Shibarium L2 Cold Wallets Confirmed by Devs

Shibarium developers are launching a cold storage solution as a safe choice for the SHIB Army.

Man proudly looking at a pile of wallets frozen in ice blocks.
Created by Gabor Kovacs from DailyCoin
  • Shibarium developers worked on the Ethereum-Shibarium Bridge last week.
  • Layer-2 compatible cold wallets will let users store their private keys offline.
  • Whales continue accumulating SHIB despite a week-long price freefall.

With phishing crypto hacks and scams on the rise, many crypto enthusiasts have turned to a safer alternative for custody. Cold storage wallets are used to store cryptocurrency offline, thus erasing the chances of an online hacker stealing funds.

Recent Discord conversations reveal a cold storage solution for Shiba Inu (SHIB) is underway. Shibarium, the Layer-2 solution, will use the alternative token Bone ShibaSwap (BONE) for gas fees and governance. Ultimately, this means that both Shiba Inu and Bone ShibaSwap could be kept with private keys offline on a physical device.

Sponsored

Earlier this year, the leading cold wallet storage manufacturer Ledger announced support for Shiba Inu’s Layer-2 Shibarium. Atomic Wallet, another cold storage solution manufacturer, also promised compatibility with Shibarium. However, Shibarium developers are eager to provide an offline cold storage solution forged by Shiba Inu fans, for Shiba Inu fans.

Shiba Inu Standing on Dangerous Ground

The weekly charts suggest that Shiba Inu is going through the trials and tribulations of the crypto winter. At press time, the Japanese guard dog-themed memecoin trades at $0.00000888, according to CoinGecko. Having lost two consecutive fundamental support lines in a week, $SHIB’s 1.1% drop is accompanied by $BONE losing 13.5% in the same week.

Currently, Shibarium’s gas fee token is priced at $0.792588, according to CoinGecko. Moreover, the on-chain signals suggest a three-to-one bearish versus bullish ratio, showing little to no chance for bullish divergence on the daily charts. However, the spiking Ethereum whale activity helped SHIB and BONE restore concentration.

On The Flipside

  • The developers didn’t mention whether the cold storage wallet would exclusively support Shiba Inu Ecosystem tokens. 

Why You Should Care

Shibarium has been in the spotlight for over a year. The Layer-2 scaling solution is crucial for Shiba Inu’s sovereignty.

FAQs

Is Shibarium different from Shiba Inu?

Yes. Shibarium is the Layer-2 scaling solution for the ERC-20 token Shiba Inu. Shibarium is needed to detach Shiba Inu (SHIB) from Ethereum (ETH).

Will Shibarium boost Shiba Inu?

Shibarium might boost Shiba Inu in utility and adoption. Shiba Inu would have its own metaverse and various other DeFi projects powered by Shibarium L2.

Who is developing Shibarium?

SHIB Token, the official developer of Shiba Inu, partnered with the Unification devs over a year ago. Both the Unification xFund and SHIB Token teams are working on Shibarium.

Is Shibarium a new coin?

No, Shibarium is a Layer-2 solution for the Shiba Inu memecoin. Shibarium’s main version will utilize Bone ShibaSwap (BONE) for gas fees on every transaction.

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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.