Shiba Inu’s developers are working on a layer 2 scaling solution for the meme coin, which has been dubbed the “Dogecoin killer.” The solution, dubbed Shibarium, would place the meme currency in the Metaverse.
Shibarium is said to have come from Ryoshi, the developer of the meme currency because the layer two solutions are still in the ideation stage. However, insiders claim the remedy would be a massive undertaking that could not be “quietly dumped.”
However, there is no word on when Shibarium will be released. Finally, the creators state that Shibarium will succeed ETH 2.0, released next year. The Shiba Inu network’s price would be greatly reduced due to the layer two upgrade, albeit it’s too early to say what it stands to gain.
Shibarium is transporting Shiba Inus into the Metaverse
One potential benefit of the layer two approaches is that Shiba Inu could access the Metaverse. According to rumors, Shiba Inu’s layer two solutions enter the metaverse craze. This would be in keeping with the numerous other initiatives that have taken advantage of the niche’s popularity.
However, Metaverse requires a dependable scaling solution to decrease fees and assure speedy transactions in a high-volume use case. Novel solutions are already being used in the Metaverse, which is why Shiba Inu developers want to add a scalable solution.
The number of Shiba Inu owners has surpassed one million
Shiba has a new record of more than 1,075,000 holdings, according to current statistics from WhaleStats.
ETH whales are 1,000 Shiba Inu holders who control 9% of the circulating Shiba Inu supply. According to WhaleStats, the ETH whales have 48,098,038,767,872 SHIB, which is over 9% of the total circulating supply of 549,150,741,363,587 SHIB.
Shiba Inu is currently the 13th most valuable cryptocurrency, having a market capitalization of $17,747,705. It is currently trading at $0.0000323, a -1.5 percent decrease in value.