On January 15, the Shiba Inu network announced the Shibarium Layer-2 solution, highlighting the benefits of the new update. However, the developers didn’t provide a specific date for the launch in the announcement. Since then, the community has been anticipating the launch of the Layer-2 network.
In a recent report, Shiba Inu developers released an essential warning ahead of the launch date for Shibarium, its new blockchain. The developers disclosed that the Shibarium Layer-2 protocol would launch this week, but potential investors and users must be cautious when using the L2 solution.
Shiba Inu Releases Warning To Community
According to the tweet posted a few hours ago, Shytoshi Kusama, Shiba Inu’s lead developer, urged users to be careful when using the layer-2 blockchain Shibarium. He stated that the community should ignore all FUD with the new update, as the platform is still in its early stages and may have inherent risks that have not yet been discovered.
The team advertises Shibarium as a potential game-changer for the decentralized finance (DeFi) ecosystem, a project that aims to provide a seamless and secure platform for users to conduct digital currency transactions at reduced fees. Also, it will run on the Ethereum blockchain, allowing users to access a wide range of trading pairs and liquidity pools.
But despite the potential benefits of Shibarium, the Shiba Inu admins and developers are keen to stress that users should exercise caution when using the platform, given the rise in scam activities and schemes presenting themselves as part of the Shibarium project.
The team revealed it was working closely with regulatory authorities to ensure that Shibarium complies with all relevant laws and regulations.
Outlook Of Shiba Inu And BONE Markets
Based on data, the SHIB token has traded red in the last 7 days, with a price change of -8.53%. At the time of writing, its 24-hour price change is slightly progressive, reaching 0.16%, with a trading volume rise of 71.13% at $443,632,084.
This could result from the 6 million token burn over the past 24 hours. Meanwhile, the coin trades at $0.00001087, but chances are that this price could appreciate shortly, given the ongoing developments on the network.
On the other hand, BONE is currently down by 3.22% in the past 24 hours, trading at $1.70. Its trading volume is $15,669,468, a 56.22% decline in the last 24 hours. Its peak price over the last 30 days was $2.05. So, it’s now left to be seen how the current activities of the Shiba Inu team will affect this token over time.
Featured image from Pixabay and chart from Tradingview.com
Source: https://bitcoinist.com/shiba-inu-considerations-for-shibarium-release/