Known as the Dogecoin (CRYPTO: DOGE) killer, memecoin Shiba Inu (CRYPTO: SHIB) saw its price skyrocket after its team announced it will soon launch the second version of its own blockchain.
What Happened: CoinMarketCap data shows that Shiba Inu's price skyrocketed by 50.5% from a low of $0.0000232 to a high of $0.00003492, before settling at $0.00003258 as of press time.
The coin also saw its volume jump 810% from a low of $593 million to a high of $5.4 billion after the official Shiba Inu Twitter profile announced that the public test of the coin's Shibarium network is "coming soon."
See Also: HOW TO BUY SHIBA INU COIN
Why It Matters: This will be the second version of Shibarium, and it is currently being tested and optimized by developers, "with plans of a public testnet release to come very soon."
Shibarium is being developed with the intention of acting as a second-layer scalability solution for Ethereum (CRYPTO: ETH) and the network that will become the native environment of the Shiba Inu token, lowering transaction fees for ecosystem participants.
Shiba Inu has significantly outpaced the rate at which the value of the leading memecoin Dogecoin has been increasing today, with DOGE seeing its price increase by nearly 13.5% to $0.1691.
