Shibarium, an upcoming SHIB-based, layer-2 community that is being constructed on high of the Ethereum blockchain, now has a testnet bridge that permits tokens to be transferred between the 2 networks. However for now, at the least, solely dummy property are being supported.
Pseudonymous “advertising and marketing specialist” Lucie, who represents the Shiba Inu ecosystem, tweeted right now that the general public testing part will enable fans to “be among the many first to check out this revolutionary cross-chain answer.”
Shiba Inu (SHIB), the Fifteenth-biggest crypto asset by market cap, is a meme coin primarily based on the identical web meme as Dogecoin. And the launch of the Shibarium-to-Ethereum testnet bridge seems to giving doge-themed tokens a lift.
SHIB, Dogecoin, and even ShibaSwap (BONE) have seen massive positive factors.
Knowledge from CoinGecko exhibits BONE has rallied by 9% over the previous 24 hours. In the meantime, SHIB, with a market cap of practically $5 billion, has surged by practically 6% over the identical timeframe—making it the fifth-best performer among the many 100 greatest cryptocurrencies by market capitalization.
Regardless of the keenness, bridges have turn into a typical assault vector for cybercriminals. Maybe the worst instance relates to the $622 million hack of the Ronin Community in 2022, an Ethereum sidechain utilized by play-to-earn recreation Axie Infinity. North Korean hackers were linked to that exploit, together with a number of others.
Nonetheless, this might assist the Shiba Inu ecosystem unlock far better utility—and assist the venture transfer away from being castigated as a “meme coin” the place value rises are pushed by hypothesis and greed relatively than something tangible.
However even when Shibarium takes off, affiliated tokens are unlikely to match the heady days of the final bull market. Each BONE and SHIB stay 90% under all-time highs set in 2021, per CoinGecko.
There’s been renewed curiosity in dog-themed tokens of late, with Dogecoin additionally performing pretty properly at sure factors this week.
That doubtless has one thing to do with the endless hypothesis that Elon Musk might make the altcoin an official cost methodology on X, previously generally known as Twitter. The billionaire started pumping the coin on the social community again in 2020, and had an instrumental position within the 14,700% surge that Dogecoin loved within the first 4 months of 2021.
After unsuccessful campaigns to drive DOGE to one greenback and SHIB to one cent, potential use as widespread cost strategies might herald the beginning of a brand new chapter—and imply there’s life within the previous canines but.
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