• Shiba Inu (SHIB) has seen 19.5% growth in the weekly timeframe, and 47% in the monthly timeframe.
• The strong performance is attributed to the nearing launch of Shibarium, the ecosystem’s upgrade that will bring a list of features for the ShibArmy.
• Shytoshi Kusama, the pseudonymous chief developer of the Shiba Inu meme coin, has been teasing the release of Shibarium this year.
The altcoin market has seen a recent rally, with Shiba Inu (SHIB) maintaining a solid performance. According to CoinGecko, SHIB is up 19.5% in the weekly timeframe and over 47% in the monthly at the time of writing. This surge in price can be attributed to the imminent launch of Shibarium, the ecosystem’s upgrade that will bring a host of features for the ShibArmy.
Shytoshi Kusama, the pseudonymous chief developer of the Shiba Inu meme coin, has been teasing the release of Shibarium since the start of the year. Recently, Kusama posted a link to the official Shibarium Telegram handle and instructed fellow SHIB developer Trophias to „open the chat.“
The Shibarium upgrade will leverage the Ethereum network’s security while scaling Shiba Inu’s ability to handle transactions. This will enable the network to process transactions faster and more efficiently, while reducing fees significantly. Moreover, the upgrade will also introduce utility to the token, as more SHIB tokens will be burnt. As of January 21st, the total burned SHIB is over 410 trillion.
The Shiba Inu community is eagerly awaiting the beta release of Shibarium, and is expecting the launch of the Layer 2 scaling solution to be closer than previously believed. If the upgrade is successful, this may lead to a surge in SHIB price, and make Shiba Inu one of the strongest contenders in the altcoin market.