Shiba Inu has been on a roll in current months, with the meme token seeing among the finest positive aspects within the crypto market this yr. Simply two months in the past in June, Shiba Inu misplaced the fifteenth place because the world’s largest cryptocurrency by market cap after $31 million value of Shiba Inu was unstaked and moved to crypto trade Binance. This might see Shiba Inu slide all the way down to the seventeenth place as promoting strain elevated, reducing the worth of the meme token.
Nevertheless, SHIB’s value has reversed since then, and the token has skyrocketed up the rankings once more. On the time of writing, SHIB has moved up three spots and is at present ranked 14th by way of market capitalization.
The query now could be will Shiba Inu preserve climbing the rankings into the highest 10, particularly with the upcoming launch of Shibarium, its personal Layer-2 resolution?
Can Shibarium Push Shiba Inu Into the Prime 10 Crypto?
Shibarium is a layer-2 resolution that hopes to offer decrease fuel charges and sooner transaction occasions for Shiba Inu. SHIB runs on the Ethereum blockchain, which might get congested and costly. So Shibarium goals to unravel this by working alongside Ethereum as a scaling resolution.
Shibarium is slated to be launched on Wednesday, August 16, as Shiba Inu lead developer Shytoshi Kusama taunted in a social media post. When Shibarium is launched, it’s anticipated the layer-2 resolution will improve the shopping for strain on Shib. Consequently, many SHIB lovers anticipate a spike in value.
SHIB recovers amid Shibarium launch | Supply: SHIBUSD on Tradingview.com
Previous information round Shibarium has all the time positively affected the worth of SHIB. In July, Shibarium’s deployment to the testnet sparked the curiosity of SHIB traders, driving the worth up. The token additionally witnessed a major exodus from crypto exchanges as traders moved their holdings into non-public wallets in hopes of what Shibarium may carry.
Shiba Inu began as a meme coin however has gathered some following from crypto traders. In line with builders, Shibarium will rework Shiba Inu into an ecosystem with a decentralized trade (DEX), a metaverse, and blockchain video games.
If Shibarium delivers on its guarantees, it’s not unreasonable to suppose SHIB might climb into the highest 10 cryptos, presumably even greater over time. Along with the hype round Shibarium, the return of bullish sentiment within the wider market may additionally push SHIB to revisit its all-time excessive.
On the time of writing, SHIB is buying and selling at $0.000009638, down by 5.76% in a 24-hour timeframe. Nevertheless, the launch and potential of Shibarium might make 2023 one other breakout yr for Shiba Inu.
Featured picture from iStock, chart from Tradingview.com
