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Shiba Inu Coin: Layer 2 solution Shibarium coming June 2022

 


The Shiba Inu Coin made headlines in 2021. The Shiba Inu price rose by more than 13,000 percent in just a few weeks, putting it in the top 10 cryptocurrencies (measured by market capitalization). Now, six months later, the Memecoin development team is working on giving the coin a new utility.


The Shiba Inu community is eagerly awaiting Shibarium , a Layer 2 solution for the Shib ecosystem that is expected to be finalized soon. The Shibarium testnet is reportedly due out in June.


Shytoshi Kusama, one of the main developers of Shiba Inu, gave several cryptic clues about the current development. His last clue was a GIF , which community members interpreted as a positive sign. For SHIB fans, the GIF reminded them of an announcement by Unification, the main developer of the Shiba Inu Chain. In early 2021, Unification announced that development of Shibarium's private testnet reached phase two.

There are a few good reasons for the excitement surrounding Shibarium. A blog post from the development team states that transactions “can be approved in seconds for pennies”. Kusama confirmed on Shiba Discord that "Shibarium will offer low fees for any service, game or whatever builds on it."


In addition, Shibarium can act as a bridge between other blockchains. External developers will soon be given the opportunity to program on the Layer 2 solution as part of the Shibarium hackathon . Some analysts are already suggesting that shibarium could be the catalyst for a massive price rally reminiscent of the 2021 rally.


Shiba Inu was able to successfully increase the utility value of the blockchain with the SHIB metaverse . A team blog post reveals that rewards from land event sales will be available to owners as early as July 22nd. According to the post, users can claim the rewards if they've staked LEASH and "bid at least once on a land lot or on at least one mined land." The development team explained in the blog post that the distribution of the rewards is a one-time event.

Shiba Inu Coin: Can the community handle the problems?

Amid all the hype surrounding the network, investors were concerned about the disappearance of Ryoshi, the mysterious founder of Shiba Inu. The founder deleted his social media accounts overnight and erased all his digital traces amid rumors surrounding the future of the project.


According to developer Kusama, the team will continue despite the disappearance. He claimed that the rest of the team will "realize Ryoshi's vision and plan for this grand experiment."


As the community tried to rationalize the founder's disappearance, another disturbing trend emerged. The SHIB burn rate dropped an incredible 64.2% over the past day. Only 54.6 million SHIB tokens were burned, ie destroyed forever. If the available supply falls, then the price of an asset also rises. According to experts, the declining burn rate could have a negative impact on the development of the Shiba Inu price.


The research team at Finder, an independent comparison platform, predicted that Shiba Inu could face the same fate as Terra and investors could suffer billions of dollars in losses. In the memecoin ecosystem, unlike Terra, there is no algorithmic stablecoin. However, the expert team at Finder cited the memecoin’s lack of use cases as the main reason for predicting that the Shiba Inu coin could hit $0 in 2030.


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All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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