{"id":284950,"date":"2023-01-17T12:00:07","date_gmt":"2023-01-17T06:30:07","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=284950"},"modified":"2023-01-17T10:49:51","modified_gmt":"2023-01-17T05:19:51","slug":"analyzing-the-chances-of-shiba-inus-legitimacy-after-launching-layer-2-solution","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/analyzing-the-chances-of-shiba-inus-legitimacy-after-launching-layer-2-solution\/","title":{"rendered":"Analyzing Shiba Inu&#8217;s legitimacy after the launch of Layer 2 solution"},"content":{"rendered":"<ul>\n<li><em>Shiba Inu announced the Layer 2 solution Shibarium.<\/em><\/li>\n<li><em>Shibarium aimed to legitimize SHIB and boost DeFi growth, but faced short-term skepticism.<\/em><\/li>\n<\/ul>\n<p>As per an announcement on 16 January, Shiba Inu&#8217;s [SHIB] would soon launch their own Layer 2 solution, called Shibarium. This move by Shiba Inu is significant for the project as it aims to delve into the layer 2 space and legitimize its cryptocurrency and protocol.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83c\udf56 Introduction to Shibarium: Shiba Inu&#39;s Layer 2 Network \u2014 Rejoice <a href=\"https:\/\/twitter.com\/hashtag\/ShibArmy?src=hash&amp;ref_src=twsrc%5Etfw\">#ShibArmy<\/a>! Shibarium Beta is about to be launched, and through this article we want to introduce some basic concepts in order to provide clarity to the community.<\/p>\n<p>Read more: <a href=\"https:\/\/t.co\/xWyPaVlQQ4\">https:\/\/t.co\/xWyPaVlQQ4<\/a><\/p>\n<p>&mdash; Shib (@Shibtoken) <a href=\"https:\/\/twitter.com\/Shibtoken\/status\/1614754575604400132?ref_src=twsrc%5Etfw\">January 15, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<hr \/>\n<p style=\"text-align: center;\">How many are <a href=\"http:\/\/ambcrypto.com\/convert\" target=\"_blank\" rel=\"noopener\">1,10,100 SHIB worth today<\/a>?<\/p>\n<hr \/>\n<h3>Shiba Inu getting in on the Layer 2 hype<\/h3>\n<p>One reason for the growing developments in <a href=\"http:\/\/ambcrypto.com\/can-shiba-inus-metaverse-update-help-shib-continue-its-bull-rally\/\" target=\"_blank\" rel=\"noopener\">Shiba Inu<\/a>&#8216;s ecosystem could be attributed to the fact that it is still perceived as a memecoin. However, with the launch of the layer 2 solution, Shiba Inu would try to move away from this perception and establish itself as a legitimate player in the cryptocurrency space.<\/p>\n<p>Shibarium will run on top of the Ethereum [ETH] blockchain, and will be utilized by the SHIB, LEASH, and BONE tokens. According to Shiba Inu&#8217;s team, Shibarium will provide the benefits of scalability, faster transaction times, lower fees, and an expanded development framework. Moreover, the BONE token will be used for all gas fees for transactions on the layer 2 solution.<\/p>\n<p>This development could also help Shiba Inu grow in the DeFi space. Over the past month, ShibaSwap, Shiba Inu&#8217;s DeFi protocol, witnessed a growth of its Total Value Locked (TVL) from $26.31 million to $31.19 million.<\/p>\n<figure id=\"attachment_284953\" aria-describedby=\"caption-attachment-284953\" style=\"width: 2324px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-16-at-4.16.41-PM.png\"><img decoding=\"async\" class=\"size-full wp-image-284953\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-16-at-4.16.41-PM.png\" alt=\"\" width=\"2324\" height=\"914\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-16-at-4.16.41-PM.png 2324w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-16-at-4.16.41-PM-300x118.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-16-at-4.16.41-PM-1024x403.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-16-at-4.16.41-PM-768x302.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-16-at-4.16.41-PM-1536x604.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-16-at-4.16.41-PM-2048x805.png 2048w\" sizes=\"(max-width: 2324px) 100vw, 2324px\" \/><\/a><figcaption id=\"caption-attachment-284953\" class=\"wp-caption-text\">Source: DefiLlama<\/figcaption><\/figure>\n<p>However, even though Shiba Inu&#8217;s DeFi activity witnessed improvements, the SHIB token faced some challenges.<\/p>\n<p>Nonetheless, its velocity witnessed a massive spike, which suggested a rise in the frequency with which SHIB was being traded.<\/p>\n<figure id=\"attachment_284955\" aria-describedby=\"caption-attachment-284955\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/SHIBA-INU-SHIB-16.17.53-16-Jan-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-284955\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/SHIBA-INU-SHIB-16.17.53-16-Jan-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/SHIBA-INU-SHIB-16.17.53-16-Jan-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/SHIBA-INU-SHIB-16.17.53-16-Jan-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/SHIBA-INU-SHIB-16.17.53-16-Jan-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/SHIBA-INU-SHIB-16.17.53-16-Jan-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/SHIBA-INU-SHIB-16.17.53-16-Jan-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/SHIBA-INU-SHIB-16.17.53-16-Jan-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-284955\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h3>Traders have a &#8220;BONE&#8221; to pick<\/h3>\n<p>Although the update about the Layer 2 solution could pump SHIB&#8217;s prices, traders were skeptical about the memecoin. According to data provided by Coinglass, a large number of positions against SHIB were short. This could potentially lead to increased selling pressure on SHIB in the short term.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here&#8217;s <a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\">SHIB&#8217;s market cap in BTC&#8217;s terms<\/a><\/p>\n<hr \/>\n<p><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-16-at-4.19.30-PM.png\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-284957\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-16-at-4.19.30-PM.png\" alt=\"\" width=\"2560\" height=\"683\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-16-at-4.19.30-PM.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-16-at-4.19.30-PM-300x80.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-16-at-4.19.30-PM-1024x273.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-16-at-4.19.30-PM-768x205.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-16-at-4.19.30-PM-1536x410.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-16-at-4.19.30-PM-2048x547.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><\/p>\n<p>However, in the long run, the launch of Shibarium might lead to more interest in the SHIB token and its ecosystem. At press time, the price of <a href=\"http:\/\/ambcrypto.com\/more-shiba-inu-shib-tokens-to-be-burned-but-to-what-end\/\" target=\"_blank\" rel=\"noopener\">SHIB<\/a> was $0.00001043 after increasing by 4.67% in the last 24 hours.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shiba Inu announced the Layer 2 solution Shibarium. Shibarium aimed to legitimize SHIB and boost DeFi growth, but faced short-term skepticism. As per an announcement on 16 January, Shiba Inu&#8217;s [SHIB] would soon launch their own Layer 2 solution, called Shibarium. This move by Shiba Inu is significant for the project as it aims to<a href=\"https:\/\/ambcrypto.com\/analyzing-the-chances-of-shiba-inus-legitimacy-after-launching-layer-2-solution\/\">Continue reading <span class=\"sr-only\">&#8220;Analyzing Shiba Inu&#8217;s legitimacy after the launch of Layer 2 solution&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":284961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,12],"tags":[3372],"class_list":["post-284950","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-technology","tag-leash"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Analyzing Shiba Inu&#039;s legitimacy after the launch of Layer 2 solution - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Shiba Inu forays into the Layer 2 space with new announcement. 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