After rising 13,000% in a few weeks, Shiba Inu entered the top 10 cryptocurrencies by market capitalization in 2021. Six months later, the development team decided to transform SHIB from a simple memecoin to a high-value cryptocurrency.
Members of the Shiba Inu community can’t wait to experience Shiberium, a network layer 2 blockchain that will be available soon. After the $XFUND mainnet update in May, multiple sources revealed that the Shibarium testnet will be launched in June.
Shytoshi Kusama, the main developer of Shiba Inu, gave several clues about the evolution of the project. He recently posted a GIF along with the message “smiles in Shibarium(laughter in Shibarium). A message interpreted by community members as an auspicious sign. As a reminder, the Unification Foundation announced early this year that development of the Shibarium private testnet had moved into the second phase.
Shiba gains utility
However, this wave of enthusiasm surrounding the Shibarium project is not unfounded. According to an article published by the team, transactions “are approved in seconds and cost just pennies.” Kusama confirmed the information on Shiba’s Discord channel, pointing out that “Shibarium will offer low costs for services, games and all projects hosted there.”
In addition to the favorable transaction costs, Shibarium will act as a bridge to other blockchains and give developers the opportunity to use the platform during the next Shibarium Hackathon. In addition, some analysts are already predicting that Shibarium could be the catalyst for a spike in the SHIB token price, similar to that seen in 2021.
Always with the aim of gaining usefulness, Shiba Inu has: javelin in the metaverse. In a blog post, the team revealed that rewards from the virtual land sale event could be handed out to holders as early as July 22. The team also announced plans to reward all users who have locked their LEASH tokens and made at least one bid for “a piece of land” or “created one or more land through their wallet”. According to the same source, the awards ceremony will be a one-off.
Not everything is so rosy for Shiba Inu
Despite all this enthusiasm for Shibarium, the disappearance of Ryoshi, the mysterious founder of Shiba Inu, has cast doubt on investors. Overnight, Ryoshi deleted deleted his social media accounts and all traces of him, raising concerns about the project’s future.
As members of the Shiba army tried to figure out the reasons behind the founder’s sudden disappearance, SHIB’s burn rate began to drop. Yesterday it was down 64.2% meaning only 54.6 million SHIB tokens have been burned. According to analysts, this could slow down the bullish impact of combustion on the price of the token.
However, lead developer Kusama tried to allay fears of Ryoshi’s demise, assuring the rest of the team “will update Ryoshi’s vision and continue planning for this great experience.”
On the other hand, the research team at Finder, an independent comparator, predicts that Shiba Inu could suffer the same fate as Terra (LUNA) after the crash and lose investors billions of dollars. While the project does not offer an algorithmic stablecoin, Finder cites the lack of real-world utility as the reason for a potential collapse.
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