Shiba Inu (SHIB) climbs over 30% after Shibarium L2 news

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Shiba Inu’s SHIB token has surged in price after the announcement that the Shibarium beta will be open to the public soon.

During the hype, other Shiba Inu ecosystem coins such as BONE and LEASH also soared.

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Shibarium is an upcoming layer 2 blockchain network built on Ethereum that will utilise Shiba Inu tokens.

Shibarium L2 news pumps Shiba Inu ecosystem coins

Shibarium, as an L2 network built on Ethereum, will allow users to develop and interact with NFT collections, decentralised applications, and decentralised exchanges built for Shibairum.

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Crypto traders from other networks may migrate to Shibarium in order to benefit from lower transaction fees, faster transactions, the use of certain dApps, or to purchase Shibarium-only NFTs.

The blockchain network's beta was scheduled to be released in late 2022, however, the team postponed the launch. Technical articles will also be posted to help onboard users and developers who want to build on or support the upkeep of Shibarium.

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Although no beta release date was announced, the Shibaswap update made it apparent that the beta release is right around the corner and that anyone who wants to become validators or delegators should be prepared.

From Shibaswap:

Beyond the cost and speed benefits, The development framework for Shibarium provides robust functionality to allow the community to build their vision into the blockchain. Decentralized Applications (dApps), programs that exist and run on a blockchain, are a critical component to the expansion of Web 3.

In the last 7 days, SHIB is up 34.4% along with BONE which is up 27% and Doge Killer (LEASH), up 14%. All 3 coins will play a part in the Shibarium network.

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From what we know so far, BONE will be used to pay transaction fees on Shibairum while SHIB will be burned on every transaction.