SHIB’s Shibarium Public Beta Is Planned for Deployment in Q3 – Shibarium, a layer two (L2) scaling solution, is set to begin its public beta in the third quarter, which has the shiba inu crypto community excited. The layer two solution will likely reduce transaction fees to zero, according to shiba inu developers Shytoshi Kusama and Ryoshi.
Over the past seven days, the meme token shiba inu (SHIB) has risen 33.6 percent against the US dollar, with the Shibarium announcement playing a significant role in the increase. Additionally, using today’s SHIB exchange rates, an ethereum whale bought 163.2 billion SHIB in the previous day, which is equivalent to almost $1.74 million. On the project’s Discord server, there has been a lot of discussion on the L2 scaling solution Shibarium.
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The Shibarium development team, the Unification Foundation, also provided some details on the upcoming project. Shibarium was introduced during the alpha testnet phase in a closed environment, according to the Unification Foundation. The results were successful, according to the developers, and “the main tool under heavy development is the wallet application.”
Maziar Sadri of the Unification Foundation added the following:
“The IBC, Gravity, and wFUND improvements, along with the FUND Testnet upgrade, are scheduled to be released in Q3 at the same time as the deployment of the Shibarium Public Beta Testnet. Parties will be able to completely interact with the network, including the validation process, on the open beta testnet.”
SHIB has increased 33.6 percent over the past week, but it is still 87.6 percent below the token’s record high, which was reached in October 2021. Despite this, the SHIB token is still up 56 percent against the dollar so far this year.
According to data from Into the Block, SHIB holders are currently profiting at a rate of about 23% at the current price. According to Into the Block metrics, SHIB has a concentration of large investors of about 81 percent, which means there are a lot of whales there.
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Additionally, SHIB has a burn strategy that enables users to burn SHIB in the burn portal in an effort to increase the scarcity of the cryptocurrency asset. There are currently 589,390,205,650,282 SHIB in circulation, though burning does help to lower the supply. Shiba inus have increased by more than 33 percent over the previous week, but in the last 24 hours, they have increased by just 10.1%.
