Shiba Inu developers announced the soon launch of Shibarium test network

Tier 2 blockchain project Shiba Inu will help create a new decentralized metaverse and gaming ecosystem

Developers of Shiba Inu token announced preparations for launching a test network called Shibarium. The second-tier blockchain will run on top of the first-tier Ethereum network. It is designed to provide scalability, faster transactions, lower fees and more opportunities for developers in the Shiba Inu ecosystem.

Cryptocurrency Shiba Inu was created 2.5 years ago. The Ethereum blockchain token is named after Shiba Inu dogs. The website of the project calls this token “”Dogecoin Killer””. And it says that when it was created, its main goal was to surpass the total capitalization of Elon Musk’s favorite coin (Dogecoin). At the same time without crossing the price point of $0.01 per token.

The developers claim that the project has now left the category of “meme” tokens and turned into a popular and actively growing ecosystem. At the same time, in terms of market capitalization, the token is in 16th place with an indicator of $6.1 billion. Dogecoin is now in 9th place, its capitalization is almost $11.6 billion.

Shibarium

Shiba Inu team noted in its message that some members of the cryptocurrency community see Shibarium as a tool to “inflate” token prices. But that is not and never has been the goal of the project. According to them, the new blockchain will help reduce the load on the underlying network. It will also improve the user experience in metaverse and gaming applications.

The combination of web3 and Shibarium Level 2 blockchain technologies can create a new decentralized Metaverse. As well as a gaming ecosystem in which players will interact in a decentralized way. And make transactions, as well as own, buy and sell digital assets.

Tier 2 networks are created to extend the capabilities of basic Tier 1 blockchains. The developers of Shiba Inu state that Shibarium will be able to serve multiple layers of the blockchain. The announcement also says that the new network will reduce the transactional burden on these parts of the ecosystem.

Shibarium will use SHIB, Leash and Bone tokens. Transactions on the network will be paid for using Bone, a Shiba DAO management token. It will also pay members who support the network and validators. Twenty million Bone tokens ($27 million) have been set aside for these payments.

A test network will be launched first. The developers don’t give an exact date, but they write of a “soon” launch. The main network will launch later, its launch will allow the team to integrate the decentralized crypto exchange ShibaSwap into Shibarium.

The developers also expect commissions on the new network to be lower than the current fees on the main Ethereum network. Nevertheless, our experts note that the team prefers to wait for results of analysis in a test network Shibarium. In order to make sure the data is accurate before declaring it definitively.

 

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Crypto winter – what cryptocurrency to buy when all cryptocurrencies fell, expert opinion Crypto Upvotes

Our Crypto Upvotes experts remind us of meme tokens and explain why they can show growth in medium term.

During Crypto Winter, there are many negative forecasts in market at the moment, high “fear” index of investors and tense situation on cryptomarket, we suggest to focus on tokens with high social resource and low fundamental component in mid-term planning. Assets that fit this category perfectly are “meme” tokens.

crypto portfolio

Disclaimers: Our company “Crypto-Upvotes” does not give investment advice, this material is published for introductory purposes only. Cryptocurrency is a volatile asset that can lead to financial losses.

What cryptocurrency to buy now during Crypto Winter, our experts offer an asset allocation scheme if you have a few extra dollars that you can risk:

  • Dogecoin (DOGE) — 30%;
  • Shiba Inu (SHIB) — 25%;
  • Floki Inu (FLOKI) — 15%;
  • Dogelon Mars (ELON) — 15%;
  • Baby Doge Coin (BABYDOGE) — 10%;
  • Saitama V2 (SAITAMA) — 5%.

Success of most “meme” projects is that they parasitize on Elon Musk brand. Tweets of this billionaire have repeatedly provoked the growth of traders’ interest in certain cryptocurrencies. And most often these were “meme” tokens. For example, Musk has repeatedly explicitly stated his support for Dogecoin. And his Shiba Inu puppy is named Floki, which developers of these projects successfully speculate on.

Among the negative aspects of such an investment portfolio are only its unpredictability. Because growth of token “memes” occurs suddenly and without reason. Such crypto assets are hardly suitable for long-term investments. But they can be interesting in periods of crypto winter.

We should also not forget about the DOGE-funded launch of a satellite to the moon, the exact date of which can be announced at any time, which is likely to cause a strong price increase.

Another project in our portfolio is Saitama. It is not directly related to Musk brand, but the number of mentions of this token in news has increased lately, which could have a positive effect.

Warnings about risks when investing in meme projects.

It is almost impossible to make accurate predictions about price of “meme” tokens. Their cost depends directly on the hype created by a certain group of investors. Therefore, it is difficult to predict their growth or decline with a high degree of probability. This forecast is based mainly on personal experiences of our experts and empirical data from past investment periods.

“Meme” tokens grow rapidly because retail investors buy them en masse, which raises their price through trivial technical market mechanisms. But as soon as these investors sell their tokens and move on to other assets, the price drops noticeably. In fact, “memes” are often accompanied by “Pump and Dump” schemes and less often the increase in activity yields long-term results. This should be taken into account when organizing a portfolio. You need to constantly monitor the actuality of its price, so as not to miss a good moment to exit.

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