On Wednesday (March 8, 2023), the price of meme-based cryptocurrency $SHIB is surging as the Shiba Inu community eagerly awaits this week’s launch of the beta version of Shiba’s Layer 2 (L2) scaling solution Shibarium.

Here is what Binance Academy says about Shiba Inu ($SHIB):

Shiba Inu (SHIB) is a dog-themed meme cryptocurrency named after a Japanese dog breed. It was created in 2020 by an anonymous developer named Ryoshi, who designed SHIB to be an alternative to Dogecoin (DOGE) on the Ethereum blockchain.

SHIB is an ERC-20 token with a decentralized exchange called ShibaSwap. The SHIB roadmap and ecosystem also features an NFT art incubator called Shiba Artist Incubator, 10,000 ‘Shiboshi’ NFTs, and an NFT game Shiboshi Game.

Shiba Inu had an initial circulating supply of 1 quadrillion tokens. Ryoshi locked 50% of the token in Uniswap to create liquidity and sent the other 50% to Ethereum co-founder Vitalik Buterin’s wallet. However, Vitalik decided to burn 90% of the coins and donate the remaining 10% to charity.

According to data from TradingView, currently (as of 12:23 p.m. UTC on March 8), $SHIB is trading at around $0.00001125, up 2.245% in the past 24-hour period and up 39.75% in the year-to-date period.

Source: TradingView

In the past few weeks, there have been several major listings for $SHIB — and other tokens in the Shiba Inu ecosystem — as the community impatiently awaits the launch of Shibarium, a Layer 2 blockchain designed to address the shortcomings of the $SHIB token’s host chain Ethereum, namely low speed and high transaction cost.

The Shiba Inu ($SHIB) project is gearing up for the launch of Shibarium Beta, and to help with Shibarium’s adoption, the Shibarium team has created a dedicated portal website.

According to a blog post by Shytoshi Kusama (the pseudonymous lead developer of Shiba Inu), to support individuals and businesses interested in building on Shibarium, the development team has created an intake system that will allow them to find and support the best projects. In addition, the system will help the team stay organized, grow Shibarium’s reach, and reset relationships with businesses they’ve connected to in the past. Over 3,000 forms from interested parties have been received so far:

Yesterday, the Shiba Inu team announced that the public beta of Shibarium is launching this week:

Image Credit

Featured Image via Pixabay