It is true that most dog tokens and meme tokens can be highly speculative by nature. The reason for this is that there is no real underlying value behind them. Shiba Inu however is trying to break out of this narrative by enhancing its blockchain. With those enhancements in place, will Shiba inu price increase and skyrocket again? Where will Shiba Inu price reach? What’s new with Shiba Inu?
What is Shiba Inu Coin?
Shiba Inu coin is a cryptocurrency that was created in August 2020 by an anonymous individual or group of individuals using the pseudonym “Ryoshi”. It was named after the Shiba Inu dog breed, which is also the mascot of the coin. The coin is built on the Ethereum blockchain and uses a decentralized peer-to-peer network to facilitate transactions.
Shiba Inu coin is similar to other cryptocurrencies such as Bitcoin and Ethereum, but with a few notable differences. One of the most significant differences is the coin’s focus on community building and social media marketing. The coin has a large and active community on social media platforms like Twitter and Reddit, where members share information, discuss market trends, and promote the coin.
Shiba Inu Analysis: Is SHIB Price Down?
Shiba Inu prices were on a downtrend towards the year of 2022. However, with the beginning of the new year 2023, SHIB price started a new strong uptrend. However, Shib was overbought, and prices needed to adjust towards a steeper uptrend. In figure 1 below, we can see how SHIB price is not down despite the strong price adjustment.
What’s New with Shiba Inu?
The Shibarium Layer 2 protocol and its operations have finally been publicly documented, as per a report by U.Today. Shibarium is expected to be much cheaper than Ethereum, with fees divided into base and priority fees. The base fee, which is crucial in determining the transaction fee, will be locked in a contract on Shibarium, while the priority fee will be paid to the validator. The SHIB community is excited about the fact that 70% of the base fee will be burned, while 30% will be used for network maintenance. The accumulated BONE will be sent to Ethereum’s L1, where it will be automatically swapped for SHIB and burned. The process can be done through a specific portal on Shibarium’s website.
Recent Developments in Shibarium Ecosystem
The Shibarium testnet’s chain ID has been changed to 719 from 917, and a new chain ID will be deployed for the Shibarium beta. This was done after speculation arose about the similarities between its chain ID and that of Rinia. Shytoshi Kusama, the lead of Shiba Inu, has launched a new Discord channel for Shibarium-related discussions, following events that caused FUD in the Shiba Inu community. Shiba Eternity, Shiba Inu’s CCG game launched last year, has received an update with version 1.1.7, which includes onboard memory optimizations, rampage sequencing, and performance optimizations to enhance the user experience.
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Source: https://cryptoticker.io/en/shiba-inu-price-to-explode-as-shibarium-burns-70-of-base-fee/