Can Shibarium Lift Shiba Inu to New Heights? – OPED by Levi Parillo

What makes $Shib so talked about and turning into one of the most held tokens in the cryptocurrency market? Is it the fact that it is still seen as meme (joke)? The fact that it is graduating into a stablecoin? That it is providing a solid foundation for the crypto to grow? Or is it simply just popularity? Let us take Shiba Inu, the dog-themed token, on a walk and discuss what is going on.

ADVERTISEMENT

Shiba Inu Token History

Shiba Inu or $Shib is one of the most popular cryptocurrencies on the market today. You perhaps have heard a co-worker, friend or someone on social media talking about this token. $Shib has been out on the crypto market for a little over 2 years as it was initially released in August of 2020. Since then, the token has exploded onto the scene. Raking up an ROI of 800,682.31% (according to Crypto.com) to date.  $Shib has branched out tremendously. Recently, they have partnered with Welly’s a fast-food company. They also have partnered with The Third Floor for metaverse development. They are a long-time partner with Marvel and bring visual/virtual advancements. Perhaps this dog is not just all bark but no bite. The team behind $Shib has started to grow the foundation for this crypto.

Current Shiba Inu Token Tech

The foundation of $Shib originally did not exist. It was a token that has an extremely high supply of 598 trillion tokens. Now, the team behind $Shib is growing the base of this crypto. There has been a variety of hirings, partnerships, and networking. First, the token announced a burn portal to help bring the circulating supply down and boost the value. This seems like a bizarre tactic. One would willingly purchase coins and then burn them. Similar to just taking a $20 out of the bank and burning it. In time, this mechanic will help, but it is a slow jog. Another development was the metaverse expansion. By adding a metaverse team and utility, the token began having use. Shibaswap was another piece in the development to add backbone to $Shib. This mechanic is a decentralized exchange to allow further use of the $Shib ecosystem. Several merchants such as Gucci, Porsche, and other high-end brands accept it as payment. One of the first steps into true utilization. The ability to use it in the real world for tangible assets. $Shib has also been accepted by bitpay (double-check this). Bitpay is a third-party service that customers can use to purchase goods from a merchant who accepts Bitpay. So now what exactly is Shibarium?

Shibarium and its Parallels

Shibarium is the next upgrade in line for the Shiba Inu token. This is a Layer-2/Blockchain upgrade to the $Shib ecosystem. $Shib runs on the Ethereum blockchain network as an ERC-20 token type. The upgrade of Layer-2 will allow the fees to be reduced significantly on $Shib usage. Think of it similar to the Ethereum merge to proof of stake. It essentially is the same concept. As the $Shib token continues to grow with NFTs and the game coming, an upgrade is necessary. With the upgrade, it will become a deflationary token as well. Given that Ethereum is merging to deflationary with its upgrade, $Shib will copy it. The current economic evaluation of the Ethereum merger and Shib upgrade will make the tokens more favorable to for institutions. According to Bank of America, “Ethereum’s merge may increase institutional adoption”. It is safe to say the same for $Shib with Shibarium.

ADVERTISEMENT

Bringing $Shib Home

As $Shib has continued to grow so does the blockchain and technology that encompasses it. Since its launch back in August 2020, the token has steadily improved. For the token to survive to be a true stablecoin, it needs utility and better technology. Shibarium should grant this upgrade to Shiba Inu token. Only time will tell how the token will respond to Shibarium. Ultimately, the choice is the investors, this article is not trying to persuade in any manner.

If you want to read more from CryptoChrist, follow THIS LINK

[This article was written as an Op-ed by Levi Parillo. Levi is a Crypto Researcher and a Senior Editor at CryptoChrist.]