• Shiba Inu community is poised to enjoy new possibilities amid the newly established Ethereum-Shibarium Bridge.
  • The innovative solution promises to advance the Shiba Inu ecosystem through seamless, secure cross-chain transactions for SHIB users.
  • SHIB influencer Lucie Sasnikova has explained the dynamics of the Ethereum-Shibarium Bridge. 
  • The meme coin could soar 20% amid growing utility.

Shiba Inu community is poised to enjoy new opportunities following a newly established partnership between Ethereum and Shibarium, dubbed Ethereum-Shibarium Bridge. The partnership breeds an innovative solution committed to advancing the Shiba Inu ecosystem by providing “seamless, secure cross-chain transactions for SHIB users.”

Shibarium is a Layer 2 (L2) blockchain built to address the limitations of Ethereum, the host chain of the SHIB token. Among the key elements it solves are low speed and high transaction costs.

Shiba Inu’s Ethereum-Shibarium Bridge explained

In a successful attempt to explain the working dynamics of the Ethereum-Shibarium Bridge, SHIB influencer, Lucie Sasnikova, said the bridge between the two giant blockchain networks demands a strong and unassailable cross-chain solution.

To achieve its standard strong and secure cross-chain solution, Shibarium uses Plasma and Proof of Stake (PoS) security, which creates a “trustless and bi-directional transaction” atmosphere between Ethereum and Shibarium.

The bridge allows users to transfer tokens between networks directly without an intermediary. This eliminates risks and liquidity implications. It is tailored for speed, cost-effectiveness, and versatility and serves as a scaling solution. Further, it uses the Plasma+PoS platform, a dual consensus framework, in prioritizing speed and decentralization. At the same time, it facilitates arbitrary state transitions on sidechains with Ethereum Virtual Machine (EVM) support.  

The circulating supply remains unchanged as tokens cross the bridge. It is also worth mentioning that Shibarium mints an equal amount of pegged tokens whenever a token exits the Ethereum network, meaning on a 1:1 ratio.

During the process, tokens are burned on Shibarium and unlocked on Ethereum. This is how tokens are transferred back to the Ethereum network.

Shibarium beta test network

Shibarium’s beta test network is christened PUPPYNET, with blockchain explorer BlockScout noting that the beta version of Shibarium has successfully executed transactions totaling 4,290,709. Notably, that data was only accurate as of April 20 at 5:40 PM UTC. Moreover, the data shows that the number of wallet addresses using Shibarium beta has hit 13,993,009.

For now, the gas fee is typically free, standing at 1.51 Gwei. SHIB lead, Shytoshi Kusama, is on record noting that the Puppynet beta of Shibarium keeps rising and could cross the 14 million addresses milestone linked to Shibarium soon.

Shiba Inu price could soar 20% amid growing utility

While the Shiba Inu price shows a bearish bias, Etherscan data shows that whales are actively buying huge amounts of SHIB as more wallets are connected to the Shibarium testnet for transaction purposes.

In a recent report, two SHIB whales bought a colossal amount of Shiba Inu in two transfers, first buying 10,817,157,076 SHIB followed by 6,782,260,080 SHIB. According to the latest data, the largest 100 whales on the Ethereum chain currently hold a little over $600 million worth of Shiba Inu. This makes it approximately 12% of their total portfolio. On average, these wallets contain up to 496,214,650,935 SHIB, valued at around $6 million.  

Earlier in the week, an unknown wallet moved an astonishing 3,484,812,794,902 SHIB tokens to another unknown address.

At the time of writing, Shiba Inu price is $0.0000106, sitting atop the critical support level at $0.0000103. The meme coin appears to be coiling up for an upswing of about 20% to $0.0000125 before a possible extension to the $0.0000147 range high.

SHIB/USDT 1-day chart

Conversely, if bearish momentum escalates, Shiba Inu price could drop further to tag the $0.0000093 support level or, in the dire case, extend a leg down toward the $0.0000086 support level. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP