Shiba Inu Over 40% Growth For The Week

The Shiba Inu (SHIB) community is eagerly anticipating the launch of its Layer 2 scaling solution Shibarium after it was revealed that the beta version of the platform will launch in Q3/2022. This resulted in the coin meme increasing by over 40% in the past week.

According to Shiba Inu developers, the Shibarium solution will reduce transaction fees significantly and possibly to zero. It is this event that has led to a lot of discussions about Shibarium on the project’s Discord server.

The Unification Foundation, the developer team behind Shibarium, has revealed a few updates about the upcoming project. Accordingly, Shibarium was launched in the private context during the alpha testnet phase. The developers explain that the result has been successful and that the main tool that is being actively developed is the wallet application.

Maziar Sadri, head of the Unification Foundation, added:

“The Shibarium Public Beta Testnet is planned for deployment in Q3, to coincide with the FUND Testnet upgrade which includes the much anticipated IBC/Gravity/wFUND updates. The public Beta Testnet will allow parties to fully interact with the network, including the validation process.”

Besides, Shiba Inu also has a quite unique strategy implemented in the past time, especially the decision to set up a coin-burning portal with the aim of making assets more scarce by allowing people to burn coins. SHIB through the above means.

While incineration helps to reduce the supply of SHIB, in real terms Shiba Inu is still very “inflationary” when there are more than 589 billion SHIB.

Currently, this meme coin has grown tremendously in the past week up to 45.67%, making it one of the top coins that stand out during a difficult market period. The trend of SHIB is bullish in the short term. Keep a close eye on the critical resistance at $0.000012. If it is conquered, the SHIB can spike to $0.000014. Momentum remains bullish at this point, favoring a breakout.

SHIB daily chart. Source: CoinCu

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.