Shiba Inu gains 14% in the last twenty-four hours as the Shibarium beta launch nears

In 2023, Shiba Inu, often known as the “Dogecoin Killer,” was one of the cryptocurrencies that generated the most excitement.

According to statistics from CoinMarketCap, the second-largest meme currency has increased by a stunning 74.41% since the beginning of the year, as the crypto market continues to demonstrate a remarkable rebound.

The impending launch of Shibarium, a layer-2 network designed to reduce Shiba Inu’s reliance on the Ethereum blockchain by processing the majority of transactions involving all Shiba Inu-based tokens – SHIB, LEASH, and BONE – thus resulting in higher throughput and lower fees, has generated a significant amount of interest in the cryptocurrency.

In the most recent update involving Shiba Inu, the token’s price has increased by 14% over the last 24 hours, exceeding every other currency in the top 40 crypto-assets by market capitalization.

SHIB’s latest price increase happened one day after the Unification Foundation, co-developers of Shibarium, published an update on the layer-2 project, increasing the degree of enthusiasm among the “SHIB Army” — SHIB holders and devoted supporters.

Shiba Inu is now trading at $0.00001409 per coin, with a daily trading volume of $1,138,725,144. Based on further data from CoinMarketCap, SHIB is rated as the thirteenth biggest cryptocurrency by market capitalization.

The Unification Foundation provided a much-needed update on the Shibarium project in a Medium blog post on Friday, stating that the beta launch date is rapidly approaching.

“Unification has always provided architectural development assistance for projects we believe in, and we are delighted to do so with our friends on this project. Given the scale, it’s stupid to hurry, but development is developing well, and while the public beta network has yet to be deployed, that day is swiftly approaching ever closer,” read the statement.

Although the Unification Foundation and Shiba Inu head creator Shytoshi Kusama have yet to announce the precise date of Shibarium’s release, many members of the SHIB army believe it will be on February 14.

As a result of a now-deleted cryptic tweet issued by Shytoshi, such rumours are circulating. “Quickly learning to play the flute before placing Shibarium in a heart-shaped box with a bow,” said the tweet.

Unification’s blog mentions the successful testing of the Oracle of Oracles (OoO) solution on the Shibarium alpha network as another Shibarium update.

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