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Shiba Inu Proposes Name Change for FTX Arena Amid Market Challenges

Explore the recent proposal to rename FTX Arena and the ongoing developments in the Shiba Inu ecosystem.
Published on 2022-11-14

Shiba Inu's Proposal for FTX Arena

FTX Arena, home to the Miami Heat, has become a focal point following the bankruptcy of the FTX crypto exchange. Shytoshi Kusama, lead developer of the Shiba Inu (SHIB) project, suggested renaming the venue to "Shiba Inu Arena." This idea met with mixed reactions, including a suggestion to name it "Shibarium Arena," which Kusama found appealing.

Anticipation for Shibarium

The Shiba Inu community eagerly awaits the launch of Shibarium, a layer-2 upgrade aimed at enhancing the SHIB ecosystem. Recently, a dedicated Twitter profile for Shibarium was launched to serve as an informational and social hub. As development progresses, the team has also been unveiling key hubs in SHIB: The Metaverse, though specific launch dates remain undisclosed. The SHIB holder base continues to expand, with Ethereum's top 100 whales accumulating the token.

SHIB's Market Performance

Currently, SHIB's market price is experiencing significant volatility, trading at $0.00000921, with a 22% drop over the past week. The ongoing crypto winter has impacted SHIB, resulting in an 82.2% decrease over the year. Despite the price decline, SHIB's burn rate has surged by 1064% in the last 24 hours, indicating strong community engagement.

The Importance of Shibarium

Shibarium represents a crucial development for Shiba Inu, promising a self-sufficient ecosystem. The memecoin project has been in development for two years, with the team dedicated to delivering innovative solutions. This upgrade aims to solidify SHIB's position as a leading cryptocurrency, despite current market challenges.

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