Meme Crypto Shiba Inu Intends to Slash ‘Gas Fees’ with the Launch of Native Blockchain
Shiba Inu (SHIB), a crypto that began as a’meme,’ is no longer a joke. SHIB’s value rose in 2021 after being influenced by a dog image and portrayed as a ‘Dogecoin killer,’ but it appears SHIB creators want to ditch the ‘memecoin’ moniker with the development of native Blockchain dubbed Shibarium.
Shibarium is intended to provide additional features to SHIB customers, for example lower gas expenses. Gas fees paid to verify and confirm trades in a crypto environment, have turned out to be a major issue for the blockchain. Shiba Inu’s creators intend to develop their own stable currency on the blockchain called SHI, which will operate its gas fees on the platform.
This might genuinely increase network speed while also establishing SHIB as a significant digital currency. There is no fixed timeline for the latest initiative’s debut.
“I have indeed talked to a highly talented blockchain group that has offered to create and completely decentralize this for the Shiba environment,” Shiba Inu creator Ryoshi said on Medium. It needs to be mentioned that Shiba Inu now operates on the Ethereum blockchain, and its creators are concerned that with the rising demand for Shiba Inu, people may quit transacting in the currency.
Currently, single trade on Ethereum costs more than $9.1 — and Shibarium seeks to reduce this as much as possible. Nevertheless, according to cryptocurrency price tracker CoinMarketCap, SHIB was the most watched crypto in 2021, topping both Bitcoin and Ethereum.
As per CoinMarketCap, the Dogecoin fork had over 188 million visitors in the previous 12 months, while the flagship crypto Bitcoin taking second place with 145 million views last year. It should be mentioned that SHIB is presently the world’s 13th biggest crypto, with a market worth of more than $20 billion.