Shiba Inu to Soon Escape the Memecoin Space With New Utility

After jumping by over 13,000% in a matter of weeks to enter the top 10 cryptocurrencies by market capitalization in 2021, the Shiba Inu development team announced it will provide real-world utility to the digital asset rather than keeping the memecoin tag that propelled it to prominence.

Shiba Inu's community is ecstatic after hearing that Shiberium, the network's layer-2 blockchain, is nearing completion.

Several reports have claimed that the Shibarium testnet will be deployed in June, with the $XFUND Mainnet update scheduled for May serving as the strongest evidence.

Shiba Inu's primary developer, Shytoshi Kusama, has thrown various cryptic hints about the project. His most recent clue was a GIF captioned "laughing in Shibarium," which a community member interpreted as a good sign.

Shiba Inu fans will recall Unification's revelation earlier this year that Shibarium's private testnet development had reached the second level.

Shibarium's popularity is understandable. The team stated in a blog post that transactions would be "certified in seconds for pennies," fueling the flames of optimism for lower transaction fees.

On Shiba Discord, Kusama said that "Shibarium will give inexpensive rates for every service, game, or whatever that builds on it."

Other advantages Shibarium might provide the ecosystem by acting as a bridge between other blockchains and allowing developers to build on the platform through the upcoming Shibarium Hackathon.

Analysts are already predicting that Shibarium will be the spark for a big price surge for SHIB, similar to the highs of 2021.

Shiba Inu's value has grown even more with its entrance into the metaverse. According to a team blog post, incentives from land event sales may be available to the holder as of July 22.

According to the post, users can receive the benefits provided they have locked LEASH and bid "at least once on a land plot, or minted land(s) per wallet." The team further stated that the reward distribution was a one-time occurrence.