Great news for the meme coin Shiba Inu, which has received a lot of attention in the past week, moving it up to 14th place in the market cap ranking.
While its price has fluctuated a lot over the past period, market analysts see it in an excellent growth position. We at The Cryptonomist have already discussed this in a recent article: is it time to buy Shiba Inu?
Summary
The week of the Shiba Inu meme coin: from the launch of Shibarium to listing on BitFlyer
Over the past few days, the Shiba Inu community has been abuzz with the launch of Shibarium, the network’s new Layer-2.
Shibarium is now active in its beta version and users can delve into all the details of how it works, especially in relation to the proof-of-stake (PoS) consensus mechanism and the Shibarium Bridge.
Shiba Inu’s new feature is a Layer-2 chain built on top of the Ethereum network, which means it benefits from Ethereum’s security and decentralization while offering faster and cheaper transactions.
The L2 chain will streamline the handling of all transactions, allowing users to transact on the Shiba Inu network more efficiently.
The PoS consensus mechanism plays a key role in the operation of Shibarium. PoS is a consensus algorithm that determines who should validate transactions and add them to the blockchain.
Unlike proof-of-work (PoW), which requires miners to solve complex mathematical problems to validate transactions, PoS allows users to validate transactions based on the amount of cryptocurrency they hold.
This means that users who hold more cryptocurrency have a greater chance of being selected to validate transactions and earn rewards. In Shibarium, the PoS consensus mechanism will be used to validate transactions and protect the network.
The Shibarium Bridge is another essential component of the ecosystem. It provides a privileged channel for exchanges between the Ethereum network and Shibarium.
The “bridge” allows users to move assets between the two networks seamlessly. This is critical for users who want to take advantage of the benefits of both networks.
Performing an important job in the Shibarium ecosystem will be the BONE token.
Within the ecosystem, BONE will be used to power staking.
Staking involves holding cryptocurrencies in a wallet and using them to validate transactions and protect the network. In return, users get rewards in the form of other cryptocurrencies.
BONE will be used to reward users who stake their tokens on the Shibarium network. The more tokens a user stakes, the higher his or her chances of being selected to validate transactions and earn rewards.
This incentivizes users to hold and stake BONE, thus helping to protect the network and keep it running smoothly.
The launch of Shibarium is a significant point for the Shiba Inu community. It offers faster and cheaper transactions and a more efficient way to handle transactions on the network.
The launch of Shibarium also highlights the importance of Layer-2 scalability solutions. As the popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs) continues to grow, the Ethereum network has become increasingly congested, resulting in high fees and slow transaction times.
Layer-2 scaling solutions such as Shibarium offer a way to alleviate these problems by moving some of the transaction processing off the chain. This reduces the load on the Ethereum network, making transactions faster and cheaper.
But Shibarium is not Shiba Inu’s only weekly news; in fact, the crypto is ready to be listed on one of Japan’s most popular exchanges BitFlyer.
Shiba Inu’s entry on BitFlyer
The Shiba Inu community has been pushing hard for the SHIB meme coin to be listed on major exchanges, and their efforts have finally paid off.
BitFlyer, one of the largest exchanges in Japan with 2.5 million users, has announced that it will list SHIB on its platform.
This is a significant milestone for the SHIB community, as BitFlyer is a highly respected and trusted exchange in the Japanese market.
BitFlyer was founded in 2014 and has since become a major player in the cryptocurrency space. The exchange is known for its easy-to-use platform and robust security measures.
Its decision to list SHIB is a testament to the growing popularity of the meme coin, which has gained a significant following in recent months.
To underscore the importance of the listing, the Japanese exchange announced a prize of 10,000 yen for 20 lucky winners. Although a listing date has not yet been announced, the SHIB community is eagerly awaiting the news.
This is not the first time SHIB has been listed on a major Japanese stock exchange. On 28 February, the meme coin was listed on OkCoinJapan, a Japanese subsidiary of OkCoin based in San Francisco.
This listing was a major step forward for SHIB, as it provided the coin with more exposure and legitimacy in the cryptocurrency market.
This can be seen as another victory for the SHIB community, as it further strengthens the coin’s position in the market.
The SHIB meme coin has proven to be a resilient and popular cryptocurrency with a passionate community behind it. The coin’s unique branding and marketing have helped it stand out in a crowded market, and its value has steadily increased over time.
As SHIB continues to gain traction in the marketplace, we are likely to see more exchanges listing the coin.
The SHIB community has worked tirelessly to get the coin priced on major exchanges, and their hard work is paying off.
With increased exposure and liquidity, the SHIB meme coin has the potential to become a significant player in the cryptocurrency market.
Shiba Inu is poised to rise in the big leagues: conclusions
Over the past 24 hours, the value of Shiba Inu has fallen 1% to $0.00001087, while the rest of the crypto market has risen 2%.
In the last week, SHIB has managed to rise a modest 0.5%, though if the last 30 days are considered, it has fallen 17.5%, during a period when, by contrast, Bitcoin has risen 28% and 15% in the same time intervals.
Despite the underperformance, SHIB has recently become a top 15 crypto by market cap, with a value of $6.4 billion, making it the 14th largest crypto overall.
Thanks to the launch of the Layer 2 Shibarium network, the groundwork has been laid for SHIB to post significant gains in the coming months, particularly with the long-awaited SHIB: The Metaverse, which revealed some new updates.
In the past 24 hours, the value of Shiba Inu has decreased by 1% to $0.00001087, while the rest of the cryptocurrency market has increased by 2%.
Over the past seven days, SHIB has managed to register a modest increase of 0.5%.
However, looking at the past 30 days, the cryptocurrency has declined 17.5%, while Bitcoin has increased 28% and 15% in the same time period.
Despite the underperformance, Shiba Inu recently became one of the top 15 cryptocurrencies by market capitalization, with a value of $6.4 billion, ranking as the 14th largest cryptocurrency in the world.
The launch of Shibarium is a significant step for the Shiba Inu community. It offers faster and cheaper transactions, a more efficient way to handle transactions on the network, and a way to leverage the benefits of the Ethereum network and Shibarium.
The PoS consensus mechanism and the Shibarium Bridge enable users to transact more efficiently and securely.
The BONE token plays a crucial role in the ecosystem by incentivizing users to hold and stake their tokens, which helps protect the network and keep it efficient.
The launch of Shibarium underscores the importance of Layer-2 scalability solutions to alleviate congestion problems in the Ethereum network.
The SHIB community has reason to celebrate with the announcement of SHIB’s listing on BitFlyer.
This is a significant milestone for the meme coin, as BitFlyer is one of the largest exchanges in Japan with 2.5 million users.
The listing further solidifies SHIB’s position in the market and provides the coin with greater exposure and legitimacy.
With the likelihood of other exchanges listing SHIB in the future, the coin’s value and popularity are likely to continue their upward trajectory. The SHIB community has proven to be a force to be reckoned with, and their hard work and dedication are paying off with this latest victory.
