A lot of new participants are taking advantage of the enthusiasm around well-known projects like Shiba Inu (SHIB) and Shibarium to track their own enormous bullish cycle, which is giving the crypto ecosystem a highly bullish start to the week. According to statistics from CoinMarketCap, a relatively new meme currency called XShiba Inu is driving the altcoin trend this morning with a 513% increase to $0.000007855.
XShiba Inu is currently unknown, save for the fact that it follows the same philosophy as cryptocurrencies with Shiba Inu dog themes. The meme currency, on the other hand, is a proof-of-stake (PoS) initiative that is built on the Ethereum network, charges a 1% tax fee, and has its own staking decentralised application (dApp).
Although imitations of designs like the Shiba Inu are widespread, their lifespan is a very different issue. This optimistic buzz may soon fizzle out since XShiba is capitalising on the excitement around the reopening of the Shibarium Layer 2 scaling protocol.
Shibarium’s growth may be more unpredictable than anticipated since, despite the protocol’s widespread acceptance, it still needs time to establish itself as an L2 on Ethereum and in the larger ecosystem of digital currencies.
More monikers to come
According to the update provided by main developer Shytoshi Kusama about the scalability of the Shibarium protocol, there will undoubtedly be a broad-based restoration to the system going ahead.
As a result, there is a very strong chance that we will record additional projects that resemble Shiba Inu or any of the tokens found in the meme coin ecosystem. One of the team members issued a warning that the Shibarium protocol would not be impervious to unscrupulous actors developing their projects on the smart contract network due to this one particular aspect.
