The development team behind one of crypto’s most popular dog-themed meme coins, Shiba Inu (SHIB) is getting ready to launch a new upgrade called ‘Shibarium’ that will reportedly bring a whole host of benefits to the SHIB network.
According to the announcement posted to Shiba Inu’s official blog, the Shibarium network — which in the absence of a specific release date, is coming “soon” — will reduce costs, and speed up transactions on the SHIB blockchain.
While many of the members of the Shiba Inu community the saw the Shibarium upgrade as a way of potentially sending the memecoin’s price into the stratosphere, the developers explained that this wasn’t the goal. Instead, they wrote:
“Patience is key, and some see Shibarium as a price-pumping tool, but that is not the project’s focus and never has been.”Shiba Inu Development Team
Aside from hinting at upgrades for the future of the SHIB network, the developers also confirmed that an in-built ‘burn mechanism’, which is one of the token’s most-requested features, will soon be coming to thew Shiba Inu network.
According to the blog post, “all transactions on the [Shibarium] network will have an implicit burn amount for SHIB token.“ Essentially, this means that every time someone uses SHIB’s new network, a small amount of the SHIB token will be burned, theoretically driving up the price of the remaining coins.
As always, the members of the Shiba Inu community rallied behind the official announcement in a classic display of SHIB-induced excitement.
“Simply incredible. The moment we’ve been waiting for is coming ShibArmy and I couldn’t be more excited for the future of the ecosystem!” wrote one user.
However, some of the responses on Twitter expressed concerns at the lack of communication and pointed to ongoing delays from SHIB developers in the previous months.
Regardless, the price of SHIB has rallied following the announcement, up roughly 21% over the course of the last few days. In the last 24 hours SHIB’s price has levelled out, and is currently changing hands for US$0.00001060 apiece, down roughly 1% for the day.
What is Shibarium and what does it do for SHIB holders?
Just in case you weren’t fully across what the Shibarium network does, this section has been added in for your benefit.
According to the official blog post, Shibarium is the first step in creating a Layer-2 blockchain, which just means it’s a blockchain that runs on top of another blockchain. In this case, the Shibarium network runs on top of the Ethereum (ETH) blockchain.
Reportedly, the Shibarium blockchain will help to “scale and invite solutions, innovation, and security to the Decentralized Finance (DeFi) space.”
The upgrade will see all of the SHIB ecosystem tokens, SHIB, LEASH and BONE be granted new benefits including superior scalability, faster transaction times, lower fees, and an expanded framework for potential future development.
Additionally, the Shiba Inu is supposedly getting the path ready for the team to introduce a new metaverse and gaming ecosystem, where SHIB holders can own, buy and sell the digital assets they pick up while playing in the SHIB metaverse.