- Shiba Inu (SHIB) dropped below crucial support at $0.00001.
- Shibarium official gas fee token BONE also fell below $1.
- Shibarium Bridge will be compatible with Ethereum.
Shibarium Public Beta is now in full swing, with the blockchain explorer PuppyScan.io recording 14,050,809 registered wallets on the testnet. With 4.6 million transactions and an average block time of five seconds, the preparation for mainnet seems to be going smoothly.
Popular crypto influencer Lucie S. recently revealed that the promised cross-chain bridge between Shibarium and Ethereum is now “party functional.” The Ethereum-Shibarium Bridge is set to transfer crypto funds in up to 15 minutes. On top of that, crypto enthusiasts who are looking to delegate or stake Bone ShibaSwap (BONE) on Shibarium Bridge could simply do it on Ethereum’s blockchain.
SHIB Roughed Up by the Bears
The popular memecoin Shiba Inu (SHIB) slipped to a three-month low on Tuesday and now trades below a long-term support level. At press time, the canine coin $SHIB is changing hands at $0.00000995, according to CoinGecko. Slightly bearish in the daily chart, SHIB shows just one bullish on-chain sign in Concentration. Ultimately, this means that whales are getting active as more large positions are accumulated.
In response, the community of Shiba Inu holders, popularly known as the SHIB Army, burned 254 million SHIB tokens. This catapulted the daily SHIB Burn rate by 1549.47%, while another crypto enthusiast sent 246,743,138 Shiba Inu tokens to the bottomless pit three hours ago. According to the official SHIB burning tracker, this is the largest single SHIB burn in three weeks, equivalent to $234.
On the Flipside
- Despite the decline in SHIB market value, the dog-themed memecoin is the seventh most talked-about cryptocurrency, according to the latest social data revealed by LunarCrush.
- The Shibarium team is going to host a Shibarium Spaces Giveaway today with an Ask-Me-Anything (AMA) session, including updates on SHIB: The Metaverse.
Why You Should Care
Blockchain interoperability between Ethereum and Shiba Inu’s Layer-2 scaling solution, Shibarium, could significantly increase the utility of both technologies.
Shibarium, the Layer-2 solution for Shiba Inu, is currently in a phased launch stage. The testnet launched on March 11th, 2023, already counts over 14 million wallets. However, there’s no official launch date for the Shibarium mainnet yet.
The beta version of Shibarium is called the ‘puppynet’. This testnet determines the average block size and other technicalities needed for a smooth mainnet launch.
Crypto enthusiasts can buy Shiba Inu’s BONE on a variety of exchanges, both decentralized and centralized. SHIB Token provides the opportunity to buy $BONE on ShibaSwap.
The developers repeatedly confirmed that Bone ShibaSwap (BONE) would be the only gas fee token used in Shibarium. It will likely be used for both governance and gas fees.
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