The price of Shiba Inu (SHIB) recorded a growth of 20% this week.
Shytoshi Kusama, as the creator of the Shiba Inu network is known, announced that all projects that are part of the Shiba Inu ecosystem, including Shibarium, will integrate the concept of “Self-Sovereign Identity” (SSI) for the management of self-sovereign identity.
Amid growing interest in digital identity management, data control and security, Shiba Inu wants to make use of SSI to break with its cryptomeme appearance and direct the project towards a new approach, allowing it to provide greater usefulness and solidity, as well as generating new solutions and real use cases for its committed user community.
The creator of Shiba Inu told CoinDesk that by incorporating SSI into projects like its upcoming second layer (L2) blockchain Shibarium, the network wants to lay “the foundation for a new global standard in decentralized digital trust and verification.” of international identity.”
SHIB price soars
SHIB gained 20% this week, following the announcement made by Shytoshi Kusama about integrating self-sovereign identity services into the Shiba Inu ecosystem, which also includes projects such as SHIB Metaverse, Shiba DAO, and ShibaSwap.
According to data from CoinMarketCap, the price of SHIB was above $0,00001036 per unit last weekend. However, at the time of writing, SHIB is trading around $0,000009931 per token.
Source: CoinMarketCap
The market capitalization of Shiba Inu stands at $5.850 billion, making this cryptocurrency currently the 14th largest in the market by capitalization after Polkadot.
Despite the rise in the price of SHIB and Kusama's announcements, the trading volume with this cryptocurrency has fallen in recent hours. SHIB traders are moving around $324 million with the cryptocurrency in the market, reflecting a nearly 11% drop in trading volume from the previous day.
When will Shibarium be released?
Shibarium is one of the most anticipated blockchain projects in the crypto industry. The Shiba Inu second layer network promises to transform the entire on-chain ecosystem, making it more efficient, faster and secure and preparing it for a new range of services pertaining to decentralized finance (DeFi).
Shiba Inu wants to abandon its initial vision of being a cryptomeme to become a more serious project. The development and launch of Shibarium is an essential part of achieving this goal.
This year, significant progress has been made in building Shibarium, which launched its public beta last March. However, although a date for the official launch of this second-layer blockchain has not yet been defined, Kusama had indicated last month that could arrive during the Blockchain Futurist Conference, which is being held this month from August 14 to 23.
Continue reading: Public beta of Shibarium, Shiba Inu's L2 blockchain, launched
