Shiba Inu (SHIB) Erupts As Crypto Project Prepares to Launch Layer-2 Beta

The dog-themed cryptocurrency Shiba Inu (SHIB) has surged amid a constant stream of hype regarding the project’s plans to create its own ecosystem.

SHIB is up 21% in the last 24 hours and up 55% in the last two weeks as the developer hints at the Shibarium protocol.

The protocol will be a Layer 2 network built on top of Ethereum, similar to Polygon, Arbitrum and Optimism.

The developer has been tight-lipped about the project’s start date, but has promised that the beta will go live soon.

Earlier this month, developers announced that the Shibarium blockchain would utilize Bone ShibaSwap (BONE) as the sole token for paying gas bills, triggering an increase in the price of utility tokens.

Bone ShibaSwap is up 88% over the last 30 days, while Shiba Inu is up 48% over the same period.

According to WhaleStats, the 16th largest digital asset by market capitalization is currently the most popular crypto among the top 1,000 Ethereum whales behind ETH and stablecoins Tether (USDT) and USD Coin (USDC) am.

According to WhaleStats, the top 1,000 Ethereum whales currently hold over $161.8 million in SHB.

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