This week marked the introduction of Shibarium, Shiba Inu’s layer-2 project. However, the launch did not unfold as expected. A minor technical issue stemming from heightened traffic, coupled with the prevailing market sentiment, resulted in a downward trajectory for SHIB’s value.
Nevertheless, despite these challenges, numerous individuals within the market maintained an optimistic outlook and continued to place their confidence in the aspiration of reaching the one-cent milestone. Among those with a positive stance is Del Crxpto, a crypto analyst. In a recent tweet, the analyst directed attention toward the possibilities presented by Shibarium. This financial expert noted how the layer-2 solution has the potential to enhance SHIB’s value, further aiding the vision of pushing the price to $0.01.
Many predicted that the launch of Shibarium would usher in a positive trend for Shiba Inu. Although the projection of hitting 1 cent might seem ambitious, an increase in value was widely expected. Nonetheless, the journey uphill is expected to be smoother due to the projected effects of Shibarium. This is because it is predicted to mitigate transaction fees and ease congestion problems. According to the analyst, this development is poised to shift trading volume from Ethereum to Shibarium.
Also Read: Shiba Inu Seeks Aid From ‘Powerful Frens’ Post Shibarium Glitch
How is Shiba Inu faring now?
At press time, SHIB was trading at $0.000008469, reflecting a daily decrease of 4.66%. Since the introduction of Shibarium, the asset has experienced a decline of 15.56%. Given its present value, SHIB would require a remarkable surge of about 117,695,803.23% to attain a value of 1 cent.
The recent decline in price resulted in significant losses for those holding SHIB tokens. Presently, around 76% of the meme coin’s investors were facing a dip in their investments, while merely 13% were seen to be making gains.
Also Read: Shiba Inu: SHIB Expected To Rise 45%, Predicts Analyst