Shiba Inu ($SHIB) Gains Nearly $2 Billion in Market Capitalization Amid Shibarium
Over the last 30 days, the market value of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has increased by about $2 billion, as the cryptocurrency community excitedly awaits the debut of its layer-2 scaling solution Shibarium.
According to current market statistics, the price of Shiba Inu has outperformed its competitors over the previous 30 days, resulting in a 23% increase in market capitalization to $6.43 billion. This price performance occurred in the context of a general cryptocurrency market rebound.
As reported by CryptoGlobe, the greatest whales of the Ethereum ($ETH) network have acquired over $85 million in $SHIB prior to the debut of the layer-2 scaling solution, and at a time when the meme-inspired cryptocurrency worked with the North American luxury brand Bugatti Group to mint non-fungible tokens (NFTs) at a “special event” in which the Bugatti Group held a “mint party and area” devoted to Shiboshis.
According to an account linked with the meme-inspired cryptocurrency, the special mint collection “sold out in the first four minutes” of the event, as token demand vastly surpassed supply.
Launched in October 2022, Shiboshis are non-fungible tokens (NFTs) specific to the Shiba Inu ecosystem. The agreement provided Shiboshi holders with “physical products and collectable NFTs.”
At the event, a total of 299 limited releases and a “very exclusive 1st edition release” were issued for 0.14 ETH each. 95% of mints were given a “Cross Body limited edition Luggage Bag” by Bugatti Group, while 5% were given a “Carry-On limited edition item” by the same company. These were awarded to fifteen NFT minters, who were permitted to create their own Shiboshi on the bag.
As for Shibarium, the layer-2 solution promises to strengthen the Shiba Inu ecosystem by, among other significant changes, enabling speedier transactions at a lesser cost.
Shibarium will conduct transactions alongside Ethereum on the Shibarium ecosystem. Shibarium will need a significant portion of the transaction load that the Shiba Inu ecosystem now places on Ethereum in order to handle it.
In addition, layer 2 will remove tokens from circulation to limit supply and support price appreciation. This is characterized as a token-burning mechanism, in which tokens are delivered to wallets that cannot transmit tokens, also known as Dead Wallets. Shibarium transactions will use $SHIB and demand $BONE.