THE DAILY ENCRYPT

September 30, 2022

Shiba Inu’s Layer 2 (L2) Scaling Solution to Launch by Q3

After it was announced that the public beta of Shibarium's layer two (L2) scaling solution, the shiba-inu crypto community anticipates its launch....
Photo by Jack B

After it was announced that the public beta of Shibarium’s layer two (L2) scaling solution, the shiba-inu crypto community anticipates its launch.

Shytoshi Kusama, Ryoshi and Ryoshi, shiba-inu developers, claim that the layer two solution will reduce transaction fees significantly and even possibly lower to zero.

Shiba Inu’s L2 solution Shibarium will launch in Q3, Ethereum Whale Acquires 16.3.2 Billion SHIB
The meme token Shiba Inu (SHIB) has experienced a 33.6% increase against the U.S. Dollar over the past seven days. Much of this rise is due to the Shibarium announcement. A 163.2 million SHIB whale bought in the last 24 hours for $1.74million using today’s SHIB exchange rate. On the Discord server, there has been much discussion about Shibarium’s L2 scaling solution. And

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The Unification Foundation, which is a group of developers behind Shibarium has also shared some updates on the project. The Unification Foundation claims that Shibarium was launched during the alpha testingnet phase in a private environment. Developers explained that the results were positive and the wallet application was the primary tool under heavy development.

Further, the Unification Foundation’s Maziar Sahri was added:

The deployment of the Shibarium Public Beta Testnet is scheduled for Q3, in time for the FUND Testnet upgrade, which will include the highly anticipated IBC/Gravity/wFUND updates. Parties will be able to interact fully with the network through the public Beta Testnet, which includes the validation process.

Year-to-Date, SHIB is up 56% against the US Dollar
SHIB has increased 33.6% in the past week but is still 87.6% below the October 2021 all-time high. The SHIB token is up 56% against the U.S. Dollar year-to date. According to Into the Block statistics, SHIB holders are making around 23% at the current price as of the writing. SHIB is home to a lot of whales. Into the Block metrics show that SHIB’s concentrations of large holders are approximately 81%.

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SHIB has a burn strategy. This allows people to burn SHIB through the burn portal, making the crypto asset less common. SHIB is still in high supply today, with 589,390.205,650.282 SHIB. Although shiba Inu gained more than 33% in the last week, only 10.1% was collected within the last 24 hours.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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