The community behind Shiba Inu (SHIB), the second-largest meme cryptocurrency by market cap, has just released the “intake portal” for Shibarium, the terminal for the currency’s forthcoming Layer 2 (L2) network. The Shibarium team has created the first-ever second-layer scalability solution on Ethereum (ETH) to collect and onboard projects interested in building for the Shiba Inu (SHIB) audience with low gas and high throughput.
This article will explain what meme coins are, why they are so common, and highlight the Shibarium portal. Shiba Inu (SHIB) and its tokenomics will also be covered, as will the forthcoming Shibarium, an L2 network built to improve efficiency in the Shiba Inu (SHIB) ecosystem.
Introduction to the Shiba Intake Portal
The Join Shibarium portal, the “intake form” for the upcoming L2 network, was unveiled on February 26, 2023, by Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu (SHIB). Shibarium is a groundbreaking project that has the potential to develop into a full-stack scaling ecosystem for Web3. It all began with a semi-ironic “meme coin” Ethos.
Some Highlights About Shiba
- The team behind the meme coin created Shibarium, the first-ever second-layer scaling solution on Ethereum (ETH), with the goal of gathering and onboarding projects interested in developing for the Shiba Inu (SHIB) audience with minimal gas and high throughput.
- Since February 26, Web3 developers, business owners, investors, potential validators, and content producers can apply to the Join Shibarium portal to begin testing Shibarium and studying its documentation; the mainnet release of Shibarium is anticipated to occur in early Q2, 2023.
- The beta version of Shibarium may go live in the upcoming weeks. Shibarium is a groundbreaking venture because it can develop from a project with a semi-ironic “meme coin” ethos into a full-stack scaling ecosystem for Web3 and begin solving the most hazardous bottlenecks in the development of cryptocurrencies.
- Shibarium was created to centralise and onboard low-energy, high-throughput projects catering to the Shiba Inu (SHIB) demographic. To begin testing Shibarium and studying its documentation, Web3 developers, entrepreneurs, investors, and potential validators can apply through the Join Shibarium portal.
- The Shibarium beta release could occur in the upcoming weeks, and the mainnet launch is scheduled for the beginning of the second quarter of 2023.
What are Meme Coins? What makes Meme Coins so popular?
Meme coins or “dog coins,” are a type of altcoin that was created and popularised for humorous purposes. Dogecoin (DOGE), a Litecoin (LTC) fork from 2013, was the first meme coin, inspired by memes featuring “Doge,” a funny Japanese Shiba Inu dog. It was deemed useless and a joke from the beginning.
Almost forgotten, the price of DOGE was artificially inflated in August 2020 by TikTok bloggers. It took six months, but eventually, the token caught the eye of Tesla’s “techno king,” Elon Musk. Dogecoin (DOGE) increased in value by 1,000% in 24 hours after his provocative tweets sparked the “meme coin” narrative.
The success of Dogecoin (DOGE) prompted other cryptocurrencies to launch their own dog-themed meme coins as a form of rip-off art. The most widely traded second-generation meme coins include Shiba Inu (SHIB), Floki Inu (FLOKI), Baby Dogecoin(BABYDOGE), and Dogelon Mars (ELON).
Read More: Top 5 Profitable Meme Coins Despite Market Fall
A Shiba Inu (SHIB)
It was in the midst of DeFi Summer and the first-ever TikTok pump that the meme cryptocurrency Shiba Inu (SHIB) was released in August 2020. It puts an emphasis on the principles of decentralisation, “building for fun,” and user participation in the design process.
SHIB is an ERC-20 token built on the ETH blockchain, which supports its tokenomics. With a total supply of 1 quadrillion (1 followed by 15 zeros), Shiba Inu (SHIB) has the highest total supply of all major alternative cryptocurrencies. Despite being labelled a “meme coin,” Shiba Inu (SHIB) has gained enough traction to overtake Dogecoin (DOGE) as the second-largest meme cryptocurrency by market cap.
Shibarium (Shiba Inu Ecosystem Optimization Laboratory)
The Shiba Inu (SHIB) team has created Shibarium, the first second-layer scalability solution for Ethereum (ETH). Its ultimate goal is to maximise efficiency in the Shiba Inu (SHIB) network by decreasing gas costs and boosting transaction throughput.
Shibarium is able to process more transactions with comparatively small fees because it employs L2 scaling. To add to its capabilities as a scaling solution, Shibarium is also a comprehensive environment for building Web3 applications. It will equip programmers with the means necessary to create dApps for use with the Shiba Inu (SHIB) blockchain.
When bringing a new project into the Shibarium ecosystem, the first step is to submit it through the Shibarium Intake Portal. The Shiba Inu (SHIB) blockchain community welcomes all Web3 developers, entrepreneurs, investors, and potential validators, as well as content creators.
Inviting these projects into Shibarium is part of the Shiba Inu (SHIB) community’s strategy to grow the SHIB ecosystem and entice more programmers to work with the SHIB platform.
Conclusion
The distinctive branding and community-driven ethos of meme coins have helped propel their rise to prominence in recent years. The Shiba Inu (SHIB) community has launched Shibarium, an L2 network tailored to improving efficiency within the Shiba Inu (SHIB) ecosystem, making it one of the most talked about meme coins.
More developers will be enticed to create the Shiba Inu (SHIB) platform thanks to Shibarium’s provision of not only a scaling solution but also a full-stack ecosystem for Web3 development. To facilitate the growth of the Shiba Inu (SHIB) ecosystem and the incorporation of new projects into the Shibarium platform, the Shibarium Intake Portal has been released.