Shiba Inu: Hundreds of projects to use Shibarium and build the next generation ecosystem – Can it drive SHIB to $0.001?

  • BONE, the governance token of the Shibaswap ecosystem is seeing massive demand from several projects.
  • The uncertainty around the launch of Shibarium has, however, gotten some projects off the platform recently.

As we know, Shiba Inu has been working on the much-awaited Layer-2 scalability platform Shibarium. Although scheduled last month in February 2023, the Shibarium launch has been delayed as stated by lead developer Shytoshi Kusama.

However, several hundred projects have continued to show faith in the project while announcing their support. As per the official Twitter account of Bone ShibaSwap (BONE), hunters of projects are becoming desperate for the BONE token soon. Also, all these projects have further signed up to build on the Layer-2 scalability protocol Shibarium, upon its launch.

The BONE token will be used as a gas on the Layer-2 protocol for Shiba Inu which will be compatible ultimately with the Ethereum Virtual Machine. Part of the transaction fees in BONE will be converted to SHIB and later burned by transferring to dead-end addresses where they are locked permanently.

As of press time, Bone Shibaswap (BONE) is changing hands at $1.59 with a market cap of $364 million.

The On and Off Relationship With Shibarium

The Shiba Inu community has been quite excited regarding the launch of Shibarium previously scheduled to happen last month. However, lead developer Shytoshi Kusama updated the community about their plans to delay the launch with an uncertain timeline.

The deal has indeed pinched the Shibarium community. Soon after Kusama announced their plans to delay the launch beyond February 14, Shibarium faced a knee-jerk reaction from projects. On his Telegram channel, Kusama admitted facing difficulty in communicating with projects which previously wanted to build on the Layer-2 protocol. Nearly 50 projects that wanted to build on Shibarium Layer-2 solution, went out of touch.

The pseudonymous Shiba Inu developer said that this happened as he laid out the basic principles of the Layer 2 network: “Burn. Protect. Help. Grow.”

On the other hand, there are projects like Atomic Wallet taking a thorough approach. This non-custodial hot wallet has an estimated user base of five million and was one of the first to announce support for Shibarium. Besides, the Atomic Wallet has also provided the ability to exchange SHIB for other tokens within the Shiba Inu ecosystem, directly from the app.

ETH Whales Purchase Shiba Inu

As per the recent data, ETH whales have been aggressively purchasing the Shiba Inu tokens. Earlier today, WhaleStats reported that the 254th-largest Ethereum whale purchased over 131 billion SHIB coins worth a staggering $1.48 million in just one single transaction.

As per the data on WhaleStats, Shiba Inu also continues to be the preferred token among the top 5,000 ETH whales. These whales are currently holding a massive $606 million worth of SHIB in their wallets.

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