Shiba Inu Price Rises 0.044% Amid Layer-3 Development

Shiba Inu's latest price was $0.00001460, up 0.044% in the last 24 hours. The SHIB team has been actively working on the development of the SHIB L3 Alpha, a layer-3 solution designed to offer seamless compatibility with ZK and Optimistic rollups. This solution aims to provide scalable, low-cost infrastructure across a global network state, with potential applications in real-world scenarios and next-generation decentralized applications (dApps). The SHIB team has emphasized that while the layer-3 solution is still in development and has not been publicly released, it has already attracted interest from institutional partners, including the UAE Ministry of Energy. The team has also cautioned the community to be wary of any fraudulent activities related to the upcoming release.

The SHIB team's marketing lead, Lucie, has shared valuable insights on the importance of community and product development in the success of a cryptocurrency project. In a post titled “The story of price,” Lucie highlighted that teams cannot force people to buy or value their tokens, but they can focus on growing and improving their products to attract genuine supporters. Lucie also reflected on the journey of SHIB, from being initially mocked as a joke to becoming a significant player in the crypto market. This journey underscores the team's resilience and commitment to building despite market criticism and FUD (fear, uncertainty, and doubt).

In addition to development updates, the SHIB community has been actively engaged in burning tokens to reduce the circulating supply. According to the Shibburn website, over 49 million SHIB tokens were burned in four large transactions over the past two days. This significant burn rate has contributed to the community's efforts to increase the scarcity and value of SHIB. The burn rate has since declined, but the community's dedication to reducing the supply remains evident. The community's efforts to burn tokens are part of a broader strategy to enhance the value and utility of SHIB in the long term.

Furthermore, a large and mostly inactive wallet transferred over 10.76 billion SHIB tokens to ByBit, marking the first major transaction from this address in nearly a year. The wallet's history shows limited activity, with the last significant transaction occurring when 1.6 billion SHIB were sent to KuCoin. This transfer to ByBit indicates potential movement and interest in the SHIB ecosystem, as the tokens were directed to a ByBit deposit address. The community continues to monitor such developments closely, as they can impact the overall sentiment and activity surrounding SHIB. The transfer of such a large number of tokens to a major exchange like ByBit suggests that there may be significant trading activity or strategic moves in the works, which could have implications for the future of SHIB in the cryptocurrency market.