Shiba Inu Altcoin Rips After Shytoshi Kusama Reveals ‘Shibapendence Day' Ahead of Imminent Layer-2 Launch

An altcoin in the Shiba Inu (SHIB) ecosystem is skyrocketing after its lead developer presented the first “truly decentralized exchange” ahead of the launch of Shibarium, the project's highly anticipated upcoming layer-2 scaling solution.

Timeline of Kusama, Shiba-inu

The meme-based cryptocurrency Shiba Inu (SHIB) is back in action, showing signs of revival, as reported by leading blockchain analytics platform Santiment. Notably, SHIB experienced a moderate 8% price increase over the weekend, reinvigorating interest among traders.

Shiba Inu Price Analysis: While the market leaders Bitcoin and Ethereum show a temporary halt in the recovery phase, the major cryptocurrencies witnessed additional selling pressure and turned sideways. One of them is a popular memecoin Shiba Inu showing sideways over the past two weeks and developing a descending triangle pattern.

Compared to last year, in 2023, SHIB burns, both weekly and daily have seen a substantial increase. This year, weekly burns have reached several hundred million SHIB, still, over the past week, compared to the previous one, the burn rate is nearly 76% down.

Shytoshi Kusama, the lead developer of Shiba Inu (CRYPTO: SHIB), announced Shibarium (CRYPTO: SHIBDAO), an ambitious initiative aiming to create a decentralized and enduring community, is on track to go live in August. What Happened: Shibarium wants to work within a branded governance framework, leveraging blockchain technology to create an economic, territorial and entertainment environment for its thriving community.

Reminiscent of the broader memecoin market swings, Shiba Inu (SHIB) maintained a neutral price action in July 2023. However, the rate at which Shiba Inu is attracting new users suggests an impending SHIB price breakout.

SHIB has reached an important new milestone that speaks of its fast-growing adoption and utility level. Over the past 24 hours, the number of SHIB holders has increased significantly, while such coins as LINK, MATIC and others lag behind.

The Shiba Inu ecosystem's world paper, as well as new Shiba Inu projects and detailed information about the Treat token, will be presented at a Toronto conference next month, Shytoshi Kusama says.

Despite its recent lackluster performance (down 11.43% in the year-to-date period), Shiba Inu (SHIB), a popular meme coin and rival to Dogecoin (DOGE), may still have a promising future, according to crypto analytics firm Santiment. The firm's analysis points to several indicators that suggest a potential upward move for SHIB.

Shib chief developer Shytoshi Kusama announced in a blog post that Shibarium, a Layer 2 blockchain solution, is planning to launch its mainnet at the Blockchain Futurist Conference in Toronto this August.

Dogecoin (DOGE) rival Shiba Inu (SHIB) might be performing poorly as of late, but the memecoin can still have a positive future, according to crypto analytics firm Santiment. Santiment says that the Shiba Inu network is suddenly seeing a massive increase in activity, indicating a possible incoming move to the upside.