KEY POINTS

  • Shiba Inu is an Ethereum-based altcoin and is highly reliant on the network
  • Ryoshi believes Shibarium could lower gas fees Shiba Inu holders currently pay
  • The SHIB development team has not yet revealed the release date of Shibarium

The roll-out of Shibarium, the blockchain or layer 2 solutions proposed by Shiba Inu creator Ryoshi, is anticipated to be a major catalyst that could skyrocket the price of the dog-themed altcoin "to the moon."

Shibarium is a Layer 2 that sits on top of the Ethereum blockchain and will migrate all SHIB once it launches. Shytoshi Kusama, the lead developer of Shiba Inu previously said in Discord that "Shibarium will offer low fees for every service, game or whatever that builds on it."

ShibaInuart, one of the members of the core team behind the dog-themed altcoin, emphasized that Shibarium will be the "premium L2 for the Shib token community" and will enable "rapid low-cost transactions optimized for gaming."

Shiba
SHIB is the main currency in the ecosystem Shiba Token - Twitter

Shibarium is the team's answer to the discouraging high gas fees that were further highlighted when Yuga Labs launched Otherdeed, the key for claiming lands in the metaverse called "Otherside."

The high gas fee is one of the biggest issues Ethereum faces and since Shiba Inu depends on the network, it is one of the many tokens affected by high gas fees, particularly when it launched the Shiboshi Non-Fungible Tokens (NFTs).

Should Shibarium launch, SHIB holders will see low to even zero gas fees, which is very attractive to many investors. Like a domino, many will buy SHIB, making the demand high, triggering its price to achieve dramatic growth.

Also, unlike other factors that help surge the price of the dog-themed token, Shobarium, once available, is there to stay, which makes it a dependable development that could sustainably raise the price of the token in the months following its release.

The team also mentioned before that aside from low gas fees, Shibarium would come with burning mechanics to burn SHIB and act as a bridge for other projects within the ecosystem. However, all of these will only pan out if Shibarium delivers what it purports to provide.

There is no specific date for the launch of the Shibarium but Kusama previously said it is "coming very soon," noting that Shibarium documentation, which most likely has something to do with a blog, is coming soon. The project is anticipated to become available this year or in mid-2022, at the earliest.

Shiba Inu was trading down 7.22% at $0.00002015 with a 24-hour volume of $679,140,617 as of 12:51 a.m. ET on Friday, based on data from CoinMarketCap.

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