Following Shiba Inu’s recent announcement of a cold wallet for their ecosystem, the development team at Paw Chain has also unveiled their work on a layer-2 wallet called “PAWallet.” This wallet will allow users to trade cryptocurrencies on and off the blockchain and will feature an extensive range of capabilities.
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Paw Chain is among the numerous ventures poised to operate on Shiba Inu’s (SHIB) forthcoming Shibarium layer-2 platform. Although the mainnet has yet to be launched, several projects are preparing to develop on this eagerly awaited layer-2 network.
Additionally, since the FTX collapse in November 2022, cold storage solutions have become increasingly popular. The downfall of one of the world’s largest exchanges reaffirmed that the most secure method to store cryptocurrency is off exchanges. Hence, it is unsurprising that new initiatives are developing cold storage alternatives for their users.
Could Paw Chain Create Additional Use Cases for Shiba Inu?
Shiba Inu (SHIB) has been striving to shed its “memecoin” label and increase its usefulness for users. With the launch of Shibarium, SHIB will no longer be an ERC-20 token on the Ethereum blockchain, and new ventures will have the option to build on the SHIB ecosystem.
This has made the SHIB ecosystem more engaging for fans and users, offering more use cases and making the project more relevant and sustainable in the long term.
Despite this positive development, the price of PawSwap has not reacted favorably to the announcement, falling by 2.5% in the last 24 hours and 19.5% in the previous seven days. Presently, the token is encountering resistance at $0.0000000301188 with support at $0.0000000275235.
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As of press time, PawSwap was trading at $0.0000000277879, while SHIB was trading at $0.00000988. In contrast, PAWZONE was priced at $0.00001084, experiencing a 2.6% decline in the previous 24 hours.