Shiba Inu (SHIB) Price Jumps on Shibarium hype: Will This Run Have Legs?

Shiba Inu’s latest development is the public testing of a bridge between the soon-to-be-launched Shiba Inu-based layer 2 blockchain, Shibarium, and Ethereum. This bridge is a significant step forward, as it allows users to transfer tokens between the two networks.

The Shibarium-Ethereum bridge is a technological marvel that will initially allow users to transfer testnet ether tokens to Shibarium. Shibarium, for those unfamiliar, is a layer 2 blockchain based on the Shiba Inu token, set to commence operations in the coming month.

The chief developer, Shytoshi Kusama, has stated that each transfer is expected to take a maximum of up to 30 minutes. As of now, real assets are not supported, but this is a significant step towards seamless interoperability between the two networks.

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In other exciting news, the Shibburn wallet tracker has reported a whopping 29,376,847 SHIB burned over the past 24 hours. This impressive feat was achieved in just 12 transactions. The largest transfer, according to the Shibburn website, involved 9,438,008 Shiba Inu meme coins. The transaction details provided by Etherscan reveal that this wallet was activated after almost 799 days, roughly equivalent to two years and one month. The wallet now contains zero SHIB after transferring 9.4 million SHIB to a dead-end Shiba Inu wallet.

The burning of SHIB tokens and the anticipation of the Shibarium launch have led to a surge in the price of SHIB. As of the latest data, the live Shiba Inu price is $0.00000819, with a 24-hour trading volume of $110,967,586.50. The price has seen an increase of 4.36% in the last 24 hours, and the current market cap stands at a staggering $4,826,777,558. The circulating supply is 589,346,914,631,298 SHIB coins.

The price surge is a testament to the growing anticipation and excitement surrounding the launch of Shibarium. As the Shiba Inu ecosystem continues to expand and innovate, it’s clear that the world is eagerly watching what’s next for this meme coin turned serious contender in the crypto space.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

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