The developers of the meme currency Shiba Inu (SHIB) have published an update on their website to provide the community with information on the forthcoming beta release of Shibarium, which is a layer-2 network that will operate on top of the Ethereum mainnet.
While this was taking place, evidence showed that Ethereum (ETH) whales were purchasing an increasing amount of SHIB in preparation for the launch. According to the information provided by WhaleAlert, the top 100 ETH whales’ combined holdings of Shiba Inu Coin now total more USD than any other cryptocurrency. To reclaim the lead, SHIB used a flip of the Staked Ethereum token, abbreviated as stETH.
In addition, the price of SHIB has climbed by 5% in the last day, and it has increased by 21.5% in the last week, making it one of the cryptos in the top 20 cryptocurrencies to perform the best in the past week.
The developers of Shibarium emphasized that the Shibarium project is being built in order to give a platform that will enable the community to construct and expand the project and realize the founder’s goal.
The developers have said that the intention was not to enhance the price of the meme currency, despite the fact that some people feel that developing Shibarium is a means to do so.
The addition of a burning mechanism for SHIB, which is one of the most often requested improvements for the project, is one of the most important updates included in the latest announcement.
The developers state that every transaction that takes place on the network will necessarily involve some number of SHIB tokens being burned. Every time a transaction is carried out inside the network, this process will be activated.
Though they did not provide a release date, the developers assured us that we will be hearing from them very soon with the answers to all of our pressing queries about when the beta would be available, so let’s wait and see.