- Shiba Inu has launched Shibarium, a layer 2 scaling solution, to onboard more Web3 users to the platform.
- The Shibarium beta launched this week is for developers to test the product before a mainnet launch, and tokens on the beta network have no monetary value.
Shiba Inu, the second-largest meme coin by market capitalization, has launched the Shibarium network, a layer 2 scaling solution to help onboard more Web3 users to the platform. The Shibarium beta, launched this week, is primarily for developers to test the product before a mainnet launch, and tokens on the beta network have no monetary value.
In a blog post published on February 26, Shytoshi Kusama, the lead developer of Shiba Inu, announced the launch of a new Shibarium website and Web3 intake system. While the launch aims to onboard more users to the platform, Kusama cautioned against buying any tokens or products during the Shibarium beta network as they are for testing purposes only.
“During the beta, all tokens and products on the beta network are for testing purposes ONLY. Don’t get scammed and buy anything you’ll find on Shibarium until the Shibarium main net launch,” Kusama wrote.
The Shiba Inu ecosystem anticipates having the Shibarium public beta launched before the end of this week, according to a recent announcement. As a result, the Shibarium beta and Shiba Inu ecosystem have been trending on social media platforms. Moreover, several Web3 protocols, including PawSwap, are preparing to launch on the Shiba Inu ecosystem through the Shibarium network.
However, the Shibarmy community has been warned to beware of scams surrounding Shibarium. A famous Shibarmy account on Twitter claimed that all their SHIB tokens holdings have been stolen via a Shibarium redirect by an account impersonating Shytoshi Kusama. The fake Kusama account has changed some initials to confuse the Shiba Inu community through click baits.
The fake Kusama account with approximately 13.8k followers has been encouraging Shiba Inu, $BONE, and $LEASH holders to connect their wallets with a provided phishing link. Notably, the official Kusama account has over 902.3k Twitter followers, with a Shibarium intake form tweet pinned on top.
The Shiba Inu ecosystem takes pride in over 1.3 million holders, according to on-chain data provided by ethplorer. With a market capitalization of approximately $6,015,571,193.45, Shiba Inu has a reported 24-hour trading volume of about $441 million. The Shiba Inu ecosystem has burned about 41 percent of the circulating supply, equating to about 410,336,986,470,229.06 SHIB.
More Shiba Inu token burns are expected after the Shibarium mainnet launch. Moreover, on-chain activity will increase significantly after the Shibarium mainnet due to more Web3 users onboard.
The launch of the Shibarium network is a significant move for Shiba Inu, which aims to compete with other meme coins in the market. The platform is known for its strong community, and its success can be attributed to the power of the Shibarmy. The Shibarium network aims to bring more Web3 users on board, which will increase the platform’s overall user base and drive growth.
The Shiba Inu ecosystem has burned a significant portion of its circulating supply, which has helped to increase the token’s value. With the Shibarium network, the platform aims to continue this growth trend by onboarding more users and increasing the platform’s overall utility.
In conclusion, the Shiba Inu ecosystem has launched the Shibarium network, a layer 2 scaling solution to onboard more Web3 users to the platform. The Shibarium beta is also for developers to test the product before a mainnet launch, and new tokens.
