The Shibarium’s second release finally went live for public use a few days ago, and the crypto sphere seemed to be going agog with expectations about the layer-2 scaling solution.
It is no longer news that the Shibarium halted block production after its initial release was graced by seemingly enormous network traffic, which affected its operations.
The scaling solution is finally back with improved features and functionalities, as revealed by the Shiba Inu lead developer, Shytoshi Kusama. Does the technology seem to tend towards attaining its pre-launch hype?
It is worth mentioning that the Shibarium will not directly influence Shiba Inu’s price. Instead, the scaling technology features and functionalities aim to improve the Shiba Inu ecosystem by making transactions more seamless and bringing more utility to the chain.
What Is The Role Of The Shibarium In Shiba Inu’s Price Ascent?
Having established the fact that the Shibarium development was not with the primary aim of spiking Shibarium’s price as most people seemed to speculate, the network technology still has significant roles to play in SHIB’s price ascent journey.
One significant way the Shibarium may indirectly influence SHIB’s price is by enhancing the overall Shiba Inu ecosystem to attract more potential investors. By doing so, the Shibarium tends to improve Shiba Inu’s adoption, which would culminate in the token’s price surge.
Notably, Shiba Inu has been experiencing an increase in wallet addresses and dealings, which are testimonies of Shibarium’s capability. Per data obtained from shibariumscan.io, Shibarium wallets are now over 250k with total transactions above 500K, at the time of writing.
A Look into Shiba Inu’s Market Indices – Possibilities Of Attaining $0.001 Or $0.0001
At its current price of $0.00000828, an ascent to a potent $0.001 price level would imply an increase of almost 12,000%. On the other hand, an uprise to a potential $0.0001 price level would denote a boost of about 1,100%.
While the price increments above might seem ridiculous, the highly volatile nature of the crypto market makes nothing impossible. Although the advent of Shibarium may be incapable of indirectly making things happen as most investors desire, the event of 2021 that brought about SHIB’s price all-time high of $0.000089 will always be a notable reference point.
Notably, Shiba Inu boasts a market capitalization of $4,873,562,545 and a market dominance of 0.429%. The crypto asset is still facing resistance at the $0.000008 level, exceeding the level prior to the Shibarium launch.
Finally, the Shibarium seemed to be accompanied by positive sentiments, which saw about two trillion SHIB tokens moved out of exchanges. This is a strong indication that crypto investors appear convinced of what the Shibarium could bring into the Shiba Inu ecosystem.
*Disclaimer:
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
