Despite the long-awaited anticipation within the community for Shibarium, Shiba Inu is currently displaying some negative signs. At the Blockchain Futurist event held in Canada on August 16th, Shibarium – a Layer-2 memecoin ecosystem built on Ethereum and touted as a significant leap according to the vision of its founder Ryoshi – was officially introduced.
During the unveiling ceremony, protocol developers stated:
“Shibarium is now ready for millions of individuals interested in building a new future, respecting the principles of decentralization.”
After a successful testnet phase, Shibarium has established a community with over 21 million user wallets. The goal of Shibarium is to support existing tokens within the Shiba Inu ecosystem, such as SHIB and LEASH. The Layer 2 network will utilize a governance token called BONE, with a total supply of 250,000,000 tokens.
However, it’s noteworthy that despite the anticipation for Shibarium, the price of SHIB has decreased by 9.11% over the past 24 hours, currently trading at the level of 0.000009 USD. Other memecoins have also seen declines during the same period, for example, pepe decreased by 9.5%, and HarryPotterObamaSonic10Inu (HPOS10I) decreased by 10.6%, according to information from CoinGecko.
The launch of Shibarium has also awakened a historic rival of Shiba Inu, known as DogeBonk. Described as an “anti-memecoin,” DogeBonk has decided to relaunch on Ethereum, coinciding with the official introduction of Shibarium. Dogebonk had previously made waves by releasing a meme into the space and self-proclaiming as a “social reaction to Shiba Inu.”
Developer Ross Curry of Dogebonk shared with the media:
“We have a passionate community that is growing and has connected through the cryptocurrency market. We are determined to make Dogebonk on Ethereum a rival to Shiba Inu.”