Over the past seven days, the Shiba-Inu meme token has experienced an increase in its value against the US dollar as investors anticipate the beta launch of the Shibarium layer two (L2) scaling solutions. The Developers announced on January 15, 2023 that the L2 Platform, Shibarium beta, is set to be released and will offer Ethereum Blockchain users improved scalability, quicker transaction times and lower fees.
SHIB Token Sees Gains Ahead of Shibarium Release
The SHIB Army, the Shiba Inu meme token (SHIB) community, has been eagerly awaiting the launch of Shibarium, the layer two scaling solution, since the plans for its release were initially revealed in Q3 of 2022. Last December, SHIB members began to speculate that the launch was close and on January 15, 2023 the SHIB Team published a blog post titled “Introduction to Shibarium: Shiba Inu’s Layer 2 Network”.
The blog post declared that “Shibarium beta is about to launch” and detailed what to expect at the launch. The team emphasized that it will be released in phases and that the project’s native token, BONE, will be used to “pay for gas transactions and reward validators and delegators within the Shibarium protocol”. Additionally, the team mentioned that although there is a supply of 250 million BONE, “20 million has been set aside to reward validators and delegators in the coming years.”
The ERC20 shiba-inu meme token (SHIB) has seen a 19.3% increase in value over the past week. BONE has risen 11.1% in the last 24 hours and 16.1% over the past seven days. Other meme tokens have experienced larger gains, with Floki (FLOKI) jumping 26.4% this past week, Let’s Go Brandon (LETSGO) up 71%, Shibavax up 55.9%, Metadoge (METADOGE) up 41.5%, Hoge Finance (HOGE) up 30% and Dogecoin (DOGE) increasing 13.6% against US dollars. The meme coin economy as a whole has dropped 3.5% in the last 24 hours.
What do you anticipate the potential effects of Shibarium to be? How do you think the SHIB token economy will fare in the future? Share your thoughts and predictions in the comments below.
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