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Shiba Inu Team Provides Crucial Update on Bone Farms

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The team behind Shiba Inu published key updates on the minting rate of BONE. According to the blog post, the new minting rate is set at 1 BPB [BONE per block] to prevent the over-minting of the crypto asset.

Instead of halting the minting process completely, slowing the BPB, ensures not only the integrity of the DAO vote but also the reward system, while safekeeping the agreed minting ratios voted in by the community at 230 million BONE, the team claims.

Earlier the community decided to place a limit on the maximum supply at the original cap of 250 million BONE by stopping its minting at 230 million.

In addition to that, this adjustment would also streamline ShibaSwap rewards of the upcoming reward token TREAT, which is slated to enter the ecosystem soon.

We understand reducing the BPB down may seem like a drastic approach to the rewards system right now, but beginning streamlining the future of ShibaSwap will allow the team to focus on the tasks that will bring these systems to life sooner rather than later.

“Tokenomics for TREAT have yet to be revealed”, the blog added. It then concluded the post by urging users to stay tuned to https://blog.shibaswap.com for upcoming releases.

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Shiba Inu Team Provides Crucial Update on Bone Farms 2

For those new, BONE is the governance token of the Shiba Inu ecosystem & is about to become the ‘gas’ of the Shibarium Protocol, which means that the token would be necessary to perform every function on Shibarium SHIB’s Layer 2 Solution.

As per recent updates shared by Unification last month, the Shibarium Public Beta TestNet is planned for deployment in Q3, 2022.

Shiba Inu ‘Whale’ Transactions Have Spiked By 85%

Per IntoTheBlock data, Shiba Inu whales, or large-scale investors, are on the go, as large transactions have swelled by 85% over the past day.

Typically transactions of over $100,000 come under the large transactions and are sometimes linked with increased activity from whales who are either buying or selling.

Data from WhaleStats also revealed that the top 100 Shiba Inu holders showed a 33% surge in active address counts further contributing to the volume of large transactions.


Shiba Inu community sees hope through Shytoshi’s Tweet

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Despite being relatively new to the cryptocurrency market, Shiba Inu [SHIB] has experienced tremendous growth in popularity. The broad adoption it attracted was advantageous for the entire crypto market, not just SHIB alone. The primary developer now shifted attention to the network’s development side as its pricing tried to recover. Shytoshi Kusama teased the crowd for two long days before finally publishing his eagerly anticipated Medium post.

The Shiba Inu community has been anticipating a number of changes that are planned for the network. However, many have been suffering as a result of the ongoing weak market. Shytoshi Kusama nevertheless intends to follow out Ryoshi’s strategy “forcefully.”

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The primary developer talks about the much awaited Shibarium in the Medium post. This Shiba Inu layer-2 solution has been under development for a while. Shytoshi provided updates even though this is scheduled to appear in Q3 of 2022.

“Shibarium is a key component in this uncanny war we find ourselves in as it will allow us to move assets on-chain with minor BONE (gas) fees empowering micro transactions.”

The Shiba Inu creator added that everything was proceeding as planned. The Public Beta date, however, hadn’t yet been announced by the creators.

Shiba Inu network to follow TerraUSD pattern?

The algorithmic stablecoin UST of Terra was destroyed in front of the entire globe. While some people have chosen to avoid all things stablecoin, the Shiba Inu network was continuing as usual. Shytoshi confirmed that the 2022 release date for SHI is still on schedule.

Currently, a team of programmers has presented a version of SHI that addresses the problems with previous projects. SHI would also be used in conjunction with this to balance payments without regard to market movements. Shytoshi elaborated on the same, saying,

“This will be an experimental protocol, like everything decentralized that Shib does, and a more detailed and complex set of information will be released about this token as it is finalized.”

The Shiba Inu network is hiding something! A brand-new prize coin called TREAT has been “quietly” being created by the developers. Shytoshi continued by explaining the rationale for this covert action. According to reports, the network sought a fairly clear-cut use case for the token. They also didn’t want to hurriedly place another symbol in the area.

Shiba Inu Retains The Largest Token Position Among Top ETH Whales

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The Shiba Inu [SHIB] token emerged as the biggest gainer in the blazing rally, rising by almost 50% in the past seven days. This in turn helped the token to retain its numero uno position among the top 100 ETH whales.

As per data from whalestats, the top 100 ETH wallets have scooped $606 million worth of SHIB, which is 15.12% of their holdings.

In addition to that, the popular meme coin at present was exchanging hands at $0.000011 after a marginal rise of 5% in the past 24 hours. The 13th-ranked token’s current market cap stood at $6.54 billion.

During this week, a series of significant announcements provided Shiba Inu with a much-needed price boost amidst the prolonged bear market.

One of them is Shibarium, a layer-2 solution first proposed by Ryoshi, the creator of the Shiba Inu Coin. The entity behind the development of the protocol, the Unification Foundation, recently published a detailed post on their Medium blog.

According to the post, the upcoming TestNet has been operating without any hitch for several weeks and is currently undergoing development in preparation for the public Beta TestNet release.

The developers highlighted that the wallet is intended to be an all-inclusive application and would enable the movement of assets within Layer 1 and Layer 2, the possibility of stalking, and in the future, ShibaSwap would also be executed in it.

Shiba Inu’s layer 2 scaling solution is set to deploy in Q3

The launch of the Shibarium Public Beta TestNet, which will allow complete network interaction for users, including the validation process, is scheduled for the year’s third quarter.

The community-dedicated Twitter handle, ShibaInuart, shared its expectations once the beta phase goes live:

“When the Shibarium Public Beta TestNet planned for deployment becomes active, workflows of key areas for those interacting with the blockchain environment will help evaluate the following: performance benchmarking, usability optimization, and architecture stabilization.”

A few weeks back, Shytoshi Kusama, one of the key members of the project’s development team, earlier teased the release of Shibarium that generated quite a stir.

That said, with a large number of circulating SHIB, and a hugely enthusiastic fan base, Shibarium can be the deal breaker and usher in a new era for the SHIB ecosystem.  

Shibarium testnet draws closer; Can it propel SHIB to a new ATH?

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Shibarium, a Layer 2 scaling solution for the Shiba Inu is heading closer to launching its public beta version. This was revealed in a Twitter update by Milkshake from a recent Medium blog post, Unification Foundation, a team working on the layer2 project.

The article revealed that a public testnet of Shibarium is slated to go live within the next few months with a public beta to follow shortly thereafter.

According to the post, the Alpha TestNet version for Shibarium is currently underway which will be used for network testing and the development of all end-user engagement tools such as wallets and block explorers, token transfer bridges, etc.

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There will be some private invitations sent out to trusted testers after these have been prepared and implemented. The feedback will be used to improve and expand the network and tools before releasing a public Beta TestNet. Further the blog read,

“In continuing the foundational work to support open source projects with large utility, the Unification team continues to play a strong role in the development of the Shibarium network. Shibarium which will be the premium L2 for the Shib token community, & in partnership with the Shib Army, enabling rapid low-cost transactions optimized for gaming.”

Can Shibarium be the gamechanger for Shiba Inu?

As Shiba Inu is an ERC-20 token, the asset is plagued with high gas fees rendering it unaffordable for many newbies. With the introduction of the scaling solution Shibarium, many in the community expect it to be a gamechanger for the popular meme coin use cases.

Besides that developers are also working on an algorithmic stablecoin called SHI that will operate on both Ethereum and Shibarium. Not content with just being a meme coin, Shiba Inu has announced its plans to develop its own virtual space and world, “Shib: The Metaverse”.

Even though SHIB’s price remained flat, Whales continue to buy the dip, as data from WhaleStats revealed that SHIB blasted its way to be one of the largest holdings among the top ETH whales. This position had previously been occupied by FTT [FTX Token] for a while now.

Meanwhile, the Shibarmy is also helping the asset to grow by burning massive amounts of the coin. As per statistics by shibburn, 1.4 billion SHIB has been burned in the 24 hours. All these developments would initiate a leg up in the token’s price action.

Shiba Inu snags a spot on two Indian crypto exchanges

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Yet another Indian crypto exchange platform, Giottus, has endorsed the meme coin, Shiba Inu (SHIB). Giottus Cryptocurrency Exchange took to Twitter to announce their launch of SHIB deposits starting at 7 pm IST on 11 January 2022.

Giottus was founded in 2018 by blockchain and cryptocurrency enthusiasts Vikram Subburaj and Arjun Vijay, two IIM Calcutta Alumni. The company drives on its mission to make it possible for anyone to become a cryptocurrency trading expert by providing a reliable and trustworthy platform that is supposedly easy to use. Giottus claims to adhere to the highest compliance and cyber security standards to protect customers and their crypto assets.

Just like all the other Indian crypto exchanges, Giottus also gained a lot of traction in the Indian crypto world when the Reserve Bank of India (RBI) ordered all the financial institutions to not encourage companies and individuals acquainted with cryptocurrencies. Just around that time, Giottus was helping people with crypto assets buy and sell with peer-to-peer (P2P) services. Luckily for all the crypto enthusiasts, in 2020, the Supreme Court lifted the RBI ban on cryptocurrencies.

Shiba Inu enlisted on Koinbazar

Indian cryptocurrency exchange, Koinbazar has enlisted the SHIB token on their platform, as announced on its Twitter handle on 11 January 2022.

Koinbazar is a global cryptocurrency exchange, founded in the year 2017 by Saravanan Pandian. With many Indian cryptocurrency exchanges enlisting the ‘dogecoin-killer’, Shiba Inu seems like the most sought-after meme token.

In recent news, the SHIB token project team had announced Bone as the gas token in Shibarium. Shibarium is a blockchain/layer2 solution that will work on the Ethereum program. Over time, it will function in a similar way to ETH and build its own network for the users to access.

Shiba Inu is currently in the 14th position according to Coin Market Cap. At the time of writing, Shiba Inu (SHIB) was priced at $0.00002872 and had taken a hike of 5.03% over the last 24 hours.