In short

• Shiba Inu lead designer Shytoshi Kusama declared an August day for kickoff for Shibarium, the memcoin layer2 network.
• According to BeInCrypto data, Shiba Inu-related tokens like BONE and SHIB have rallied over the weekend as a result of the news.
• Santiment, a blockchain analysis firm, said that SHIB had 14 whale transactions this week that were worth more than $1 million.

Shiba Inu-related tokens, SHIB and BONE, have seen their qualities ascend after the image coin lead designer Shytoshi Kusama declared an August day for kickoff for Shibarium.

Kusama revealed in a blog post on Thursday that the project will sponsor the Blockchain Futurist Conference in Toronto in August. The project will display its completed WorldPaper at this location. At the event, “there is a very high possibility of releasing it,” and the Shibarium Layer-2 would also be discussed.

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Shibarium Gets Launch Date

Kusama additionally expounded on the Shiba Inu environment turning out to be completely decentralized and referenced that this would occur through decentralized independent associations (DAO).

DoggyDAO, a Shibarium funding mechanism that SHIB holders will use to support projects, was announced by the developer.

One of the most anticipated projects this year is the Shibarium Layer-2 network, especially in the Shiba Inu ecosystem. Many people will be excited to see what it has to offer now that its launch date has been set for August.

In the mean time, on-chain information recommend that Shibarium would appreciate weighty reception from the local area. In less than five months since it was launched, its Puppynet testnet has already recorded over 28 million transactions and 17 million wallet addresses.

Shiba Inu-Related Tokens Rally

BONE, the native token of the layer2 network, has seen a significant increase in value since the announcement. Data from BeInCrypto indicate that BONE has increased by 51% in the past seven days, reaching $1.43 at the time of writing.

SHIB also appears to have benefited from the news, as the stock has seen a brief upswing over the weekend. According to data from BeInCrypto, SHIB gained nearly 6% in the last 24 hours before rising to $0.00000777.

Santiment, a blockchain analysis company, said that crypto traders were getting back into the meme coin. 14 whale transfers worth more than $1 million have occurred in the past week, the most in three months.

Other than that, SHIB’s number of novel tokens circling likewise arrived at a 3-week high.