The Shiba Inu (SHIB) community is eagerly anticipating the launch of the Shibarium layer 2 scaling solution. Despite struggling to maintain the momentum of the January 2023 rally, with an increase of only 11% in February compared to over 56% in January, market analysts predict bullish sentiment with the upcoming token burn.
Shibarium to Accelerate Token Burn
The Shibarium layer 2 networks is designed to onboard DeFi platforms onto the Shiba Inu ecosystem and accelerate SHIB token burns. The increased token burns will, in turn, increase the value of existing crypto tokens.
As a result, whales have shown increased interest in the meme coin, with the SHIB burn rate soaring more than 1,700% during the last 24 hours, according to research by Whale Status.
Shibarium Roadmap Revealed
Lead developer Shytoshi Kusama surprised the Shiba Inu community this week with the unveiling of the Shibarium roadmap. The official website is now live, welcoming Web3 developers to tap into the ETH-based meme coin.
The Shiba Inu network, like other altcoins, faces regulatory scrutiny in the United States. The Securities and Exchange Commission (SEC) deems them unregulated securities. SEC Chair Gary Gensler argues that any crypto project with organized leadership and development falls under unregistered securities.
The Shibarium website’s terms and conditions note that “the owner reserves the right to interrupt the service for maintenance, system updates, or any other changes.”
This statement makes Shiba Inu’s L2 network more likely to be classified as securities in the United States.
