The market capitalization of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has risen by nearly $2 billion over the last 30 days, as the cryptocurrency’s community is eagerly expecting the launch of its layer-2 scaling solution Shibarium.
According to available market data, amid a wider cryptocurrency market recovery, the price of Shiba Inu has outperformed various rivals, to the point its market capitalization rose by 23% over the past 30 days to now stand at $6.43 billion.
As CryptoGlobe reported, the largest whales of the Ethereum ($ETH) network have accumulated around $85 million of $SHIB ahead of the layer-2 scaling solution’s launch, and at a time in which the meme-inspired cryptocurrency partnered with the North American luxury brand Bugatti Group involved the minting of non-fungible tokens (NFTs) in a “special event” in which the Bugatti Group hosted a “mint party and space” dedicated to Shiboshis.
According to an account associated with the meme-inspired cryptocurrency, the special mint collection “sold out in the first 4 minutes” of the event as demand for the tokens far exceeded supply.
Shiboshis are non-fungible tokens (NFTs) exclusive to the Shiba Inu ecosystem that were launched back in October 2022. The partnership brought “physical items and collectible NFTs” to Shiboshi holders.
A total of 299 limited releases and a “very exclusive 1st edition release” were minted at the event for 0.14 ETH each. 95% of mints received a “Cross Body limited edition Luggage Bag” from Bugatti Group, while 5% received a limited edition Carry-On item from the group. These were rewarded to 15 NFT minters while allowing them to place their own Shiboshi design on the bag.
As for Shibarium the layer-2 solution aims to improve the Shiba Inu ecosystem by providing faster transactions at a lower cost, among other important improvements.
Shibarium will work alongside Ethereum to process transactions on the Shibarium ecosystem. It will take a large cut of the transaction load the Shiba Inu ecosystem currently brings onto Ethereum to process it on the Shibarium chain.
Further, the layer-2 will remove tokens from circulating to reduce supply and help boost the price. This is known as a token burning mechanism, in which tokens are sent to wallets that can only receive tokens but not send them, also called Dead Wallets. Shibarium will burn $SHIB and require $BONE for transactions.
Featured image via Unsplash.