#ShibaInu #SHIB #Layer2 #Ethereum
Shiba Inu($SHIB) team announced on Twitter that the public beta of the Layer 2 solution of the Shiba Inu network, Shibarium, will be launching this week. And more details will be revealed soon over the next few days on Shiba Inu official socials.
$SHIB: The Meme Coin of 2021
In 2013, the first meme coin, Doge Coin($DOGE), was created by combining the ascendant cryptocurrency Litecoin and a meme named “Doge” featuring a Shiba Inu. The Shiba Inu Coin, or $SHIB, was later created in 2020 featuring the Shiba Inu — a Japanese breed of hunting dog as its mascot. Shiba Inu was once widely considered to be an alternative to Dogecoin, and was even called “the Dogecoin killer” by some of its proponents.
$SHIB rarely caught any attention after its launch, as it cost a fraction of a cent. The scene changed after its price rocketed over 200 times from $0.00000016 to $0.00003469 in May, 2021. The price of $SHIB fell quickly after the first peak but then rised for another 10 times from $0.000007021 to $0.00007489, hitting a new all-time high in October, 2021. However, the price continues to decrease ever since, but it continues to make noise in the crypto market.
Shiba Inu Ecosystem: More Than Just $SHIB
Even though the price of $SHIB never hit another all-time high after 2021, the developers and community of the Shiba Inu never stopped their pace. The team launched Leash token($LEASH) and Bone token($BONE) in April 2021 and September 2021 to serve different purposes for $SHIB ecosystem. $LEASH is a special token for loyal Shiba Inu ecosystem supporters, enabling holders to benefit from different access or perks such as incentivized rewards for liquidity providers on ShibaSwap, which is a native decentralized exchange(DEX) on Shiba Inu Ecosystem. $BONE was later issued as the governance token for the ecosystem, allowing holders to have their voice heard by voting on proposals through the Doggy DAO.
Shiba Inu ecosystem also includes: Shiboshis collection, which is a NFT collection of 10,000 Shiba Inu generated Nonfungible Tokens(NFTs) that are recorded on Ethereum blockchain, Shib the Metaverse, which is a virtual representation of SHiba Inu collective history, Shiba Eternity, a free-to-play collectbable card game. The team later launched Shibarium, which is a layer-2 scaling solution on Ethereum network.
Shibarium: The Layer-2 Solution Within Shiba Inu Ecosystem
Announced in late 2022, Shibarium is the highly anticipated layer-2 solution on top of Ethereum, which is the first extended network associated with meme coins. Shibarium will drive the Shiba Inu ($SHIB) ecosystem by introducing new dApps and products.
Like all major L2s, such as Arbitrum, Optimism, Shibarium aims to handle a portion of off-chain computation to reduce the pressure of transactions on the Ethereum network, resulting in faster transaction times, lower fees, and an expanded development framework. $BONE will become the native token to pay for gas transactions and reward validators and delegates in the Shibarium ecosystem.
The Future of “Dogecoin Killer”
The official release date of Shibarium mainnet was initially in Q3 2022, but was unable to launch on time due to any problems in development. After development for another few months, it was finally announced that a beta version of Shibarium could be launched soon in Feburary 2023. Starting from this week, the public beta testnet is finally online and allowing users and developers to use or test their Dapps deploying on Shibarium.
However, the launch of a layer-2 network will not guarantee $SHIB to become the ultimate Dogecoin killer and take away its throne, as the team and community of Dogecoin are also making continuous progress and developments. But it’s undeniable that $SHIB has become one of the most iconic meme tokens with a powerful community and ecosystem.
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