The Shiba Inu network introduced (1) the Shibarium Layer-2 solution on January 15 and highlighted the benefits of the new version in their announcement.
However, in the announcement, the makers did not specify a particular date for the launch.
Since then, community members have been looking forward to beginning operations for the Layer-2 network.
A crucial caution was issued by the Shiba Inu developers in a paper just published before the launch date for Shibarium, the company’s new blockchain.
The developers revealed that the Shibarium Layer-2 protocol would be launching this week, but consumers and potential investors must exercise caution when utilizing the L2 solution.
The Shiba Inu Has Sent A Caution To The Community
According to a tweet published (2) by Shytoshi Kusama, the chief developer for Shiba Inu, advised users to exercise caution when using the layer-2 blockchain known as Shibarium.
I said this earlier but let me repeat: Ignore ALL FUD. Look at who originates the fud, any competiting products they might be responsible for creating, timing of Fud, and who gains from said Fud.
Then #DYOR. My guess is true because I said it is, doesn't mean it is true. Lol. pic.twitter.com/jI1C9881Ym
— Shytoshi™ (@ShytoshiKusama) March 8, 2023
He claimed that the community should disregard any and all rumors concerning the upcoming update because the system is still in its infancy and may contain inherent dangers that have not yet been uncovered. He stated that this is due to the fact that the platform is still in its infancy.
The Shibarium team promotes their project as a prospective breakthrough for the decentralized finance (DeFi) ecosystem.
Shibarium is a project that intends to give users a platform that is both frictionless and secure, on which they may perform transactions involving digital currency at reduced fees.
In addition, it will operate on the Ethereum blockchain, giving customers access to a diverse selection of trade pairs and liquidity pools.
The administrators and developers of Shiba Inu are eager to emphasize that customers should tread cautiously when utilizing the site, considering the increase in scam exercises and schemes displaying themselves as part of the Shibarium project.
The group disclosed that it was collaborating closely with various regulatory agencies to ensure that Shibarium fully complies with all applicable rules and regulations.
Analysis of the Shiba Inu & BONE Tokens
Per the most recent available data, the price of a SHIB token has decreased by 2.3 percent over the course of the past week.
At this time, its price movement over the past 24 hours has been stagnant, and its trading volume has decreased by 16%, reaching $317,925,423.
This may be a consequence of the burning of 6 million tokens throughout the course of the previous day. Coins are now being bought and sold at a price of $0.00001092, however, there is a good likelihood that this price may rise in the near future due to the continuous advancements on the network.
On the other hand, BONE has experienced a gain of 3.75% over the previous twenty-four hours and is currently trading at $1.7479.
Its trading volume has decreased by 72% in the previous 24 hours and is now $10,676,580.
Throughout the course of the last 30 days, its highest price was $2.05.
It is currently unknown how the ongoing operations of the Shiba Inu team will influence the value of this token in the long run.