Shiba Inu has been an ERC-20 token since its inception and not many people really cared for that fact until Shiba Inu became what it is today.
The memecoin’s adoption rate this year has skyrocketed beyond expectations and beliefs which will consequently lead to significantly higher network usage and participation and to conduct the same Shiba Inu will need more than what it has right now.
Shiba Inu forges its own path
In order to meet with the growing usage, the network recently announced its own layer-2/blockchain called Shibarium and aims to move the entire network onto that blockchain.
In addition to this, Shiba Inu will also launch their very own stable coin on the blockchain called SHI and run its gas fees on the site using the BONE token. All these announcements came after the altcoin network launched its own announcement site as well.
All of this is proof that Shiba Inu is taking the development of its ecosystem very seriously. And this could actually improve the network’s performance as well as establish SHIB as an important digital asset.
Since Ethereum’s fee problems continue to prevail it’s only natural that people would accept a way to curb their expensive transactions. Right now every transaction on Ethereum costs over $9.1, with transactions fees on L2 touching as high as $86. Shibarium aims to bring this down to as low as possible
Ethereum gas fees | Source: EtherScan
Thus Shibarium could work if we consider this factor. Additionally, the asset’s value this year shot up in a flash. Not only did the price shot up by 1035% in a month, the asset at one point was one of the top 10 cryptocurrencies.
SHIB price action | Source: TradingView – AMBCrypto
Gas fees under focus
Furthermore, emancipation from Ethereum’s fee problems could lead to the network witnessing interest from institutional and regular investors alike. A low costing digital asset with equally minimal transaction cost is bound to rise.
That is when we could also see more of Shiba Inu’s addresses getting serious about the coin as presently only 50% of all addresses have any SHIB with them.
Shiba Inu addresses | Source: Intotheblock – AMBCrypto
Thus, once this happens for good, Shiba Inu will certainly attract a lot of inflows from new investors and revive its 57.42% price fall to mark another ATH in the near future.
