Shiba Inu Pumps After Lead Developer Shares ‘Shibarium’ Update Details
On Thursday, Shiba Inu, a cryptocurrency that is said to rival Dogecoin, experienced a surge in value. This event was caused by an announcement from one of the ecosystem's main developers regarding additional features that will impact the non-fungible token (NFT) aspect of the Shibarium ecosystem, which is currently in development.
The improvement will allow individuals to associate non-fungible tokens with real-life possessions in order to establish credibility and confirm the ownership of tangible objects.
Shibacals: Proving Ownership On Shibarium
The Shibarium is a virtual world and blockchain technology that will pay attention on non-fungible tokens (NFT). It will work with three SHIB tokens which are part of the Shiba Inu environment. These tokens are BONE, LEASH, and SHIB.
As per the blog post by developer Shytoshi Kusama on Thursday, the upcoming blockchain is presumed to be launched later this year. It will encompass blockchain gaming, "decentralized" entertainment, account abstraction, and worldwide governance.
He expressed that this task will necessitate building confidence by implementing different methods in Shibarium. One of these approaches would be creating verified keepsakes referred to as "Shibacals."
Kusama mentioned that Shibacals focuses on the genuineness and visual appeal of collectibles, which enhances their overall value. Aside from being rare and in demand, the authenticity and aesthetic features are essential factors in determining the worth of a collectible. Shibacals understands the significance of these aspects and integrates them into their concept of collectibility. Other factors, such as historical relevance, also play a role in defining collectibles.
Shibarium plans to use Shibacals to verify the authenticity of physical objects by incorporating an NFC chip. This chip can connect to different online destinations and create numerous opportunities for businesses to explore. This concept is similar to how eBay authenticates its items, but Shibarium plans to take it a step further by producing in-house items and utilizing blockchain transactions.
Kusama recommended that the creation of Shibacals collectibles might take around 4 to 6 weeks since they will be crafted to be of top-notch quality through manual labor. The developers are currently engaging in talks with various blockchain teams to exploit its authentication technology.
The post stated that any group of people who are interested in cryptocurrency, whether they are fans of Bitcoin or another digital currency, can use this service to quickly increase interaction by creating verified collectibles.
Following the announcement, SHIB experienced an increase in value of 11% on that particular day. Its value was uplifted from $0.000007529 to $0.000008408 by 6:15 am ET. Regrettably, the coin's increased value was short-lived, dropping back down to $0.000007824 at the time of writing.
Despite the fact that SHIB has experienced a 16% increase in value during the past week, it has been going up in tandem with other cryptocurrencies, particularly Bitcoin. This follows BlackRock's recent filing of a Bitcoin spot ETF that has positively impacted the market.
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