHIB’s price to even $$0.001. The so-called “DOGE killer” grew by over 30% in the past week, effectively tapping a fresh high. At press time, SHIB was trading at $0.0000112 after growing by 5.81% in the past 24 hours.