The Shiba Inu network’s highly-anticipated upgrade, Shibarium, is set to launch in beta mode next week, according to an announcement on the official Twitter account for Bone ShibaSwap.
The upgrade, which has been designed to function like other layer-2 scaling solutions such as Polygon (MATIC), is expected to enable developers to create custom tokens within the Shiba Inu ecosystem. It will also speed up transaction times and reduce gas fees.
Shibarium is expected to help burn a significant amount of Shiba Inu tokens, resulting in a decrease in the current supply and a potential increase in the token’s value in the future.
The launch of Shibarium has been the subject of much speculation and anticipation from the Shiba Army community, with the lead developer of Shiba Inu, Shytoshi Kusama, confirming on Twitter that the launch is scheduled for this week.
Analysts predict that the launch of Shibarium will trigger a bullish run for Shiba Inu (SHIB), driving up the token’s value in response to the upgrade and increased momentum.
The upgrade will require all transaction fees to be paid in BONE tokens, which will then be converted into SHIB and sent to unspendable wallets. This process will burn a significant amount of tokens and decrease the current supply, making the token more scarce, which could result in a price increase in the future.
The Shiba Army, a passionate community of Shiba Inu token holders, has been eagerly waiting for the release of Shibarium. The announcement of the launch in beta mode next week is expected to generate significant interest in the token and could potentially increase its value even before the official launch, Investors King reports.