• Shibarium layer two scaling solution will help the adoption of the three ecosystem tokens; Shiba Inu, LEASH, and BONE.
• The Shibarium network is currently in public beta with the mainnet launch expected to accelerate the SHIB token burn rate.

Amid the rise of the meme coin frenzy in the past few months, Shiba Inu (SHIB) has held the second most valuable in terms of market capitalization after Dogecoin. Shiba Inu price rallied nearly 80 percent during the January/February crypto relief rally. However, the Ethereum-based meme coin has dropped approximately 40 percent since February to trade around $0.0000086 on Wednesday. 

Nevertheless, the Shiba Inu is heavily bolstered by strong fundamentals compared to most of the meme coins which are basically speculative trading assets. As of today, Shiba Inu takes pride in more than 1.3 million holders who have made about 10,290,244 on-chain transactions.

Shiba Inu Banks on Shibarium

The Shiba Inu community has eagerly been waiting for the Shibarium layer two mainnet launches. Moreover, the launch of the Shibarium layer two mainnet is expected to have significant on-chain value in the Shiba Inu ecosystem. For one, more decentralized applications (Dapps) are expected to launch through the Shibarium network for scalability purposes. More Dapps reciprocates to more users, who in turn help in token burns through transactions.

As a result, the demand for Shiba Inu is expected to rise exponentially, which reciprocates to the price rally. Notably, Shiba Inu gained huge recognition after rallying more than 10000x during the last major crypto bull market, merely fueled by speculation. 

Having built a strong portfolio, the Shiba Inu community foresees more gains during the next major bull market fueled by speculation and real-world utility.

In the latest developments, Shiba Inu’s Shibarium public beta has clocked to a new milestone having processed over 11,611,641 total transactions from a total of 15,984,319 wallet addresses. According to on-chain data from puppyscan.Shib.io, the Shibarium public beta has closed about 967,770 blocks with each at an average time of 5 seconds.

Worth noting is the fact that Shibarium layer two scaling solution core developers are working on a bridge with Ethereum to facilitate the seamless flow of assets between the two ecosystems. Moreover, the Shibarium ecosystem will have a significant focus on the metaverse and NFTs, of which Ethereum is largely regarded as the king.

As of publication time, the Ethereum network had a total value locked (TVL) of more than $27 billion with top DeFi platforms including Lido, AAVE, MakerDAO, and Uniswap, among many others. 

With the need for scalability from all DeFi developers, the Shibarium layer two scaling solution is well positioned to gain from the connection with the Ethereum ecosystem.

Price Action

The Shiba Inu ecosystem has several coins to facilitate easier adoption and incentives. The Bone ShibaSwap (BONE) is used for governance on the DEX platform, thus allowing Shibarmy to easily vote on upcoming proposals. According to the latest crypto market data, BONE traded around $0.7585 on Wednesday, up approximately 112 percent in the past year.

The other notable coin in the Shiba Inu ecosystem is Doge Killer (LEASH), which has a low supply of about 107,646.