KEY POINTS

  • Shibarium Hackathon will be released in weeks or months, says Shytoshi Kusama
  • Some investors hope that Shibarium's launch would help spike SHIB's price
  • SHIB was trading up 1.47% at $0.000008325

Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, has dropped a major update about the highly anticipated Layer-2 solution Shibarium.

The Shiba Inu community is hyped about the launch of Shibarium because of the several benefits it could bring to the table, including the possibility of delivering monster gains to investors. The Layer-2 solution has been trending on Twitter over the past few days even in the absence of official announcements from the Shiba Inu development team.

Kusama dropped an update about Shibarium very recently on Wellys' Discord and confirmed that the Layer-2 solution is coming soon, adding that it is "already in discussion to beef up efforts." Apart from this latest update, the development team is rather silent about the project, including its possible release window.

Shiba Inu
Shiba Inu, the dog-themed altcoin With permission from @GossipShib Twitter

Last month, Kusama in its Medium blog titled, Shibshire Blastaway, mentioned that as part of the team's plan for the L2 Blockchain, it will launch the Shibarium Hackathon, which according to it, "will help educate the community on Shibarium AND will reward teams with funds to build on Shibarium."

The pseudonymous lead developer also said that this might become available in "weeks or months." Apparently, the hackathon will come first before the official launch of Shibarium since the main goal is to educate the community. Kusama said that Shibarium will be the backbone of all the SHIB Projects and the Shiba Inu ecosystem and if this is the case, developers will take their time building it to make sure it is free from flaws.

Shibarium will feature several major advantages, including scaling or the ability to handle large amounts of transaction data in a short period; low-cost solution to a wide range of projects; faster transactions; low gas fees; and a burning mechanism, among others. Some investors hope that Shibarium's launch would help spike SHIB's price, but with its current performance in the bearish crypto market, Shiba Inu would need a 90% hike to at least match its all-time high price of $0.00007956.

SHIB was trading up 1.47% at $0.000008325 with a 24-hour volume of $694,997,654 as of 2:22 a.m. ET on Tuesday based on the latest data from CoinMarketCap.

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