Shiba Inu Sees Slight Growth Amidst the Cryptocurrency Bloodbath

Shiba Inu investors might experience some rays of hope after Shibarium's launch

Cryptocurrency prices are stalling on their recovery path and so is Shiba Inu. The crypto prices have been slaughtered due to various changes in the economic and financial markets. And since the crypto market is uncannily following the global stock market, any financial and economic upheaval in the global markets is drastically affecting the price movements of the cryptocurrencies. To make matters worse, investors are gradually drawing out from the market and moving towards more traditional and centralized forms of assets. Shiba Inu became a popular option for investment among Ethereum whales when the crypto market crashed massively at the beginning of 2022. But even after SHIB's popularity in 2021, the crypto did not acquire the support of analysts and experts, who generally prefer investing in other major cryptocurrencies which are not created out of memes. The development of SHIB remained stagnant for quite some time until the market denied the fact that there would be any developments for the network. But finally, SHIB developers have come through to fulfill investor expectations and now we might witness some growth and development in its market stature.

The Shiba Inu price continued to trend lower as trading activity on the network, and in the crypto market as a whole, had significantly declined. The decline in Shiba Inu's price momentum has considerably wiped out investors' trust in the investment and experts claimed that things are not looking good for the meme coin. But it seems like not all hopes are lost! Recently, SHIB's lead developer Shytoshi Kusama tweeted that the long-awaited Shibarium may be soon coming! The SHIB community has been eagerly awaiting the launch of Shibarium because of the number of benefits that it will provide, especially for the number of profits that investors can make.

What does Shibarium aim to serve?

The information about the launch came from a post by Shytoshi on the Welly's Discord server. The developer confirmed that the Layer 2 solution will be available quite soon enough and has also clarified any discourse about moving into a more active pre-release phase which has already begun. The exact details of the project have not yet been released yet, but according to all the previous claims by the developers, it can be said that the network will provide immense facilities to the investors and make investments more efficient and transparent.

So, in technical terms, the Shibarium blockchain layer-2 solution is a work-in-progress blockchain that focuses on scaling its current host chain, Ethereum. The new network promises faster transactions with lower costs and aims to become a development field for blockchain programmers. Besides, the protocol will also ensure that investors are able to access the Shiba Inu NFT gaming and metaverse applications.

The SHIB investors are also eagerly waiting for the Shibarium burn mechanism. There are presently over 549 trillion SHIB tokens in circulation. The only way to reduce this is to burn existing tokens. Even though the burning procedure is on-process, the launch of the new protocol will likely accelerate the growth and development of SHIB's price.

Bottom Line

There is a very slim chance that Shiba Inu will reach the US$1 mark by the end of 2022, but the token still stands a chance to attract more Ethereum whales and investors if it can successfully launch its new protocol before ETH. Besides this new protocol, Shiba Inu developers are also concentrating on advancing the crypto's metaverse initiatives. It is still quite difficult to predict Shibarium's impact on the SHIB price, but it will surely attract more investors towards it.