The Shiba Inu team has sent excitement across its community as the meme coin is set to emerge from its meme tag with real-world utility. The meme coin’s Shiberium, a layer-2 blockchain, is nearing completion. The Shiberium testnet will be launched later this month.
Shytoshi Kusama, the lead developer of Shiba Inu, has been dropping hints with the latest being a GIF captioned “laughter in Shibarium. Earlier in the year, Shiba Inu enthusiasts saw Shibarium’s private testnet development proceed to the second stage. The meme coin’s team, in a blog post, highlighted that transactions would be approved in seconds for pennies. This set the rumor mill rumbling about cheaper transaction fees. Kusama said Shibarium will offer low fees for every service, game, or whatever that builds on it.
Shibarium will act as a bridge between other blockchains and offer developers the opportunity to build on the platform via the Shibarium Hackathon. Analysts believe the layer-2 blockchain could be the catalyst for a massive price rally for SHIB. The meme coin continues to improve on its utility as it has also stepped into the metaverse. Rewards from land event sales would be available for the holder from July 22. Users can receive rewards through locked LEASH and bid at least once on a land plot, or minted lands. But the reward distribution was a one-time event.
The Shiba Inu network hasn’t been free of problems. Its mysterious founder Ryoshirecently deleted his social media accounts and erased his digital footprints. Furthermore, the SHIB burn rate dropped by more than 60%, and only 54.6 million SHIB tokens were burned. Concerns arose about the bullish impact on the entire token.