Shibarium blockchain is in its stage of development and a lot of people are looking forward to its launch, Shiba Inu ecosystem gain a lot of traction last year due to a lot of hype during the era of meme coins often refer as shitcoin and it will keep growing as Shibarium blockchain is set to solve some issue that will make the ecosystem grow tremendously.
Shiba Inu gain a lot of communities and it has been accepted by vendors as a means of payment for goods and services. Thus, Shiba Inu is now transforming from just a meme coin to a coin with great utility.
Meanwhile, Shiba Inu is consequently growing its ecosystem through its product such as SHIB: The Metaverse and the Shiba Inu game. However, for several other projects in the works, they will all rely on Shibarium.
While we await the launch of Shibarium Blockchain, let’s take a look at what it entails, the date of the shibarium launch, and How Shibarium Blockchain Release Will boost Shiba Inu’s price.
Kindly take a glass of wine and a seat while you read along.
What Is Shibarium Blockchain?
Shibarium blockchain is a layer 2 protocol first proposed by the creator of the Shiba Inu coin – Ryoshi. When the Shibarium blockchain launch; the Shib token will be migrated to the Layer 2 protocol, Shibarium is a Layer 2 that will be built on top of an existing blockchain “Ethereum“.
However, Shibarium is not its own blockchain nor will there be a Shiba Inu V2 token but Shiba Inu will stay connected to the Ethereum blockchain which the Shiba creator relegated.
One of the important factors of creating Shibarium blockchain is to lower the transaction fee which is also referred to as the gas fee, according to Unification a foundation that creates rapidly deployable blockchain tools with built-in cost & speed predictability that bring security & efficiency said Shibarium blockchain transaction will be “approved in seconds for pennies”.
Ryoshi the Shiba Inu creator and the Shiba projects lead made it clear while speaking on Shiba discord that Shibarium blockchain transaction fee will be minimal or even zero and Shibarium blockchain will offer low fees for every service, game, or whatever that’s built on it.
However, the worst-case scenario of the Ethereum blockchain is it high gas fee it possesses which really hit Shiba holders while purchasing Shiboshi NFTs, and the ratio of losses ranges from hundreds to thousands of dollars – this is one of the reasons Ryoshi is developing the Shibarium Blockchain.
Shibarium Blockchain Launch Date
A lot of Shiba holders are anticipating the launch of the shibarium blockchain — Ryorhi and Shytoshi Kusama the developer of Shiba Inu said the Shibarium public beta will launch in the third quarter of 2022.
Thus, the Unification Foundation recently revealed some updates about the upcoming Shibarium Blockchain in the Shiba discord server according to news.Bitcoin.com, Shibarium was launched in a private setting during the alpha testnet phase; the developer reported that “it went successful, the primary tool under heavy development is the wallet application.”
Meanwhile, the wallet is already planned to be an all-inclusive application that is eligible to move assets from layer 1 and layer 2, it will also provide the chance for staking, and in the nearest future, ShibaSwap will be integrated into the wallet.
The Shiba Inu holders are awaiting details on the launch of Shibarium blockchain documentation, Shiba Inu Games, and “Shib: The Metaverse,” among other things.
The Shiba Inu creator made it known to the public that the Shibarium Public Beta TestNet will allow users and developers to finally test and evaluate the project, including the process of validation.
How Shibarium Blockchain Release Will Boost Shiba Inu Price
The Shibarium blockchain release will really boost the price of Shib through the Shiba burning mechanism – the vision of the Shiba Inu creator “Ryoshi“.
Thus, Shiba Inu (SHIB) has seen a 33.6% gain against the U.S. dollar during the last seven days and much of the rise revolves around the Shibarium announcement. Furthermore, an Ethereum whale purchased 163.2 billion SHIB during the last 24 hours worth around $1.74 million at the time of writing this.
The burning mechanism is really a good strategy to make the Shiba Inu price keep soaring, the burn rate is dramatically increasing due to the fact that there’s a reward to Shiba holders ready to burn the Shiba Inu tokens.
Shibburn portal reveals that 23.4 million Shiba Inu coins were burned in three recent transactions which were announced by Shibburn official Twitter handle
410.37 trillion Shiba Inu coins have been burned so far, rapid burn could fuel bullish sentiment among holders according to Fxstreet.com, the launch of the Shibarium blockchain will prepare the Shiba Inu token for a rally.
However, Shiba holders can burn Shiba tokens to effectively reduce their circulating supply, burning Shiba tokens means removing them from circulation forever. Tokens are transferred to a burn address, i.e. a wallet from which they cannot be retrieved.
Once a token is sent to a burn address, it’s gone forever. A burnt cryptocurrency has a reduced supply, making the tokens scarcer. A scarcity can increase the price of the tokens, benefiting investors, yet it is not always guaranteed.
Thus, there’s a reward for burning the Shiba tokens as the Shiba portal was been built to reward $SHIB burners, with a passive income acknowledgment, in the form of $RYOSHI Rewards. Meaning that 0.49% of all RYOSHI transactions will be distributed to owners of $burntSHIB.
What is the Shibarium Utility token?
Numerous Shiba inu holders are asking what will be Shibarium Blockchain utility token, some believe Shiba inu will power the shibarium blockchain. Thus, the Shiba creator – Ryorshi addressed the issue and explain more about the Shibarium utility token
It was said that; Shiba inu won’t be the utility token of the shibarium blockchain but “Bone”, the creator speaks more on his reasons for Bone being the utility token of the Shibarium blockchain.
Ryoshi started that bone will have a good and ‘0’ begin during which they’ll not be troubled concerning over-arching whale bags.
Ryoshi also said SHIB and LEASH tokens presently have a lot of utility in ShibaSwap, neither of those will be the first combined token for the Shibarium blockchain. Instead, it’ll be BONE.
It seems Shiba Inu developers are currently building more utility for Shiba Inu, Leash, and Bone tokens. Though ShibaSwap rewards Shiba Inu holders for aiding the whole swaps occurring on the Dex.
Besides, SHIB holders also can purchase goods online via NOWPayments, and BitPay currently permits firms to adore Newegg and AMC diversion to accept payments in SHIB coins.
Thus, ShibaNet is a localized marketplace that may permit the Shiba Inu community to exchange merchandise and services seamlessly. The product is under development and this can also boost the price of Shiba inu to keep soaring.