The second-most popular meme coin (Shiba Inu) surged as rising US recession bets ease fears about US Federal Reserve hawkishness. The dog-inspired meme coin is up over 11% in the last 24 hours as stated by the CMC data, making the coin the best-performing cryptocurrency in the top 20 and fitting to be called the coin of the day.
Presently, SHIB/USD is trading just to the north of the $0.0000115, up around 41% on the week and up more than 60% versus earlier monthly lows just above $0.000007 per token, giving it a market cap of just above $6.3 billion, the 13th largest of any cryptocurrency. Shiba Inu’s value has surged this week above both its 21-day Moving Average (at $0.0000095) and most recently its 50DMA (at $0.0000112).
Lower Gas Fee To Be Expected After The Release Of Shibarium.
As revealed in the medium blog yesterday, the Unification Foundation, which is behind Shibarium’s development, is the Shiba Inu’s Layer 2 solution.
It was made known that the Shiabrium Private Alpha TestNet has been released a few weeks ago and it was successful. The main goal and focus of the team are on how the Shibarium will be developed internally.
As stated by the developers, the wallet is meant to be an “all-inclusive” application, able to provide movement of assets between Layer 1 and Layer 2, the possibility of staking, and in the future, ShibaSwap will be integrated into it.
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The Bone is meant to be rewarded to the Validators and for the development of the Shibarium. And the Bine is meant to be used for the gas fee in the upcoming layer-2 Shibarium.
Once this is launched, the Shib token will be taken from the Ethereum blockchain to Shibarium. This will have a significant effect on the gas fee in terms of reduction. The release of the Shibarium is meant to be later in 2022.