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Cryptocurrency

Will Shibarium Make Shiba a 1 Cent Coin?

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Shibarium has become a common word in the Shiba inu community. However, despite all this fame, the product is still is not ready. Upon completion, it promises not only to revolutionize the coin but also the cryptocurrency community.

What is Shiba Inu Coin 2022 Price prediction

What is Shibarium?

Shibarium came into the limelight when Shiba network developers announced the project. It is a layer 2 blockchain operating on the existing layer 1 blockchain through which Shiba is built.

Shiba currently runs on the Ethereum blockchain that acts as layer 1. However, some of the challenges facing Ethereum network has made it necessary for the dependent coins to look for alternatives.

Among the major challenge is the high gas fee on the blockchain that makes it costly for users to transact on the coin. There are also limitations in scalability.

Hence, Shibarium is supposed to offer solutions to some of these challenges once it is live.

Shibarium Development Progress

Although there is no specific date as to the completion of shibarium, there are speculations it could be ready in the third quarter 2022.

Recently, shibarium developers known as the unification foundation gave an update on the progress by highlighting key achievements to date. Among them is the development of the Shibarium wallet.

This is a critical component in this process as it will help facilitate transactions between both layer 1 and the new layer 2 blockchains.  The wallet will also allow transactions on the Shibaswap. A revolutionary platform that allows Shiba network transactions.

They also highlighted the release of a shibarium testnet to allow testing of the new platform by the public. This will ensure detection and solution to emerging issues before going live.

Effect of Shibarium on the Price of Shiba

Ultimately, investors hope the new platform will result to offering value for their investments. At a time when the price of Shiba is down 80% from its all time high, shibarium is a much-needed development.

Some of the ways through which this development will help grow the price is through facilitation more transaction by price reduction. The layer will be much cheaper than the current gas fees in layer 1 blockchain.

It will also help in driving faster innovations. A key element for any success in the cryptocurrency market.

These factors could play a key role in pushing Shiba inu to a 1 cent coin. A dream that is still vivid in most of the Shiba army community.

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