Shiba Inu (SHIB) is on the verge of launching its Layer-2 network, Shibarium. Although many are excited about the launch, some believe it could benefit Dogecoin (DOGE) more than SHIB. Both DOGE and SHIB are rivals in the memecoin arena. However, the launch of Shibarium may lead to Shiba Inu shedding its memecoin tag. This would leave only Dogecoin as the memecoin king.
According to DeFi researcher “Ignas,” moving away from the memecoin tag towards tokenomics “is a double-edged sword.” The move will lead to users and investors looking at the fundamentals of the project and not solely the hype surrounding the coin. Therefore, if the fundamentals fail, the price of SHIB may also follow.
Now, SHIB’s only equal rival is Dogecoin (DOGE), the original memecoin. With Shiba Inu out of the picture, DOGE will likely rule as the memecoin king.
Will Shibarium lead to the end of Shiba Inu?
Shibarium will lead to SHIB having its network, moving away from the ERC-20 standard. The project will also have its stablecoin, Shi. SHIB has long tried to rid itself of the memecoin tag. With the Shibarium launch, the project may finally see some success in doing exactly that.
Now, the situation may leave DOGE as the top memecoin, but it does not necessarily mean the end of SHIB. In fact, it could lead to new avenues for the token. Shiba Inu might be able to stand up on its own two feet with new use cases and applications. Moreover, SHIB’s immense popularity may come in handy in its attempt to explore new ventures.
According to the Shiba Inu team, Shibarium is now nearing completion, and the beta testnet will launch very soon.
SHIB has enjoyed a healthy rally amid the news of the Shibarium testnet being close to launch. The project’s market cap reached $7,306,315,161, quickly gaining on Lido Staked Ether’s 13th spot.
At press time, SHIB was trading at $0.00001239, up by 16.9% in the last 24 hours.