- Shiba Inu development team counts down the release of layer-2 scaling solution Shibarium, no launch date fixed yet.
- Shiba Inu price chart reveals possibility of a 100% upswing for SHIB within the next three to four weeks.
- While Shiba Inu’s competitor Dogecoin witnessed a price rally, the Shiba-Inu-themed meme coin is awaiting a bullish breakout.
Shiba Inu layer-2 scaling solution Shibarium’s development is on track. While SHIB holders await the launch date of the project, developers are dropping hints on Shibarium’s release. The long-term outlook on Shiba Inu is bullish, the meme coin could witness a 100% price rally within the next four weeks.
Shiba Inu layer-2 project Shibarium development is on track
Shiba Inu’s layer 2 scaling solution Shibarium is a secondary framework added on top of another blockchain to improve scalability and increase transaction speed. The scaling solution is aimed at enhancing the working of SHIB’s host chain, Ethereum.
Shibarium’s primary purpose is therefore the optimization of the host chain Ethereum and enhanced scalability. Ryoshi, the creator of the meme coin, set a few milestones for the project prior to his departure.
- Speeding up Shiba Inu transactions
- Lowering transaction fees and eliminating it completely within the Shiba ecosystem
- Making Shiba Inu NFT gaming easier by facilitating rapid transactions
- Contributing to Shiba Inu metaverse implementation and applications
- Working as a foundation for dApp development and other projects
Ryoshi’s vision was to change the perception of Shiba Inu as a meme coin and project it as a valuable asset in the crypto ecosystem.
The development of the layer-2 scaling solution is on track and SHIB holders are awaiting the announcement of a launch date.
ShibaTrophias, a Shiba Inu developer, recently posted a cryptic tweet. SHIB holders believe this could be a hint for the release of Shibarium.
Another riddle for people on this amazing Sunday for the community! Going to piggyback off the first. Hopefully this one gives more context :).
— Shib Trophias (@ShibaTrophias) December 11, 2022
As the minutes to midnight draws near, time ticks away. For now. the sands in the hourglass keep flowing through. What am I? pic.twitter.com/gEVql866bF
How Shibarium could act as a catalyst for SHIB price rally
Shiba Inu price plummeted 89.7% from its all-time high of $0.00008616, a year ago. Shibarium will divide transactions between the layer-1 chain (Ethereum) and the layer-2 protocol. The scaling solution will tackle a large portion of the transaction load and prevent them from overwhelming the underlying chain. The result will be a drop in network congestion.
Interestingly, “burn” acts as a catalyst for a cryptocurrency’s price. Shibarium has a built-in burn mechanism that allows SHIB holders to burn tokens and permanently remove them from circulation. Shibarium may charge a nominal transaction fee and use the fee to burn SHIB tokens, consistently driving the value of the meme coin higher, sustainably.
The incentive for burning is lower transaction fees for holders.
Ethereum is notorious for high transaction costs. Therefore, Ryoshi decided to shield Shiba Inu ecosystem users from high gas fees through a scaling solution. It's important to note that despite the Shibarium launch, Shiba Inu continues to rely on the Ethereum blockchain as its base chain.
Shibarium has passed the public testnet phase and developers deemed it a success.
Shiba Inu price could witness 100% rally fighting Dogecoin for the crown
Shiba Inu price formed a falling wedge on the six-month timeline as seen below. The meme coin is ready for a breakout, wiping out losses since mid-August 2022 and eyeing the $0.00001678 target.
SHIB/USDT price chart
Within the next four weeks, Shiba Inu price could attempt to break past resistances at the 50-day Exponential Moving Average (EMA) at $0.00000971, and $0.00001265, where the 200-day EMA is situated. Breaking past these two key levels, SHIB faces stiff resistance at the weekly high of $0.00001364.
Shiba Inu’s competitor Dogecoin witnessed price rallies several times over the past six months while the meme coin struggled to break out of a multi-month downtrend. A Santa rally could push SHIB price to the $0.00001678 target, and mark the end of the prolonged downtrend in the Shiba-Inu-themed meme coin.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.