Shiba Inu, the popular cryptocurrency known for its cute Shiba dog mascot, has recently released its Shibarium documentation. This upgrade to the cryptocurrency’s ‘puppynet’ went live a few weeks ago, but the documentation inviting developers to stake and validate Shibarium was only released on March 24th, 2023. This release was eagerly anticipated by the Shiba Inu community, also known as the SHIB Army.
However, the SHIB Army went through a period of controversy when allegations surfaced that the Shibarium code had been plagiarized. There were also issues with the Chain ID, which was initially a duplicate of another blockchain called Rinia. These issues were later resolved, but they caused some uncertainty in the community.
Despite the controversy, Shibarium’s governance token, Bone ShibaSwap (BONE), received some good news recently. The non-custodial decentralized wallet Bermuda added BONE and the stablecoin DAI to its supported coin list. This came just two weeks after the popular American crypto exchange, Crypto.com, listed BONE and added a CRO/BONE trading pair. However, the gas fee token BONE has seen a significant drop in value, plunging 13.3% in the last 7 days and 41.4% since last month.
In an effort to maintain Shiba Inu’s crucial resistance line throughout the year, the community has sent a colossal amount of 856,350,309 tokens ablaze. This burning of tokens has helped SHIB stay above its resistance line since January 14th, 2023, with only one drop below the zone two weeks ago. Despite this effort, SHIB’s market cap has decreased by around $1.2bn in the last 30 days, and only 29% of current SHIB holders are making a profit.
Shibarium, the Layer-2 solution, aims to provide faster transaction speeds than Ethereum. According to the documentation, Shibarium is built on a fork of Polygon (MATIC), a blockchain that works as a scaling solution to Ethereum PoS. While there have been some controversies and challenges faced by the SHIB Army in recent weeks, the release of Shibarium documentation and the efforts to maintain the cryptocurrency’s resistance line show that the community is dedicated to the success of Shiba Inu.
