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$2 billion market cap increase for Shiba Inu ($SHIB) as investors bet big on Shibarium and new NFTs

Winnie Kimeu

Writer, News

Jan 19, 2023 at 12:45

The meme-based cryptocurrency Shiba Inu ($SHIB) has seen its market capitalization soar by 23% ($2 billion) in the last 30 days, reaching $6.43 billion. This comes as investors and enthusiasts eagerly anticipate the launch of it’s layer-2 scaling solution, Shibarium.

Why the increase in SHIB popularity?

  • Wealthy whales in the Ethereum ocean have amassed $85 million worth of $SHIB in anticipation of the launch of the layer-2 scaling solution. 
SHIBOSHIS are a collection of 10,000 exclusive Shiba Inu generated NFTs
SHIBOSHIS are a collection of 10,000 exclusive Shiba Inu generated NFTs

Bugatti Group partnership: Bugatti hosted a lavish “mint party and space” dedicated to Shiboshis NFTs. The special mint collection was snapped up in four minutes, making it a rare and valuable find for those who were lucky enough to snag one.

How Shibarium works

Shibarium, the layer-2 solution, is designed to supercharge the network with faster transactions and lower costs, among other vital enhancements.

Shibarium: Shiba Inu's Layer 2 network
Shibarium: Shiba Inu’s Layer 2 network

It will work in tandem with Ethereum to smoothly process transactions within the Shibarium ecosystem. It will take on a significant portion of the transaction load currently placed on Ethereum, effortlessly processing them on the Shibarium chain.

Shiba Inu price, Jan 19, 2023 is  alt=
Shiba Inu price, Jan 19, 2023 is $0.000011 USD

Additionally, Shibarium will boost the price of $SHIB, acting as a token-burning mechanism. It works by removing tokens from circulation to decrease the supply while increasing the demand for $SHIB, ultimately pushing its value higher.

Shibarium will ignite $SHIB and use $BONE as fuel for transactions on its network.

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