As stated in their 2022 roadmap post, the second installment of Shibarium’s private testnet is already live and undergoing optimization by both teams. The post’s authors added that they are planning for Shibarium’s public testnet release “ to come very soon.” So far, the specific date for when the platform will become available has not been specified.
Shibarium is a layer-2 solution for Shiba Inu (SHIB). The popular memecoin is currently based on the Ethereum network and operates as an ERC-20 standard token. When the Shibarium mainnet has been fully implemented, SHIB will have its own blockchain to migrate to, which will in turn to lower transaction costs and gas fees when compared to Ethereum.
As previously confirmed, Shiba Inu’s governance token, BONE, will be used as the main token of Shibarium Layer-2 mainnet.
Price of SHIB Rallies
Following the rumors, the prices of the world’s beloved SHIB meme token surged by almost 27%, reaching $0.00002942 on early Monday morning.
SHIB later slumped a little, and is now trading almost 7% lower at the time of writing. The price spike saw SHIB reach highs it had not seen since mid-January.
The token is still 68% down from its all-time high of $0.00008616, which it reached in October 2021. If the memecoin’s price continues to surge, it could mark a trend reversal in the SHIB’s price chart.
More Updates to Come
The launch of the Shibarium public testnet is not the only development planned for 2022 by the team behind Shiba Inu.
As was previously revealed, Shiba Inu plans to engage its ‘Shiberse‘ metaverse, work to further implement its DOGGY DAO, release its own NFT collection, and even release a Shiba Inu game together with the PlaySide Studios in 2023.
Shiba Inu is also working towards the biggest ever SHIB token burn for the upcoming Valentine’s day.
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Source: Cryptocurrency - investing.com
