December 5, 2022

SHIB Rises by 7.5% While DOGE Breaks Down

SHIB’s price has decoupled from its fellow memecoin, DOGE. The former has now risen by as much as 7.5% while the latter trades lower.

 Dogecoin Influence

Dogecoin’s predicament began on the back of Twitter’s decision to hold off on its proposed wallet development. The price gap between Dogecoin and Shiba is, however, an unexpected development. According to developments in the past week, DOGE in response to Elon Musk’s Twitter takeover. SHIB and similar crypto assets in their category soon followed suit. But now that the hysteria is over, we might not see a strong movement from DOGE anytime soon.

 What was particularly more unlikely at the beginning of this was that DOGE would fall so low and SHIB would rise so high. But that has, somehow, become the current state of events. Although the current DOGE movement is the most prominent reason for SHIB’s price movement now. Nevertheless, Shiba Inu is an independent cryptocurrency and it is playing a part in its own story.

 Shiba Inu is planning to release its Layers 2 scaling solution, the Shibarium. It has been reported within the last 24 hours that the SHIB burn rate has increased by about 260%. It means that more than 22 million tokens have been withdrawn from circulation and sent to dead addresses.

 SHIB’s Joker

The Thursday development was such a success given how little was achieved on Wednesday. The community was able to send just over 7 million tokens to dead wallets that day. The Unification Foundation working with SHIB developers on the Shibarium project addressed a key question from the SHIB community. The community had been asking when the Shibarium would be launched.

 The Foundation, via a blog post written by its Product Lead, Maziar Sadri, said the release will come soon. Sadri said the Shibarium project is a major project for them this year. He also assured the community that the team has continued to optimize the existing alpha version daily. It is expected that the Layer2 solution, Shibarium, will help the Shiba Inu network scale higher. It is especially expected to drive its tokens’ adoption by many more people and use cases.

 Shibarium is said to be the major trigger of the SHIB token rise, although it is not realized. Because really, about 50% of the total supply has been burned. Importantly, the network has gotten up to 2.2 million users and also launched a mobile game.

 

 

 

  

 

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