Shiba Inu has been on a roll in current months, with the meme token seeing probably the greatest good points within the crypto market this 12 months. 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 change Binance. This could see Shiba Inu slide all the way down to the seventeenth place as promoting stress elevated, lowering the worth of the meme token.
Nonetheless, SHIB’s worth 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 when it comes to 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 answer?
Can Shibarium Push Shiba Inu Into the High 10 Crypto?
Shibarium is a layer-2 answer that hopes to offer decrease fuel charges and quicker transaction occasions for Shiba Inu. SHIB runs on the Ethereum blockchain, which may get congested and costly. So Shibarium goals to unravel this by working alongside Ethereum as a scaling answer.
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 answer will enhance the shopping for stress on Shib. Consequently, many SHIB fanatics count on a spike in worth.
SHIB recovers amid Shibarium launch | Supply: SHIBUSD on Tradingview.com
Previous information round Shibarium has at all times 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 also witnessed a big exodus from crypto exchanges as traders moved their holdings into non-public wallets in hopes of what Shibarium would possibly deliver.
Shiba Inu began as a meme coin however has gathered some following from crypto traders. Based on builders, Shibarium will remodel Shiba Inu into an ecosystem with a decentralized change (DEX), a metaverse, and blockchain video games.
If Shibarium delivers on its guarantees, it’s not unreasonable to suppose SHIB could climb into the top 10 cryptos, probably even larger over time. Along with the hype round Shibarium, the return of bullish sentiment within the wider market may also 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. Nonetheless, the launch and potential of Shibarium may make 2023 one other breakout 12 months for Shiba Inu.
Featured picture from iStock, chart from Tradingview.com