The Shiba Inu Coin made headlines in 2021. The Shiba Inu price rose by more than 13,000 percent within a few weeks and thus ranked in the top 10 cryptocurrencies (measured by market capitalization). Now, six months later, the memecoin development team is working on giving the coin a new value.
The Shiba Inu community is eagerly awaiting Shibarium, a layer 2 solution for the Shib ecosystem whose development should be completed soon. According to reports, the Shibarium testnet is scheduled to be released in June.
Shytoshi Kusama, one of the main developers of Shiba Inu, gave several cryptic hints about the current development. His last clue was a GIF with the caption ” Laughs in Shibarium”, which the community members interpreted as a positive sign. The GIF reminded SHIB fans of an announcement by Unification, the main developer of the Shiba Inu Chain. In early 2021, Unification announced that the development of Shibarium’s private test network reached the second phase.
The excitement around Shibarium has some good reasons. A blog post by the development team states that transactions ”can be approved for penny amounts in a matter of seconds”. Kusama confirmed on Shiba Discord that “Shibarium will offer low fees for every service, game or whatever is built on it.”
In addition, it can Shibarium act as a bridge between other blockchains. External developers will soon be given the opportunity to program on the Layer 2 solution as part of the Shibarium hackathon. Some analysts already believe that Shibarium could be the catalyst for a massive price rally, which could be reminiscent of the 2021 rally.
Shiba Inu was able to successfully increase the utility value of the blockchain with the SHIB-Metaverse. A blog post from the team shows that rewards from the land event sales will be available to holders as early as July 22. According to the post, users can receive the rewards if they staked LEASH and “bid on a land plot or on at least one mined land at least once”. The development team explained in the blog post that the distribution of the rewards is a one-time event.
Shiba Inu: A picture of BeInCrypto.com
Amid all the hype around the network, investors were worried about the disappearance of Ryoshi, the mysterious founder of Shiba Inu. The founder deleted his social media accounts overnight and blurred all his digital traces when rumors about the future of the project arose.
According to the developer Kusama, the team will continue despite the disappearance. He claimed that the rest of the team “Ryoshi’s vision and plan for this great experiment will be realized.”
While the community was trying to rationalize the disappearance of the founder, another disturbing trend was emerging. The SHIB burn rate dropped by an incredible 64.2% over the course of the last day. Only 54.6 million SHIB tokens were burned, i.e. destroyed forever. If the available supply decreases, then the price of an asset also increases. According to experts, the declining burn rate could have a negative impact on the development of the Shiba Inu price.
The research team of Finder, an independent comparison platform, predicted that Shiba Inu could suffer the same fate as Terra and the investors could suffer losses in the billions. In the memecoin ecosystem, there is no algorithmic stablecoin compared to Terra. However, the Finder team of experts cited the lack of use cases of the memecoin as the main reason for predicting that the price of the Shiba Inu Coin could be $ 0 in 2030.
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