Shibarium Beta launch confirmed by Shiba Inu developer

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Blockchain
Shibarium Beta launch confirmed by Shiba Inu developer

According to a tweet from the Shiba Inu developer, the Shibarium Beta Launch countdown has begun. BONE has recorded high acquisition amid the announcement after SHIB recorded high sales recently.

Shiba Inu announced a special countdown about the Shiba Inu ecosystem on its official Twitter account. The countdown timer, which has a Shiba Inu background and expires today at 8 PM UTC, is shown on a webpage that the team shared a link to.

The countdown is the first stage towards introducing Shibarium’s Beta, an eagerly anticipated layer-2 blockchain product. Shiba Inu developer and SHIB Defense Team co-leader Shib Trophias announced it in a separate tweet. He mentioned that the primary website needs to be updated first.

In anticipation of the release of the Shibarium update, the Shiba Inu (SHIB) ecosystem tokens are on the rise. SHIB gained 2% in 24 hours, while BONE and LEASH rose 5.7% and 6.3%, respectively. 

Bone ShibaSwap records high acquisition amid the announcement.

Shiba Inu’s governance token, Bone ShibaSwap (BONE), is among the top 10 tickets acquired by the 1,000 most giant ETH whales in the previous 24 hours, according to cryptocurrency data tracker WhaleStats. Bone is facing much accumulation as its price remains constant under $1.

This group of holders’ enormous collection of BONE may be due to their desire to access another well-known token in the Shiba ecosystem, which is a tenable explanation.

As the supply of BONE reached 230 million in September, minting was put on hold. The final 20 million were set aside as validator role incentives for the future Layer 2 Shibarium. According to some observers, supply and demand may impact a cryptocurrency asset’s value. As a result, when an asset’s supply is constrained, its market may grow, raising its price accordingly. The reason for the current buildup of Bone ShibaSwap might be the anticipation of long-term growth.

Shibu Inu records high sales

The recent market-wide selloff has affected Shiba Inu pricing as well. Whales have been offloading SHIB tokens despite the impending Shibarium upgrade, and they stand to gain millions from significant rallies in 2021.

Despite whale selloffs and static addresses turning active and selling SHIB tokens, the community is still optimistic about Shibarium, a layer-2 blockchain solution. Trophias mentioned the impending release of the Shibarium Beta; no exact release date was provided. This came after Binance’s massive token transfer caused FUD on the token, which could have been the primary cause.

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Brenda Mary

Brenda Mary is a crypto enthusiast and a graduate of The University of Nairobi in economics. Brenda’s passion brings her back to her elementary school years as a poet. She enjoys discussing blockchain technology and is committed to producing original content. Brenda also covers other rapidly developing markets and economic and cryptocurrency studies.