A Shiba Inu investor ‘CryptoLeadDev‘ who is also a blockchain engineer, tested the newly launched Shibarium network. The developer shared his experience of transacting on the network, indicating the time it took to complete one transaction. The user exemplified the workings of the Shibarium bridge and shared the cost and speed it takes to initiate a transaction.
Also Read: Shiba Inu To Reach 5 Cents? Here’s When SHIB Might Hit $0.05
The user sent 0.01 Ethereum to Shibarium and shared screenshots of all the paths from the beginning to the end. “I am testing the Shibarium bridge, sending ETH to Shibarium, so you don’t have to test it yourself,” he tweeted.
The holder first visited the Shibarium Bridge web app and entered the amount of Ethereum he wanted to transfer. As this was his testing phase, he sent 0.01 ETH, and Ethereum was trading at $1,680 during the transaction.
Also Read: Shiba Inu: SHIB Price Prediction for September 2023
The initial fee to complete the transaction costs $1.95, with an estimated completion time of 20 to 30 minutes. However, the transaction was processed much more quickly, as the funds were transferred within four minutes. However, he highlighted that the Web3 wallet he first used to swap ETH to Shibarium was MetaMask.
The transaction fee MetaMask charged the user was $2.65, which is higher than that of Shibarium. While Shibarium charged $1.95 for a 0.01 ETH transaction, it is not known if the same amount will be charged for $10,000. If it does, then the network will be cheaper and more cost-effective for users.
Also Read: Shiba Inu: When Will Shibarium Kick-Start a Rally for SHIB?
Shiba Inu: SHIB Fails To Spike in Price Despite Shibarium Launch
Shiba Inu did not rally after the Shibarium launch, and the token is moving backward in the indices. The launch did little to nothing to help SHIB sustainably scale up in price. However, things could change after Shibarium begins to burn SHIB tokens and send millions or billions of tokens to the dead wallet.
SHIB could rise depending on the scale of the burns that the team announces. If the scale is bigger, then SHIB has better chances of shooting up in price. If the burns are on a smaller scale, then SHIB could head south in the indices. Read here to know a realistic timeframe for when Shiba Inu could hit the $0.01 mark.