This Is Why Shiba Inu (SHIB) Grows 3.9%: Shibarium Beta Network Update

Shiba Inu and Bone ShibaSwap grow stronger as Shibarium comes together piece by piece.

A shiba Inu dog stands on a black carpet next to a triangular portal. The portal is emanating rainbow-colored, blurred smoke from the center.

The extremely popular memecoin Shiba Inu (SHIB) is on the way to a game-changing technical upgrade. This was revealed on Shibarium Network’s official Twitter, as the developers were eager to praise the SHIB community for “bringing such energy and excitement surrounding the upcoming phased introduction.”

SHIB Developer Team Confirms Gas Fee Token

Moreover, the developer team cleared up the rumors that Shibarium will include more than one gas fee token. Bone ShibaSwap (BONE) is the only cryptocurrency to be used for transaction fees. Ultimately, the developer team reassured that “No other tokens will be necessary to operate within the protocol.”

Sponsored

Right after the message, Bone ShibaSwap catapulted by a whopping 14.5%. Moreover, the gas fee token for Shibarium is having a great month, with 37.5% gains in the last 30 days. In addition, the bullish trend resulted in BONE reclaiming its key support line at $1. Ultimately, BONE posted its best result since November 8th, 2022, as the gas fee token for Shiba Inu’s Layer-2 solution is very popular among top Ethereum (ETH) whales. However, Bone ShibaSwap (BONE) was not the only token to benefit from the developments.

Shiba Inu Gains Traction With Accelerated Burn Rate

The primary token of the Shiba Inu Ecosystem, SHIB, also recorded a 3.9% upsurge in the last 24 hours. This comes along with the news that parts of Shibarium’s code were made public on GitHub. Developers are working with xFund to release the Shibarium Beta as soon as possible.

The development has revived the SHIB Army’s willingness to burn the canine tokens to maintain Shiba Inu’s market price. According to Shibburn, the SHIB burn rate spiked by 33.53% in the last 24 hours, with 90 million tokens already set aflame.

At press time, the #17 ranked cryptocurrency is changing hands at $0.00000845, according to CoinGecko. The canine crypto posted its best result in the last two weeks. In the long run, crypto investors expect to see Shiba Inu thriving in 2023, on the condition that Shibarium’s launch will go smoothly and without significant delays.

On the Flipside

  • Yesterday, the biggest crypto exchange around the globe, Binance, delisted the SHIB/GBP trading pair.
  • Lately, the SHIB Army has been criticized for slow burns. In 2022, over 81 billion SHIB tokens were set ablaze.
  • According to many crypto enthusiasts, the daily burns should be in billions to impact SHIB’s market price.

Why You Should Care

Shibarium, the Layer-2 solution for Shiba Inu (SHIB), is intended to transform the ERC-20 token into a self-sufficient ecosystem.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.