Shiba Inu community to enjoy new possibilities following Ethereum-Shibarium Bridge

Shiba Inu community is poised to enjoy new opportunities following a newly established partnership between Ethereum and Shibarium, dubbed Ethereum-Shibarium Bridge. The partnership breeds an innovative solution committed to advancing the Shiba Inu ecosystem by providing “seamless, secure cross-chain transactions for SHIB users.”

Shibarium is a Layer 2 (L2) blockchain built to address the limitations of Ethereum, the host chain of the SHIB token. Among the key elements it solves are low speed and high transaction costs.

Shiba Inu’s Ethereum-Shibarium Bridge explained

In a successful attempt to explain the working dynamics of the Ethereum-Shibarium Bridge, SHIB influencer, Lucie Sasnikova, said the bridge between the two giant blockchain networks demands a strong and unassailable cross-chain solution.

To achieve its standard strong and secure cross-chain solution, Shibarium uses Plasma and Proof of Stake (PoS) security, which creates a “trustless and bi-directional transaction” atmosphere between Ethereum and Shibarium.

The bridge allows users to transfer tokens between networks directly without an intermediary. This eliminates risks and liquidity implications. It is tailored for speed, cost-effectiveness, and versatility and serves as a scaling solution. Further, it uses the Plasma+PoS platform, a dual consensus framework, in prioritizing speed and decentralization. At the same time, it facilitates arbitrary state transitions on sidechains with Ethereum Virtual Machine (EVM) support.  

The circulating supply remains unchanged as tokens cross the bridge. It is also worth mentioning that Shibarium mints an equal amount of pegged tokens whenever a token exits the Ethereum network, meaning on a 1:1 ratio.

During the process, tokens are burned on Shibarium and unlocked on Ethereum. This is how tokens are transferred back to the Ethereum network.

Shibarium beta test network

Shibarium’s beta test network is christened PUPPYNET, with blockchain explorer BlockScout noting that the beta version of Shibarium has successfully executed transactions totaling 4,290,709. Notably, that data was only accurate as of April 20 at 5:40 PM UTC. Moreover, the data shows that the number of wallet addresses using Shibarium beta has hit 13,993,009.

For now, the gas fee is typically free, standing at 1.51 Gwei. SHIB lead, Shytoshi Kusama, is on record noting that the Puppynet beta of Shibarium keeps rising and could cross the 14 million addresses milestone linked to Shibarium soon.

Shiba Inu price could soar 20% amid growing utility

While the Shiba Inu price shows a bearish bias, Etherscan data shows that whales are actively buying huge amounts of SHIB as more wallets are connected to the Shibarium testnet for transaction purposes.

In a recent report, two SHIB whales bought a colossal amount of Shiba Inu in two transfers, first buying 10,817,157,076 SHIB followed by 6,782,260,080 SHIB. According to the latest data, the largest 100 whales on the Ethereum chain currently hold a little over $600 million worth of Shiba Inu. This makes it approximately 12% of their total portfolio. On average, these wallets contain up to 496,214,650,935 SHIB, valued at around $6 million.  

Earlier in the week, an unknown wallet moved an astonishing 3,484,812,794,902 SHIB tokens to another unknown address.

At the time of writing, Shiba Inu price is $0.0000106, sitting atop the critical support level at $0.0000103. The meme coin appears to be coiling up for an upswing of about 20% to $0.0000125 before a possible extension to the $0.0000147 range high.

SHIB/USDT 1-day chart

Conversely, if bearish momentum escalates, Shiba Inu price could drop further to tag the $0.0000093 support level or, in the dire case, extend a leg down toward the $0.0000086 support level.