- 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.
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.
Sponsored
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
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).
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.
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.
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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