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.