Shiba Inu, the second most popular memecoin, is up 2.18% today as the countdown for Shibarium has begun on its Twitter handle. This possibly signifies the upcoming launch of a layer-2 scaling solution.
The meme token has several developmental updates in the pipeline for 2023. Shiba Inu is the 15th largest cryptocurrency. The mini-rally pushed aside the sell-off that had been impacting SHIB’s price over the last few weeks. Shiba Inu enthusiasts hope the price to hit $1 – boosted by two new tokens LEASH and BONE.
Word is that the Shibarium will do wonders for the meme coin. Developers started the work in April 2022. Shiba Inu currently functions on Ethereum blockchain. The shift to Shibarium will see fees drop significantly as transaction fees on the ETH network continue to remain high despite the Merge. Experts say Shiba Inu needs higher scalability and Shibarium will help achieve that. It will be a secondary chain built on top of a base blockchain. The layer-2 scaling solution will alleviate network congestion on the base chain that is the Ethereum network. It will work alongside the existing Ethereum base chain to process transactions and share workload.
The SHIB community has been pushing the cause of a layer-2 scaling solution for quite some time now. As such, Shibarium will surely boost the utility of the meme coin and prompt a rally in Shiba Inu.