HomeNewsCrypto Worlds Collide: Shibarium Bridge Merges Ethereum and Shiba Inu L2

Crypto Worlds Collide: Shibarium Bridge Merges Ethereum and Shiba Inu L2

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  • Ethereum’s Worldcoin garners considerable attention, but much of it is negative, reflecting general fears around cryptocurrencies.
  • Shiba Inu’s blockchain, Shibarium, tests its bridge to Ethereum, marking its evolution from a meme token to a more substantial player in the crypto arena.

In a significant turn of events in the crypto sphere, Worldcoin, a freshly minted Ethereum-based cryptocurrency, has generated a whirlwind of discussions, although not all are favorable.

As per Santiment, a prominent blockchain analytics platform, Worldcoin has swiftly claimed the spotlight across various social media channels post its launch. Unsettlingly, however, the discourse is largely skewed towards the negative, with an alarming number of users labeling it a “scam” and expressing grave privacy concerns. This adverse public sentiment mirrors the pervasive climate of Fear, Uncertainty, and Doubt (FUD) shrouding the crypto universe.

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Worldcoin, the brainchild of Sam Altman, co-founder of OpenAI, is an avant-garde digital identity blockchain venture. It leverages ‘Orbs,’ a physical hardware for iris scans, to establish unique digital identities. In preparation for its launch, Worldcoin migrated to Ethereumโ€™s layer-2 blockchain, Optimism. Despite the rampant criticism, Worldcoin has experienced a 37% price increase, trading at $2.27 from its all-time low of $1.66 on July 24th.

Crypto Giants Hold Steady Amid FUD

In parallel, Santiment observes Bitcoinโ€™s resilience in the face of adversity. Even as Bitcoin slipped below the $30,000 threshold, the number of Bitcoin held in exchanges continues to dwindle. This pattern suggests a lack of panic-selling and an optimistic outlook among Bitcoin holders. Meanwhile, Dogecoin has enjoyed a recent surge, benefiting the average active trader. This positive trend coincides with rumors that Elon Musk, the new head of Twitter, now renamed X, may integrate DOGE payments into the platform.

In another fascinating development, Shibarium, a layer-2 blockchain hinged on the Shiba Inu token, has commenced public testing of its bridge to Ethereum. Shibarium represents SHIB’s transformation from a meme-token to a significant blockchain contender. This Ethereum bridge will initially facilitate the transfer of testnet ether tokens, with each transaction capped at a 30-minute duration.

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The eagerly anticipated Shibarium is scheduled to kickstart operations next month. It is projected to incorporate bone, treat, shib, and leash tokens for applications built on its platform. This incorporation could potentially enhance the value of these tokens as demand escalates. Shibarium aims to prioritize the metaverse and gaming applications, given the projected growth of the Non-Fungible Token (NFT) sector.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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