The Shiba Inu community has eagerly been waiting for Shibarium to launch. The lead developer of the network, Shytoshi Kusama, recently revealed that Shibarium will be likely released at the Blockchain Futurist Conference. The event, in turn, is set to take place on August 15 and 16 in Toronto, Canada.
The search interest with respect to Shibarium remained fairly low during Q2. However, since the beginning of the new quarter, the community seems to be more keen and is keeping an eye out for updates. As illustrated below, the search volume associated with Shibarium created a 90-day high recently. Even though there has been a drawdown from the peak, the current number is above average when compared to the previous few months.
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Shiba Inu has embarked on several independent rallies in the past. The community believed that the launch of Shibarium could act like an ‘event’ and create another such opportunity for SHIB. In fact, they believe that the launch of the L2 network could set the stage for the asset to knock off ‘zeros’ from its price. The test network performance has been decent so far. In fact, as recently analyzed, the aggregate transactions on the Shibarium’s testnet have already surpassed the 30 million psychological threshold. Parallelly, the number of wallet addresses has also crossed 17 million.
At the moment, SHIB is trading with five zeros. Theoretically, if SHIB reaches 1 cent or $0.01 over the long term, investors’ fortunes could multiply. Around the current price of $0.00000771, if you invest around $771 into SHIB, you will get around 100 million tokens. They would eventually be worth a million when SHIB’s price flashes merely a zero. For that to take place, the asset will have to pull off a 140,547% rally.
Shiba Inu Real Pumps vs. Reel Pumps
To understand the magnitude of the rise required, let us analyze a few of SHIB’s previous uptrends. Since 2022, SHIB has noted only three phases where its price registered a notable uptick. During all occasions, the asset pumped by around 100% to 150%. Well, these price movements have all been relief rallies during the macro bear market. However, under bullish conditions, SHIB has rallied with even greater thrust. During its September-October rally in 2021, the asset inclined by more than 1,600%.
Thus, in comparison, the 140,547% incline condition seems to be quite-far fetched at the moment. The launch of Shibarium will help in refining the price of SHIB, but expecting to become a millionaire overnight is just a pipe dream. For that to actually turn into reality, substantial growth and significant time is needed. Parallelly, factors like market conditions, other launches, adoption, investor sentiment, overall demand, and utility of the token will also have to improve for SHIB to pull a rabbit out of the hat.