The meme token shiba inu has seen a rise against the U.S. dollar during the last seven days as the coin’s supporters anticipate the beta launch of the layer two (L2) scaling solution Shibarium. Developers detailed on Jan. 15, 2023, that the L2 platform, “Shibarium beta,” is about to be launched on top of the Ethereum blockchain to provide better scalability, faster transaction times, and lower fees.
SHIB Token Market Reacts Positively to Upcoming Shibarium Launch
The shiba inu (SHIB) meme token community, also known as the “SHIB Army,” has been growing excited about the launch of Shibarium, a new layer two scaling solution crafted for the SHIB crypto ecosystem. Hints about Shibarium’s launch started last year as it was originally supposed to launch in the third quarter of 2022. In mid-Dec. 2022, SHIB community members hinted that the project’s launch was getting closer by the day. On Jan. 15, 2023, the SHIB team published a blog post called “Introduction to Shibarium: Shiba Inu’s Layer 2 Network.”
The blog post insists “Shibarium beta is about to be launched” and describes what people can expect from the launch. The team stresses Shibarium will be a phased release. The project’s native token, called BONE, will be leveraged to “pay for gas transactions and reward validators and delegators within the Shibarium protocol.” The team also mentions that while there is a supply of 250 million BONE, “20 million have been reserved to reward validators and delegators in the coming years.”
The ERC20 meme token shiba inu (SHIB) has been rising on the Shibarium news during the last week as SHIB jumped 19.3% higher against the U.S. dollar. In the last 24 hours, BONE is up 11.1% higher and BONE has gained 16.1% this past week. Despite the Shibarium beta launch, a number of other meme tokens have seen bigger rises like floki (FLOKI), which jumped 26.4% this week.
The meme token let’s go brandon (LETSGO) is up 71.6% during the last seven days, and shibavax (SHIBX) has increased by 55.9%. Metadoge (METADOGE) is up 41.5% this week and hoge finance (HOGE) has risen 30.5%. The godfather of meme coins, dogecoin (DOGE), has seen a moderate increase this week, jumping 13.6% against the U.S. dollar. The meme coin economy, in general, is down as a whole, as it has lost 3.5% in value during the past 24 hours.