Shiba Inu (SHIB) has officially launched on the Solana blockchain through the Sunrise token gateway. This integration utilizes the Wormhole Native Token Transfers (NTT) standard, allowing the asset to function as a canonical token rather than a wrapped version. Previously, the project focused exclusively on its own layer-2 network, Shibarium.
The listing follows a period of declining activity on Shibarium and aims to leverage Solana's active meme coin trading ecosystem. Solana transaction fees are significantly lower than those on Ethereum, with a base cost of 0.000005 SOL per transaction. The project team confirmed the expansion via social media, noting the availability of the token on the new network.
Following the announcement, SHIB saw a price increase of 3.89% over a 24-hour period. Despite this movement, the token remains approximately 93% below its all-time high recorded in October 2021. The asset now competes with existing Solana-native tokens like Bonk, which recently faced market challenges including a delisting from the Upbit exchange.
The expansion introduces potential security risks, as unofficial tokens using the SHIB name already circulate on Solana. The network has advised users to verify official contract addresses via tokens.xyz before initiating any trades. This move marks a strategic shift for the Shiba Inu ecosystem as it seeks to capture volume outside of its native Ethereum environment.
