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As per the recent development, it is fairly easy to see that the price of Shiba Inu (SHIB) has skyrocketed by 14%. The surge in the value of Shiba Inu (SHIB) can be linked directly to the launch of its testnet, Shibarium. Shibarium can be defined as a layer 2 blockchain protocol that runs on top of the ETH blockchain. The network is specially crafted to power the entirety of the Shiba Inu ecosystem, including a bunch of its services. Similarly, developers would be offered ease when building and expanding already existing blockchains.
Shibarium would also offer users higher transaction and processing speeds and an increased level of scalability. Scalability results from transactions taking place outside of the Ethereum network. This, later on, allows the blockchain to handle a big chunk of the processing work. As a result, processing costs and processing times are reduced considerably. At the time of writing, Shiba Inu (SHIB) is trading for approximately $0.00001233. Furthermore, the memecoin has also witnessed an increase of almost 15.34% in the previous 24 hours. As long as the weekly increase is concerned, the memecoin has surged by an impressive 32.55%.
Shiba Inu (SHIB) can be classified as being the 15th largest crypto on the basis of its total market cap. Many believe that a great number of ETH whales took an interest in crypto, and that is the major reason for the token hitting an all-time high previously.
Shiba Inu (SHIB) Hopes to Revolutionize
To greatly lend a helping hand towards transactions, Shiba Inu (SHIB) has even launched its own governance token, BONE. The main purpose of the governance token revolves around paying for gas transactions. It even includes rewarding validators in the Shibarium protocol. As of now, the developers involved have launched a faucet for test tokens to test applications and digital assets. This would even allow users to test and obtain the crypto necessary to interact with the blockchain. Similarly, the faucet would even disperse little amounts of BONE which would allow users to test the network using the native token.
Shiba INU (SHIB) plans to establish itself as a pioneer in decentralized innovation. The layer 2 blockchain would offer developers the ease to seamlessly create and test digital assets. The moment the mainnet for Shibarium goes live officially, there is a great chance that the price of the token might increase considerably.
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