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

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.

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.

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.

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.