Shiba Inu made headlines in 2021 after skyrocketing by over 13,000 per cent in just a few weeks to enter the top ten cryptocurrencies by market capitalization. However, the development team wanted to provide real-world utility six months later rather than the meme coin moniker that helped it gain notoriety.
Shiba Inu’s community is buzzing with anticipation after news that Shiberium, the network’s layer-2 blockchain, is nearing completion. According to several publications, the $XFUND Mainnet upgrade scheduled in May is the greatest indicator that the Shibarium testnet will be introduced in June.
Shiba Inu’s principal developer, Shytoshi Kusama, has thrown several cryptic hints regarding the project. His most recent clue was a GIF labelled “laughing in Shibarium,” which a community member saw as a good sign. In addition, Shiba Inu fans will recall Unification’s statement earlier this year that Shibarium’s private testnet has progressed to the second stage of development.
Shibarium has sparked a lot of interest, and it’s not hard to see why. According to a team blog post, transactions would be “approved in seconds for pennies,” according to a team blog post, fueling the fires of hope for lower transaction fees. “Shibarium will give inexpensive prices for every service, game, or whatever that builds on it,” Kusama said on Shiba Discord.
Other advantages Shibarium could benefit the ecosystem by serving as a link between different blockchains and by allowing developers to build on the platform through the upcoming Shibarium Hackathon. Analysts are already predicting that Shibarium will be the impetus for a big price surge for SHIB, similar to the highs reached in 2021.
With its entrance into the metaverse, Shiba Inu has improved its functionality. According to a blog post from the team, awards from land event sales may be available to the holder starting July 22. According to the post, users can obtain the benefits if they have locked LEASH and bid “at least once on a land plot, or minted land(s) per wallet,” according to the post. The award distribution was a one-time event, according to the team.
Is There Trouble On The Horizon For The Shiba Inu?
The inexplicable absence of Ryoshi, Shiba Inu’s mystery founder, has been a concern for investors amid all the buzz surrounding the network. As speculation about the project’s future grew, the entrepreneur deleted his social media accounts and wiped all his digital footprints overnight.
While the group struggled to make sense of the founder’s disappearance, a concerning trend emerged, raising even more concern. The burn rate of SHIB tokens reduced by 64.2 per cent in the last day, with only 54.6 million SHIB tokens burned. Experts believe that the impact will be a delay in the bullish influence that it may have on the entire coin.
Kusama, the lead developer, downplayed the departure, saying the rest of the crew would “actualize Ryoshi’s vision and plan for this huge experiment.”
Meanwhile, the research team at Finder, an independent comparison site, believes Shiba Inu will follow Terra’s lead and crash, leaving investors with billion-dollar losses. Finder mentions the lack of real-world use as a reason for a probable crash, notwithstanding the lack of an algorithmic stablecoin.