The Shibarium team has created a new wallet for Shiba Inu users as part of its plans to improve transactions within the network. Primarily, the Shibarium blockchain network aims to create an environment for seamless, transparent, and secure transactions of digital assets. Also, this blockchain will serve as a foundation for developing decentralized applications (dApps).
Shibarium Team Working On SHIB Wallet
A tweet from a Unification validator operator, Ringoshi Toitsu, revealed that the new wallet has various functions, such as asset storage and seamless transfer. This tweet supports the report from the Unification Foundation, which also highlighted the undisrupted transfer from the layer-1 network to the layer-2 network.
The goal is to create a tool that will enhance the existing Proof of Stake (PoS) mechanism of the Shibarium blockchain. The team revealed the new SHIB wallet would enable users to perform several transactions at increased speeds and low costs. Also, investors can ensure their funds are safe as the PoS Chain will incorporate validators’ contributions and Plasma Bridge.
Further, the team stated that the SHIB wallet would be a central tool for the proof-of-stake chain. It also noted that the new development would serve as a platform where investors can delegate and stake their holdings. The team is already planning to integrate ShibaSwap support into the system.
The Unification Foundation’s move to launch a dedicated wallet for Shiba Inu is a significant step forward for the token. The wallet will provide users with a more secure and convenient way to manage their coins, thereby increasing the adoption of SHIB.
The Outlook Of Shiba Inu
Although the price of SHIB is still meager, the token could still be a good investment option for crypto investors. Its price could surge significantly in the future, considering the several developments of the network.
But for now, the Shiba Inu coin stands at $0.00001076, with a slight surge of 1% in the past 24 hours. Its 7-day price change also shows that the token has been trading more in the red zone than the green, at -1.82%. However, there seem to be more activities going on with the coin, as its 24-hour trading volume surged to 6.18%.
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Despite the slight changes in the token’s price, there has been notable growth since the start of 2023. The historical data of the token shows that its price on January 1 was $0.000008087. It held onto this range until January 13, when it hit the $0.00001023 price mark, maintaining this price range until date.
While the low price of the token may be discouraging, investors and the wider Shiba Inu community can benefit from the network’s transaction speed.
As stated in the Shibarium team’s documentation, the PoS Chain offers a transaction speed of about 10,000 times faster than Ethereum. Besides, the security and flexibility of the chain are other characteristics to take advantage of in space.
Featured image from Pexels and chart from TradingView
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Eli Dambell
Eli brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
