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Whenever a crypto project is up to face an upgrade, its results show positive impacts on its price while attracting more crowd towards it.
The long-awaited layer 2 solution for the meme coin cryptocurrency Shiba Inu (SHIB), Shibarium is on its way to launch. When asked about the launch of Shibarium to project lead Shytoshi Kusama, he positively reacted ‘very soon actually’. Looking at the hype and anticipation from this Shibarium layer 2 solution, highly enthusiastic Shiba Inu fans hope that it could help the meme coin token deliver huge returns this year. But along with all the anticipation, there is an obvious question: if it could let Shiba Inu soar to $0.001?
But why is there so much expectation from Shibarium to let Shiba Inu investors be so pumped? It’s because of the layer benefits that the layer-2 solution has to offer. Among these, the most important one could be to let the platform have lower transaction fees. Since Shiba Inu is based upon the Ethereum blockchain network, the gas fees on the platform are comparatively higher than any other.
For a long time, Ethereum network’s developers have been working to address this issue and fix it with a major upgrade. Still, as it turns out, these issues for Shiba Inu users will get fixed earlier due to the Shibarium upgrade. On top of this, the Shiba Inu community is also waiting eagerly, along with Shibarium, which is a burning mechanism.
Apparently, there are more than 549 trillion Shiba Inu tokens in circulation currently, and the burning of these SHIBs is the only way to reduce this huge and staggering amount of tokens. Although the burning of Shiba Inu is going on consistently, after launching Shibarium, this upgrade is likely to accelerate the burning trend.
While following the simple phenomenon of demand and supply, the fewer the Shiba Inu tokens in circulation, the higher their price will see a rise. Another benefit would be that Shibarium would serve as the foundation for other upcoming projects on the platform. These will include the yet another highly anticipated Shiba Inu metaverse that is hoped by many to act as a major catalyst for memecoin to rise.
Now considering the claim that Shibarium could boost Shiba Inu to reach $0.001 would be undoubtedly a tall order. This would need about a gain of 44 times from the level where it stands currently. However, this is not impossible considering the past performance of memecoin where it rose by an astonishing number of more than 251,000 times last year.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
