- Key network validator gives update on launch date for Shibarium public beta testnet launch.
- Shib to benefit greatly from the launch as adoption is bound to rise and possibly send prices to $0.10.
Shiba Inu is set to take over the crypto market with the launch of its new Layer-2 scaling solution Shibarium. The launch of Shibarium has been teased for the most part of 2022. Developers are now updating the Shib community on the next move to keep an eye out for.
In a recent tweet from Ringoshi Toitsu, the operator of FUND REUMining and Validator on the Unification maincahin, revealed that Unification and Shib are coming together to “unify data together.”
Toitsu also gave more insight on when to expect the launch in response to a twitter user who insisted on getting an exact date for public beta testnet launch.
“Unification and SHIB team are working non stop to have Shibarium released. There is no exact date provided & would be against my ethics to provide a solid date with no substantial evidence. Best we can do is speculate SOON given the recent github updates.” He explained.
However, a Shib influencer known as Shib BPP, has revealed that the beta testing is going to come right after the documentation process, which is next on developers list.
He also pointed out the addition of a “Shibarium announcement” section to the official Shiba token community on Discord.
$SHIB discord has added a new section #SHIBARMY pic.twitter.com/ySfjkXvj7E
— $SHIB BPP (@ShibBPP) January 4, 2023
Meanwhile, developers have taken time out to clear up rumors surrounding the upgrade. Via the official Shibarium network twitter handle, developers confirmed that Bone is the only token selected by developers for usage and gas fees. “No other tokens will be necessary to operate within the protocol.” They added.
Shibarium Update
As we approach the launch of the upcoming Shibarium Beta Network, we first would like to start by thanking the Shiba community for bringing such energy and excitement surrounding the upcoming phased introduction.
1/6
— Shibarium Network (@ShibariumNet) January 4, 2023
Developers have also debunked claims that suggests that Shibarium is being developed for other tokens.
“Furthermore, and to make it strictly clear: Shibarium has been developed for @Shibtoken and not for the sake of other projects who claim ownership or speculation surrounding its operability dependency on any other tokens.” They explained in another tweet.
Developers reminded community members that the layer-2 scaling solution only belongs to the Shib community and its “solid foundation.” Shibarium will always encompass support Shiba sinus and its growth, they added.
Can Shib attain a price level of $0.10?
Shiba Inu has seen a commendable spike in its price since its launch in August of 2020. Since then, the meme coin has been mentioned side by side with the likes of Dogecoin, one of the longest-standing memecoin in the market.
Shib’s highest price to date is $0.000086. Shib attained this price on the 28th of October and has since dropped to $0.000084.
Shibarium’s launch is expected to take to bring scalability to the network, and this could in turn help Shib to gain more momentum in the market.
Some analysts have also predicted that Shiba Inu has the capacity to rise to $0.10 this year. But in the short term, some are predicting a 30% spike in price before the end of January.
- The SHIB Army is quite excited about the launch of Shibarium, the Layer-2 scalability solution for Shiba Inu.
- Shibarium brings along some key benefits like higher throughput, lower fees, token utility, and much more.
Shiba Inu was one of the most celebrated memecoins during the crypto bull run of 2021. Last year in 2022, the Dogecoin-competitor faced severe correction as altcoins plummeted amid the crypto winter.
However, the Shiba Inu developers have been working on expanding the ecosystem further. One of the most awaited developments for Shiba Inu is its Layer-2 scalability platform Shibarium. While Shiba Inu developers have been working on this exciting development, the SHIB Army is still curious to know why Shibarium is so important and what it exactly does.
As Shiba Inu is closing up to the launch of Shibarium, let’s understand what exactly this new-layer blockchain has to offer.
What Is Shibarium?
Dubbed Layter-2, Shibarium is not exactly a blockchain but an additional layer that runs atop the Ethereum blockchain network. The basic purpose of the Layer-2 scalability platform Shibarium is to take the extra load of Shiba Inu transactions so that it doesn’t solely rely on the Ethereum blockchain.
One of the major issues with the scalability of Ethereum is that all the transactions will be processed on-chain. It means that they will be recorded directly on the blockchain. This might lead to congestion due to the limited amount of space on the blockchain to store transactions.
Here’s where the Layer-2 scalability solution Shibarium comes into the picture. It works by allowing users to perform off-chain transactions which can later be settled on-chain in a batch. Since on-chain settlements happen less actively, it also allows faster and cheaper transactions.
The Layer 2 scalability solution Shibarium also brings along some interesting benefits to the platform. This includes higher throughput for the ecosystem’s users. Another major benefit is that Shibarium will introduce a burning mechanism for the SHIB coins. The massive supply of SHIB tokens is also one of the major obstacles to its transformation into a utility token. Shibarium will help alleviate some of this problem.
Some market players also believe that Shibarium can play a crucial role in the development of decentralized applications (DApps) on the Shiba Inu platform. Besides, as Shiba Inu plans to expand its footprint in the Metaverse space, Shibarium can play a crucial role in this matter.
The Layer-2 scalability platform Shibarium has also got its principal utility token BONE.
Before Shibarium Launch, Ethereum Whales Scoop SHIB coins
On Tuesday, January 3, Shiba Inu (SHIB) popped up as Ethereum whales started scooping a large number of SHIB coins. Also, the SHIB price jumped on Tuesday due to a massive surge in the Shiba Inu burn rate. Over 182 million tokens were burned in just a matter of 24 hours. As of press time, SHIB is trading at a price of 0.000008261 and a market cap of $4.5 billion.
In the past 24 hours, there have been a total of 182,339,090 $SHIB tokens burned and 11 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) January 3, 2023
- One of the top Shiba Inu influencers identified as ShibPP has disclosed that the metaverse was built on Unreal Engine 5.1.
- In July, Shiba Inu lead developer Shytoshi Kusama hinted on The Metaverse on Discord that the project would look “Unreal” without sharing additional details of how unreal the project will look.
In the early hours of today, the metaverse team of Shiba Inu caught the participants of the Ryo Plaza Fireside chat by surprise after dropping the first official look of the WAGMI Temple instead of the expected first concept of Ryo Plaza. This is quite interesting as the first concept of the WAGMI Temple hub was shared in September. It was observed that three cities including Beijing’s Temple of Heaven motivated the architectural design of the digital location. Within the space of three months, the team has been able to make a reality out of the concept.
This beautiful design has been applauded by the SHIB community. Brandie Konopasek, an entertainment veteran, commented on the development.
Official photo release of Wagmi! It’s been incredible to bring this from concept to reality. These are direct pulls from the environment from within the Shib metaverse.
One of the top Shiba Inu influencers identified as ShibPP has disclosed that the metaverse was built on Unreal Engine 5.1.
Shiba Inu update on the entire ecosystem
In July, Shiba Inu lead developer Shytoshi Kusama hinted on The Metaverse on Discord that the project would look “Unreal” without sharing additional details. After announcing a partnership with development studio The Third Floor, the team revealed its Unreal Engine experience.
TTF’s rapid prototyping, powered by real-time processing and creative iteration in Unreal Engine, will take ideas and looks from concepts into 3D prototypes.
It is worth noting that Unreal Engine 5.1 is an iteration of the Unreal Engine. According to the developers, it was designed with an interesting feature set in UE5. This enables creators in different industries to work in a more versatile, efficient, and robust ecosystem.
Recently, Shiba Inu developer “Shib trophias” disclosed that version one of a project was being completed without further information on its name. He further disclosed that the project would be launched in phases to enable the content flow. The Shib community earlier thought the project was Shibarium, however, it turned out to be the entire ecosystem.
The metaverse industry has been estimated to value at around $1.3 trillion by 2030. During the forecast period of 2022 to 2030, the registered CAGR (Growth Rate) is estimated to be around 44.5 percent. In 2021, the metaverse industry was valued at around $51.69 billion.
This growth is expected to be driven by an increase in investment. The likes of Microsoft and NVIDIA have produced software and hardware to help power the metaverse. Around $70 billion was spent by Microsoft on metaverse-based interests.
Shiba Inu is currently trading at $0.000009 with a 1.66 percent surge in the last 24 hours. From the current price, it does not look like Shib can hit $2 in the short term. However, there could be a mini-rally.