Shiba Inu [SHIB] entered the crypto-verse and changed the dynamics of the market. While the OG meme crypto, Dogecoin [DOGE] was one of the earliest cryptocurrencies, SHIB was the game-changer. The whole meme crypto revolution was ticked off by SHIB. The adoption rate of this altcoin peaked as every restaurant, real estate firm, and fashion brand that accepted crypto welcomed SHIB as well. Despite all this, the altcoin continues to struggle with regard to its price.
Back in October 2021, the asset managed to bag gains of over 1,000 percent within a period of 30 days. This certainly put Shiba Inu under the crypto spotlight. While the community awaited spikes of this magnitude, the asset failed to attain the bare minimum. Currently, the altcoin is 86 percent below its all-time high. Despite this, the asset emerged as one of the most loved and sought-after cryptos.
One factor, however, could help Shiba Inu bring back its October 2021 gains. Shibarium is expected to spruce up the price of SHIB. The SHIB network has been working on this layer-2 solution and prepping for its launch this year. The team is yet to announce a fixed release date.
The SHIB network witnessed an array of updates this year. However, the fervor around the upcoming layer-2 update is expected to push the asset’s price. Shibarium was put forth by the creator of Shiba Inu Ryoshi. Following the launch of this chain, SHIB will reportedly move onto L2. Elaborating on Shibarium, Shytoshi Kusama, the lead developer of SHIB, previously stated,
“Shibarium will offer low fees for every service, game, or whatever that builds on it.”
Where does Shiba Inu stand today?
The altcoin managed to steer away from the bearish waters today. With no major fluctuations in its price, SHIB was trading for $0.0000116, during press time. However, the last couple of days seemed to be challenging as the asset plummeted by 5.51 percent.
In addition to its price, the market cap of Shiba Inu shrunk to $6.34 billion. This resulted in the asset falling down the crypto ladder to the 16th rank. Meanwhile, its counterpart Dogecoin was part of the coveted top 10.
The only factor that has been on an uptrend post its recent crash is the holder count. The total number of unique addresses in the SHIB network has been witnessing a massive surge. As of today, there were 1,169,694 holders.