In 2024, the crypto markets are swinging back in action, with DeFi, gaming, and Memes segments heating up. Further, the decentralized AI has created a new category of its own.
Amid the demand resurgence, Ethereum’s layer-2 networks are gaining traction as the underlying network grows. These Layer-2 networks are a great alternative to the high gas fees of Ethereum mainnet and are significantly faster, too.
As Layer-2 networks make waves, the meme coins are also rising, and the Shibarium network, a mixture of these, is starting to get attention. With the number of accounts and transactions increasing over Shibarium, the broader market impact of Shibairum increases. Further, a direct correlation is evident with the Shibarium impact on Shiba Inu coin price.
What is Shibarium?
The answer to “What is Shibarium?” lies in its history and the shift in crypto space from the store of value concept to the world of layer-2 networks. With the crypto industry starting with Bitcoin’s digital gold concept, Ethereum opened up realms of different opportunities with a programmable blockchain.
However, similar to the Bitcoin blockchain, the blockchain trilemma hit Ethereum just the same. As Ethereum stretched thin to maintain decentralization, scalability, and speed, layer-2 networks were introduced. Built on top of the original blockchain, Layer-2 networks help improve network stats like scalability and faster transactions.
Similarly, the Shibarium network was introduced as a layer-2 network built over Ethereum to provide faster and cheaper transactions for the Shiba Inu community. Launched on August 16th, 2023, the Shibarium network is powered by the Shibarium coin and, with a sidechain mechanism, completes the transactions off of the Ethereum network.
This helps the Shiba Inu community complete transactions faster, cut costs from the high gas fee, and reduce dependency on the Ethereum network. However, the release of Shibarium impact on Shiba Inu was bearish as the SHIB coin price fell by 7.25% on the very same day.
Apart from the network growth, Shibarium helps expand the narrative of the Shiba Inu coin from the meme segment to the decentralized finance (DeFi) world. Shibarium supports developing and deploying decentralized applications (dApps) and smart contracts within the Shiba Inu ecosystem.
Benefits of Shibarium Blockchain
As Shibarium continues to expand and become more relevant for the Shiba Inu community, the network provides better features than the original Shiba Inu chain built over Ethereum. So, let’s take a look at the added features of the Shibarium network.
Scalability and Speed:
Shibarium solves the well-known issue of scalability over the Shiba Inu ecosystem, which is based on Ethereum. With a higher transaction output by offloading the transactions from the Ethereum mainnet, Shibarium shows the potential to handle more transactions per second. The offloading helps reduce the transaction time and the confirmation needed to approve the transaction.
With a boost in scalability, the user experience of Shiba Inu holders and Shibarium participants is enhanced. Further, it opens up the door to solving real-world problems for the once-considered meme coin community.
Lower Transaction Fees:
Another added advantage of Shibarium is the cost-cutting from the high gas fees of Ethereum and the reduction of transaction fees. The high gas fees were a filter keeping many users and developers at bay; however, the network will expand with a significantly decreased cost barrier.
With the help of Shibarium coin, the layer-2 solution offers much lower transaction costs.
Enhanced Functionality:
With the native token, Shibarium coin, the Shibarium network offers various facilities and operations and indirectly affects the Shiba coin price prediction. With Shibarium coin, users can not just pay for transactions over the network but also participate in various other activities like governance mechanisms and giving incentives to network validators.
Support for dApps and Smart Contracts:
With additional support to increase the functionality of the Shiba Inu ecosystem, Shibarium can be used to create decentralized applications (dApps) and smart contracts. Further, the users and developers find new opportunities in the realm of DeFi platforms and NFT marketplaces with the increased functionality of the Shibarium network.
Ecosystem Growth:
With the release of Shibarium, the Shiba Inu ecosystem experienced a growth surge as the landscape changed into a more scalable and cost-effective platform. As the developers and users within and outside the Shiba Inu community prefer Shibarium, the ecosystem is set to expand. Further, the Shibarium network expansion will boost the Shibarium coin price and the SHIB price. Hence, it will continue to contribute to the growth of the Shiba Inu community.
In summary, the answer to “Will Shibarium boost Shiba Inu?” comes as a solid YES, with the Shiba Inu community benefiting from the boost in the Shibarium network with improved scalability and lower fees.
Shibarium Impact on Shiba Inu Price
Shibarium is a major development for the Shiba Inu community, as it helps with faster and cheaper transfer of Shiba Inu tokens. Hence, the relationship between Shibaium and Shiba Inu is not just speculative and sentimental. With the network expansion, Shibarium will boost the Shiba Inu coin price.
Increased Utility and Demand:
With the introduction of the Shibarium network, the Shiba Inu ecosystem found a new purpose with increased utility. Further, with the boost in the Shibarium network, as the market adoption increases, the SHIB tokens market price increases.
Enhanced Ecosystem Growth:
Along with the added functionality and lower transaction cost, Shibarium makes SHIB more attractive with the DeFi services, gaming, and beyond. Further, the impact of Shibarium on the Shiba Inu ecosystem is well beyond the technical.
With a thriving ecosystem and the dApps and smart contracts support, Shibarium brings new participants to the community. Thus, starting a positive feedback loop to increase the SHIB tokens price.
Speculative Interest:
The speculative interest is becoming a core part of the volatile crypto market with the FOMO and FUD being the two sides. As Shibarium network faces ups and downs in the volatile interest, investors take speculative calls on the impact of the SHIB prices.
With stats like more than 400 million successful transactions, an average block time of 25 seconds, and 6.5 million blocks, the Shibarium is known for causing short-term price spikes in SHIB price.
In short, the Shibarium has a direct and speculative impact on Shiba Inu’s price. With the increased utility, ecosystem growth, and speculative interest, Shibarium is a driving factor for Shiba Inu.
Top Shibarium Tokens
Shiba Inu (SHIB):
Shiba Inu (SHIB), the native token of the Shiba Inu ecosystem, gained popularity meme coin in the early years of inception. However, with time the need to expand has evolved it into a more utility-driven coin. This has been possible with the introduction of Shibarium network.
Bone ShibaSwap (BONE):
As the governance token of the Shiba Inu, BONE, allows the holders to participate in the decision-making process of the ecosystem. With Shibarium’s launch, BONE is expected to play a crucial role in the governance and development of the network, giving holders a say in the future direction of the ecosystem.
Doge Killer (LEASH):
Doge Killer or LEASH, is the third token from the Shiba Inu ecosystem. Initially, it was planned to be a rebase token. However, over time, LEASH has transitioned into a store of value crypto thanks to the limited supply, adding to its scarcity and value. The role of LEASH is evolving within the Shibarium network and remains an integral part of it.
In overview, the top Shibarium tokens, SHIB, BONE, and LEASH, each serve a unique role in maintaining functions within the ecosystem like clockwork.
Latest Shibarium News
In recent news, the Shibarium network completed 416 million successful transactions, and the total number of blocks hit 6.529 million. Further, the number of new daily transactions is in the 3,000-4,000 range as the network conditions improve.
However, after the burning of seven million SHIB tokens, the burning rate quickly declines. Thus, a surge in supply is likely to liquidate the market and decline the SHIB price in the short term.
With a recovery in burn rates and network growth, the uptrend is likely to restart.
Conclusion
For the Shiba Inu ecosystem, Shibarium comes as a game changer and a driving factor of the SHIB coin price. Since its launch, the Shibarium network has helped improve the broader market acceptance and sentiment related to the Shiba Inu ecosystem. As it opens up the DeFi, gaming, and other avenues, the Shibarium network continues to boost Shiba Inu.
Further, with more than 6M blocks, more than 118K accounts, and 416M+ transactions, all at minimal transaction fees, Shibarium is making its name. As the network continues to expand, the broader market recovery will mark a significant surge for the meme coin layer-2 network.
