Altszn.com
  • Home
  • Crypto
    • Altcoins
    • Bitcoin
    • Ethereum
    • Monero
    • XRP
    • Zcash
  • Web3
  • DeFi
  • NFTs
No Result
View All Result
Altszn.com
  • Home
  • Crypto
    • Altcoins
    • Bitcoin
    • Ethereum
    • Monero
    • XRP
    • Zcash
  • Web3
  • DeFi
  • NFTs
No Result
View All Result
Altszn.com
No Result
View All Result

Analyzing Shiba Inu’s legitimacy after the launch of Layer 2 solution

Altszn.com by Altszn.com
January 17, 2023
in Blockchain
0
Analyzing Shiba Inu’s legitimacy after the launch of Layer 2 solution
399
SHARES
2.3k
VIEWS
Share on FacebookShare on Twitter


  • Shiba Inu announced the Layer 2 solution Shibarium.
  • Shibarium aimed to legitimize SHIB and boost DeFi growth, but faced short-term skepticism.

As per an announcement on 16 January, Shiba Inu’s [SHIB] would soon launch their own Layer 2 solution, called Shibarium. This move by Shiba Inu is significant for the project as it aims to delve into the layer 2 space and legitimize its cryptocurrency and protocol.

🍖 Introduction to Shibarium: Shiba Inu’s Layer 2 Network — Rejoice #ShibArmy! Shibarium Beta is about to be launched, and through this article we want to introduce some basic concepts in order to provide clarity to the community.

Read more: https://t.co/xWyPaVlQQ4

— Shib (@Shibtoken) January 15, 2023


How many are 1,10,100 SHIB worth today?


Shiba Inu getting in on the Layer 2 hype

One reason for the growing developments in Shiba Inu‘s ecosystem could be attributed to the fact that it is still perceived as a memecoin. However, with the launch of the layer 2 solution, Shiba Inu would try to move away from this perception and establish itself as a legitimate player in the cryptocurrency space.

Shibarium will run on top of the Ethereum [ETH] blockchain, and will be utilized by the SHIB, LEASH, and BONE tokens. According to Shiba Inu’s team, Shibarium will provide the benefits of scalability, faster transaction times, lower fees, and an expanded development framework. Moreover, the BONE token will be used for all gas fees for transactions on the layer 2 solution.

This development could also help Shiba Inu grow in the DeFi space. Over the past month, ShibaSwap, Shiba Inu’s DeFi protocol, witnessed a growth of its Total Value Locked (TVL) from $26.31 million to $31.19 million.

Source: DefiLlama

However, even though Shiba Inu’s DeFi activity witnessed improvements, the SHIB token faced some challenges.

Nonetheless, its velocity witnessed a massive spike, which suggested a rise in the frequency with which SHIB was being traded.

Source: Santiment

Traders have a “BONE” to pick

Although the update about the Layer 2 solution could pump SHIB’s prices, traders were skeptical about the memecoin. According to data provided by Coinglass, a large number of positions against SHIB were short. This could potentially lead to increased selling pressure on SHIB in the short term.


Realistic or not, here’s SHIB’s market cap in BTC’s terms


However, in the long run, the launch of Shibarium might lead to more interest in the SHIB token and its ecosystem. At press time, the price of SHIB was $0.00001043 after increasing by 4.67% in the last 24 hours.





Read More: ambcrypto.com

Tags: AnalyzingBlockchainInusLaunchLayerlegitimacyShibaSolution
ADVERTISEMENT

Recent

Top L2 Arbitrum’s Scaling Roadmap Seeks to Avoid ‘Trade-offs’

Top L2 Arbitrum’s Scaling Roadmap Seeks to Avoid ‘Trade-offs’

May 16, 2025
Pixelmon Announces Strategic Partnership with Ava Labs to Launch Two Mobile Games Including ‘Warden’s Ascent’ on Avalanche with Dedicated Layer-1

Pixelmon Announces Strategic Partnership with Ava Labs to Launch Two Mobile Games Including ‘Warden’s Ascent’ on Avalanche with Dedicated Layer-1

May 16, 2025
Gamers Hate Crypto, but a New High-Profile Partnership Marks a Shift

Gamers Hate Crypto, but a New High-Profile Partnership Marks a Shift

May 16, 2025

Categories

  • Bitcoin (4,836)
  • Blockchain (11,372)
  • Crypto (9,312)
  • Dark Web (545)
  • DeFi (8,376)
  • Ethereum (4,886)
  • Metaverse (7,493)
  • Monero (288)
  • NFT (1,459)
  • Solana (5,038)
  • Web3 (20,666)
  • Zcash (503)

Category

Select Category

    Advertise

    Advertise your site, company or product to millions of web3, NFT and cryptocurrency enthusiasts. Learn more

    Useful Links

    Advertise
    DMCA
    Contact Us
    Privacy Policy
    Shipping & Returns
    Terms of Use

    Resources

    Exchanges
    Changelly
    Web3 Jobs

    Recent News

    Top L2 Arbitrum’s Scaling Roadmap Seeks to Avoid ‘Trade-offs’

    Top L2 Arbitrum’s Scaling Roadmap Seeks to Avoid ‘Trade-offs’

    May 16, 2025
    Pixelmon Announces Strategic Partnership with Ava Labs to Launch Two Mobile Games Including ‘Warden’s Ascent’ on Avalanche with Dedicated Layer-1

    Pixelmon Announces Strategic Partnership with Ava Labs to Launch Two Mobile Games Including ‘Warden’s Ascent’ on Avalanche with Dedicated Layer-1

    May 16, 2025

    © 2022 Altszn.com. All Rights Reserved.

    No Result
    View All Result
    • Home
      • Home – Layout 1
      • Home – Layout 2
      • Home – Layout 3

    © Altszn.com. All Rights Reserved.

    • bitcoinBitcoin (BTC) $ 104,137.00
    • ethereumEthereum (ETH) $ 2,586.75
    • tetherTether (USDT) $ 1.00
    • xrpXRP (XRP) $ 2.41
    • bnbBNB (BNB) $ 651.28
    • solanaSolana (SOL) $ 171.53
    • usd-coinUSDC (USDC) $ 0.999871
    • dogecoinDogecoin (DOGE) $ 0.226897
    • cardanoCardano (ADA) $ 0.774568
    • tronTRON (TRX) $ 0.272358
    • staked-etherLido Staked Ether (STETH) $ 2,584.37
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 104,176.00
    • suiSui (SUI) $ 3.85
    • wrapped-stethWrapped stETH (WSTETH) $ 3,102.40
    • chainlinkChainlink (LINK) $ 16.12
    • avalanche-2Avalanche (AVAX) $ 23.54
    • hyperliquidHyperliquid (HYPE) $ 27.89
    • stellarStellar (XLM) $ 0.297900
    • shiba-inuShiba Inu (SHIB) $ 0.000015
    • hedera-hashgraphHedera (HBAR) $ 0.198994
    • leo-tokenLEO Token (LEO) $ 8.88
    • bitcoin-cashBitcoin Cash (BCH) $ 400.38
    • the-open-networkToncoin (TON) $ 3.14
    • litecoinLitecoin (LTC) $ 101.55
    • polkadotPolkadot (DOT) $ 4.86
    • wethWETH (WETH) $ 2,584.21
    • usdsUSDS (USDS) $ 0.999841
    • moneroMonero (XMR) $ 336.63
    • wrapped-eethWrapped eETH (WEETH) $ 2,757.87
    • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
    • bitget-tokenBitget Token (BGB) $ 4.99
    • pepePepe (PEPE) $ 0.000013
    • pi-networkPi Network (PI) $ 0.766186
    • ethena-usdeEthena USDe (USDE) $ 1.00
    • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 104,024.00
    • whitebitWhiteBIT Coin (WBT) $ 30.18
    • bittensorBittensor (TAO) $ 437.90
    • uniswapUniswap (UNI) $ 6.26
    • daiDai (DAI) $ 1.00
    • aaveAave (AAVE) $ 232.98
    • nearNEAR Protocol (NEAR) $ 2.87
    • aptosAptos (APT) $ 5.36
    • okbOKB (OKB) $ 53.53
    • kaspaKaspa (KAS) $ 0.121437
    • ondo-financeOndo (ONDO) $ 0.969993
    • jito-staked-solJito Staked SOL (JITOSOL) $ 205.62
    • tokenize-xchangeTokenize Xchange (TKX) $ 36.56
    • crypto-com-chainCronos (CRO) $ 0.101365
    • ethereum-classicEthereum Classic (ETC) $ 18.99
    • internet-computerInternet Computer (ICP) $ 5.41
    • bitcoinBitcoin (BTC) $ 104,137.00
    • ethereumEthereum (ETH) $ 2,586.75
    • tetherTether (USDT) $ 1.00
    • xrpXRP (XRP) $ 2.41
    • bnbBNB (BNB) $ 651.28
    • solanaSolana (SOL) $ 171.53
    • usd-coinUSDC (USDC) $ 0.999871
    • dogecoinDogecoin (DOGE) $ 0.226897
    • cardanoCardano (ADA) $ 0.774568
    • tronTRON (TRX) $ 0.272358
    • staked-etherLido Staked Ether (STETH) $ 2,584.37
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 104,176.00
    • suiSui (SUI) $ 3.85
    • wrapped-stethWrapped stETH (WSTETH) $ 3,102.40
    • chainlinkChainlink (LINK) $ 16.12
    • avalanche-2Avalanche (AVAX) $ 23.54
    • hyperliquidHyperliquid (HYPE) $ 27.89
    • stellarStellar (XLM) $ 0.297900
    • shiba-inuShiba Inu (SHIB) $ 0.000015
    • hedera-hashgraphHedera (HBAR) $ 0.198994
    • leo-tokenLEO Token (LEO) $ 8.88
    • bitcoin-cashBitcoin Cash (BCH) $ 400.38
    • the-open-networkToncoin (TON) $ 3.14
    • litecoinLitecoin (LTC) $ 101.55
    • polkadotPolkadot (DOT) $ 4.86
    • wethWETH (WETH) $ 2,584.21
    • usdsUSDS (USDS) $ 0.999841
    • moneroMonero (XMR) $ 336.63
    • wrapped-eethWrapped eETH (WEETH) $ 2,757.87
    • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
    • bitget-tokenBitget Token (BGB) $ 4.99
    • pepePepe (PEPE) $ 0.000013
    • pi-networkPi Network (PI) $ 0.766186
    • ethena-usdeEthena USDe (USDE) $ 1.00
    • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 104,024.00
    • whitebitWhiteBIT Coin (WBT) $ 30.18
    • bittensorBittensor (TAO) $ 437.90
    • uniswapUniswap (UNI) $ 6.26
    • daiDai (DAI) $ 1.00
    • aaveAave (AAVE) $ 232.98
    • nearNEAR Protocol (NEAR) $ 2.87
    • aptosAptos (APT) $ 5.36
    • okbOKB (OKB) $ 53.53
    • kaspaKaspa (KAS) $ 0.121437
    • ondo-financeOndo (ONDO) $ 0.969993
    • jito-staked-solJito Staked SOL (JITOSOL) $ 205.62
    • tokenize-xchangeTokenize Xchange (TKX) $ 36.56
    • crypto-com-chainCronos (CRO) $ 0.101365
    • ethereum-classicEthereum Classic (ETC) $ 18.99
    • internet-computerInternet Computer (ICP) $ 5.41