Shiba Inu Coin Gains Following Update On Shibarium Project
Shiba Inu Coin Gains Following Update On Shibarium Project.
After the Shiba Inu Coin developers recently announced that their long-awaited Layer 2 blockchain protocol, Shibarium, is coming very soon, excitement and bullishness for the popular memecoin has returned once again.
About Shibarium
The developers explain in a new blog post that the Shibarium project itself is a Layer 2 blockchain protocol that aims to bring users faster transaction speeds, lower fees, and increased scalability. This will happen due to the fact that it will run on top of the Ethereum (ETH) blockchain, helping to reduce bottlenecks with scaling and data.
“In layer-2 blockchains like Shibarium, transactions occur ‘off-chain,’ meaning transactions occur outside of the layer-1 (Ethereum) blockchain, and are communicated back. Allowing the layer-2 blockchain to do the majority of the processing work alleviates bandwidth, which results in lower costs (gas fees) and processing time for the end users.” The official Shiba Inu blog explains.
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🍖 Introduction to Shibarium: Shiba Inu's Layer 2 Network — Rejoice #ShibArmy! Shibarium Beta is about to be launched, and through this article we want to introduce some basic concepts in order to provide clarity to the community.
Read more: https://t.co/xWyPaVlQQ4
— Shib (@Shibtoken) January 15, 2023
Shiba Inu ($SHIB) Pumps
Following this announcement on Jan 16th, the Shiba Inu Coin ($SHIB) has continued to pump as the community becomes increasingly bullish for the new project.
According to data from Coingecko, $SHIB saw more than a 31% increase in trading volume and is currently sitting as the 15th-ranked crypto asset by market cap at a price of $0.000012 at the time of writing.
The memecoin is gaining at a much larger rate in the past 7 days in comparison to its biggest competitor, popular memecoin Dogecoin ($DOGE), which has only surged by around 10% in trading volume within the past week.
$SHIB pump continue. It is very very much strong! 🔥🚀 pic.twitter.com/azix6tixcG
— $SHIB KNIGHT (@army_shiba) January 18, 2023
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