TL;DR Breakdown

• Shiba Inu working on Shibarium, a layer 2 scaling solution of the memecoin.
• Shiba Inu investors exceed 1 million with ETH whales controlling 9 percent of its total supply.

Developers of self-acclaimed Dogecoin killer Shiba Inu are working on a layer 2 scaling solution for the meme coin. Dubbed Shibarium, the solution would land the meme coin in the Metaverse space.

Reportedly, Shibarium emanated from the creator of the meme coin, Ryoshi, as the layer 2 solution is still in the conceptualization stage. However, according to sources, the solution would be a huge project that can’t “be silently dropped.”

However, there are no information on when Shibarium would launch. Lastly, the developers note that Shibarium would replace the ETH 2.0 that will be launched next year. The layer 2 upgrade would drop the fee on the Shiba Inu network significantly, although it is too early to explain what it stands to gain.

Shibarium taking Shiba Inu to metaverse

One potential benefit, the layer 2 solution would enable Shiba Inu is metaverse. Rumors have it that Shiba Inu developer’s layer 2 solution is about joining the metaverse frenzy. This would be in line with so many other projects capitalizing on the interest in the niche.

Metaverse, however, requires reliable scaling solution to reduce fees and ensure fast transactions in a use case that sees heavy activity. The metaverse space is already seeing novel solutions employed, explaining why Shiba Inu developers want to introduce a scaling solution.

Shiba Inu holders exceed 1 million

According to recent data by WhaleStats, Shiba has set a new record of more than 1,075,000 holders.

1,000 Shiba Inu holders are ETH whales, and they control 9 percent of the circulating Shiba Inu supply. The ETH whales hold 48,098,038,767,872 SHIB according to WhaleStats, this represents nearly 9 percent of the 549,150,741,363,587 circulating supply.

At press time, Shiba Inu ranks as the 13th largest cryptocurrency with a market capitalization worth $17,747,705. It trades at $0.0000323 with a -1.5 percent drop in its value today.