Shiba Inu, a meme coin, has seen big gains in the past week, with its price surging 26.4% over past week, according to CoinGecko data. It's up 2.4% in the past 24 hours. One of the reasons for the surge could be that traders are anticipating the launch of an upcoming Ethereum-based blockchain called "Shibarium," which developers announced on Jan. 15.
Other dog-related coins have also seen their price go up. Dogecoin, the original Shiba Inu-themed coin, is up 3.6% in the past week, and up 10.7% in the past 14 days, per CoinGecko data. BONK, which saw its price surge 3,174% in the beginning of January, is up 18.5% in the past 7 days.
What is a Shibarium?
Shibarium, a fork of the Shiba Inu token, was created as an alternative to its predecessor with the goal of providing a more sustainable ecosystem for holders and addressing issues such as high volatility and a lack of a clear plan for token utilization. The team behind Shibarium has been working diligently to develop a Layer 2 network, which is a major milestone for the token.
This upgrade will greatly enhance the user experience and solidify Shibarium's place in the cryptocurrency market. The launch of the Layer 2 network is expected to drive increased adoption and growth in value for Shibarium, as well as attract more developers to the blockchain due to the faster and cheaper transactions it enables.
Understanding Shibarium Validators
The validator's role is to ensure the integrity of Shibarium's blockchain by verifying that transactions are valid and conform to the network's rules and protocols. Validating transactions requires validators to expend computing resources to process and verify transactions. They will earn a small portion of the transaction fees and rewards from the network as a reward.
The Shiba Inu (SHIB) is currently the 15th largest cryptocurrency by market cap in the world, and the community hype and Ethereum whale interests majorly drove its price to its all-time high in 2022. According to the current price stats, the Shiba Inu (SHIB) was trading with a live price of USD 0.000010 and a 24-hour trading volume of around USD 383 million. With significant technical indicators showing a buy signal for SHIB.
Moreover, After the Shibarium launch, SHIB holders will have access to exclusive features such as the SHIBDAO airdrop, allowing them to earn additional rewards.
In 2023, Shiba Inu is paving the way for a new era of decentralized innovation. With its scalable Layer 2 blockchain, developers can create and test digital assets with much greater flexibility and scalability. This announcement means that once the Shibarium mainnet goes live and is adopted by the community for development on its blockchain, Shiba Inu's price might be even further spiked.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.