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SHIB Token gains traction ahead of Shibarium Beta Launch

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Shiba Inu, an ERC20 meme token, has surged 19.3% against the US dollar in the last week as a result of Shibarium news. 

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Shiba Inu, a meme token, has increased in value against the dollar over the past week as supporters look forward to the beta release of Shibarium, a layer-two (L2) scaling solution. On January 15, 2023, developers revealed that the L2 platform, or "Shibarium beta," is set to be released on top of the Ethereum blockchain to provide improved scalability, quick transaction times, and low fees.

SHIB Token Market Reacts Favorably to Shibarium's Planned Release

The launch of Shibarium, a new layer-two scaling solution built for the SHIB crypto ecosystem, has the Shiba Inu (SHIB) meme token community, also known as the "SHIB Army," extremely enthusiastic. Shibarium was expected to show up in the third quarter of 2022; however, indications about its launch started to surface last year. SHIB community members made suggestions that the project's launch was coming soon, in the middle of December 2022. The SHIB team wrote a blog post titled "Introduction to Shibarium: Shiba Inu's Layer 2 Network" on January 15, 2023.

Shibarium beta is supposedly about to launch, according to the blog post, which also outlines what people can expect from the launch. Shibarium will be released in phases, according to the team. BONE, the project's native token, will be used to "pay for gas transactions and reward validators and delegators within the Shibarium protocol." Even though there is a supply of 250 million BONE, the team notes that "20 million have been reserved to reward validators and delegators in the coming years."

Shiba Inu (SHIB), an ERC20 meme token, has surged 19.3% against the US dollar in the last week as a result of Shibarium news. BONE has increased 11.1% over the last 24 hours and 16.1% over the past 7 days. Other meme tokens have witnessed higher gains despite the Shibarium beta launch, such as floki (FLOKI), which increased by 26.4% this week.

In the past seven days, Shibavax (SHIBX) and Let's Go Brandon (LETSGO), two meme tokens, have both seen gains of over 70%. This week, Hoge Finance (HOGE) and Metadoge (METADOGE) have both increased by 30.5% and 41.5%, respectively. Dogecoin (DOGE), the father of meme coins, has recorded a modest rise this week, increasing 13.6% against the dollar. The meme coin economy as a whole is down, having lost 3.5% of its value in the last 24 hours.

ALSO READ- What Bitcoin Price Models Show in Green - Is Crypto Winter Ending?

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