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Is Shiba Inu Ending Its Meme Coin Era?

Cryptocurrency Jun 08, 2022 08:01AM ET
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Is Shiba Inu Ending Its Meme Coin Era?
 
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Shibu Inu embarked on its flight to the moon in 2021, entering the top 10 cryptocurrencies by market capitalization in just a couple of weeks. Having been named DOGE’s rival, Shiba Inu is constantly making progress, developing utility that could easily be considered beyond that of the meme coin tag that made it famous. Currently, the community is waiting with baited breath for the next significant upgrade coming at the end of June.

The Release of Shibarium and Layer 2

The Shiba Inu community, which refers to itself as the “Shib Army”, is anticipating the long-promised launch of ‘Shibarium‘, which investors believe could result in sustainable scaling for the price of SHIB. Shibarium is a blockchain/Layer-2 solution originally proposed by Ryoshi, the creator of the Shiba Inu Coin, before his disappearance. Once it launches, SHIB tokens will be migrated to Level 2.

Unification, which is currently operating on Shibarium, announced earlier this year that development had reached the second stage of the private testnet. Reports are doing the rounds on social media that Shibarium may even release in June. However, there has been no official confirmation of a release date, or even the rollout of any Shibarium documentation, despite the hype. However, it has been made clear that the initiative, once launched, will be using Shiba governance token BONE as its base liquidity asset.

The Importance of Shibarium

Shiba Inu is an ERC-20 token built on the Ethereum blockchain. The Ethereum network’s biggest drawback has historically been the high gas fees required for investors to pay in order to complete transactions. A Layer-2 solution on top of the Ethereum network can often help to byass those high gas fees.

Once implemented, Shibarium is expected to be an in-house platform for transactions that provides users with significantly reduced gas fees. After launching the Layer-2, Shiba Inu has additional plans in the works to develop an algorithmic stablecoin that would be pegged to one cent, instead of the typical dollar peg used by most other stablecoins, and would be used as a form of digital payment for microtransactions. The Shiba Inu ecosystem now features a decentralized exchange (DEX), an NFT gaming platform, and a metaverse application, giving the Shiba Army hope for the future of the ecosystem to be more than its meme origins.

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Is Shiba Inu Ending Its Meme Coin Era?
 

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