The Shiba Inu made headlines after rising over 13,000 within weeks to break into the top-10 cryptocurrencies by market capitalization in 2021. Six months down the line, the development team wants to give it real-world utility instead of the Memecoin tag. for fame.
The community of Shiba Inu has been filled with excitement following reports that Shiberium, a layer-2 blockchain around the network, is nearing completion. Multiple reports have suggested that the Shiberium testnet will be launched in June, with the strongest indicator being the $XFUND mainnet upgrade expected in May.
Shiba Inu lead developer Shiotoshi Kusama has given several cryptic hints about the development. His latest clue was a GIF titled “Laughter in the shibarium”, which a member of the community perceived as a positive sign. Shiba Inu enthusiasts can look forward to recalling Unification’s announcement earlier that year that Shiberium’s private testnet development had moved into phase two.
The enthusiasm about Shiberium is not far-fetched. A blog post by the team stated that the transaction would be “approved in seconds for the money”, fueling the embers of hope for cheaper transaction fees. Kusama confirmed this on Shiba Discord that “Shiberium will offer a low fee for every service, game, or whatever it builds on.”
Other benefits Shiberium can offer is an ecosystem acting as a bridge between other blockchains and an opportunity for developers to build on the platform through the upcoming Shiberium Hackathon. Analysts are already calling that Shiberium could be the catalyst for a massive price rally for SHIB that will be reminiscent of the highs from 2021.
The Shiba Inu continues to improve its usefulness Foray In the Metaverse. A blog post from the team revealed that the rewards from the sale of the land could be available to the holder from July 22. The details in the post indicate that users can receive rewards if they have locked LEASH and bid for “at least once upon a time”. land plot, or mining land(s) per wallet”. The team said the reward distribution was a one-time event.
Trouble going on on the Shiba Inu horizon?
Amid the hype around the network, the disappearance of the mysterious founder of Shiba Inu, Ryoshi, has been a cause of concern for investors. deleted His social media accounts and all his digital footprints were wiped out overnight as talk started about the future of the project.
While the community tried to rationalize the founder’s disappearance, a worrying trend reared its head causing further panic. The SHIB burn rate is down by 64.2% compared to the previous day as only 54.6 million SHIB tokens were burned. According to experts, the effect is a delay in the bullish effect on the entire token.
Lead developer Kusama downplayed the disappearance, claiming that the rest of the team would “realize Ryoshi’s vision and plan for this grand experiment.”
Meanwhile, the research team at Finder, an independent comparison site, predicts that the Shiba Inu may face a similar fate as Terra after the crash, costing investors billions in losses. Despite the absence of an algorithmic stablecoin, Finder cites the absence of real-world applications as a possible cause of the crash.