Shiba Inu's Shibarium: A Promising Layer 2 Solution to Boost SHIB's Price - COINTURK NEWS
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Shiba Inu’s Shibarium: A Promising Layer 2 Solution to Boost SHIB’s Price

10:35 am (16 days ago)
September 9, 2023

Shiba Inu (SHIB) ecosystem has introduced Shibarium, a Layer 2 network that aims to compete with established cryptocurrency projects to enhance its utility. Since its relaunch after a congestion-related issue, Shibarium has achieved significant results in less than two weeks. Notably, the total transaction count on Shibarium, which currently exceeds 1.2 million, reflects this remarkable success. While these initial results are promising, attention has turned to whether the Shibarium upgrade will impact the price of SHIB. In this regard, we have compiled the key Shibarium features that could help increase the price of the leading altcoin to $0.001.

Improved Transaction Speeds

One of the main issues with the Ethereum (ETH) network, on which Shiba Inu is built, is slow transaction speeds and scalability. As SHIB and related projects gain popularity, congestion on the Ethereum network leads to high-cost delays.

Shibarium aims to address all these issues by offering a Layer 2 solution that significantly increases transaction speeds and ensures user-friendliness. The speed improvement can be an attractive feature for investors and users, potentially triggering a price surge.

Decreased Transaction Fees

Furthermore, high transaction fees on the Ethereum network remain a major concern for users. Sometimes, the cost of performing a transaction exceeds the amount intended to be transacted, rendering the network impractical for small transfers.

Shiba Inu’s Layer 2 solution is preparing to alleviate user concerns by significantly reducing gas fees. Lower transaction fees can serve as a strong catalyst for the Shibarium ecosystem and the price of SHIB.

Token Burning Program

Despite a significant portion of tokens being burned, SHIB faces challenges due to its high supply. Shibarium aims to solve this problem by introducing BONE as the ecosystem’s native token. Validators in the network receive BONE as a reward for ensuring the security and verification of transactions.

Additionally, each transaction in the new ecosystem consumes SHIB, providing a mechanism to control the inflated SHIB supply. Increased utility for SHIB and BONE is expected to generate more demand and value for these tokens.

Decentralized Application Developments

Decentralized applications are a crucial part of the Blockchain ecosystem, but Shiba Inu lacked the technical infrastructure to effectively support decentralized applications in its original form. Shibarium changes this situation by acting as a Layer 2 solution in collaboration with Ethereum, enabling the development of innovative and exciting applications that can attract a wider user base.

This infrastructure opens up opportunities for developers to create decentralized applications within the Shiba Inu ecosystem, potentially expanding its user base and attracting more users.

Integrated Ecosystem

Shibarium focuses on creating an integrated Shiba Inu ecosystem. It encompasses various projects within this ecosystem, including SHIB metaverse, decentralized exchange (DEX) ShibaSwap, and blockchain-based games.

The metaverse and games, expected to attract users and encourage participation, complemented by the advanced liquidity of DEX, directly cater to investors. This comprehensive ecosystem approach can potentially elevate the Shiba Inu community beyond being just a memecoin.

With its potential for a significant leap, Shibarium holds a special position in the cryptocurrency market. Despite being affected by negative investor sentiment in the overall crypto market, all these factors could propel SHIB beyond $0.001.

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