Shiba Inu: Is This Another Shibarium Hint or Just a Fan Creation?

Paigambar Mohan Raj
Source: Binance Academy

Shiba Inu (SHIB) fans and investors are eagerly awaiting the launch of the project’s layer-2 network, Shibarium. The launch was initially scheduled for Q3 2022 but was pushed due to development delays. However, the initiative is now in beta testing and will be ready for its debut very soon.

According to BoneShibaSwap, a Twitter page dedicated to Shiba Inu’s offspring token BONE, there might be another hint that Shibarium is just around the corner. It turns out that visiting the website redirects traffic to the Shibaswap website. The Twitter handle claims that this redirection means that “everything is being prepared.”

However, it is also possible that a fan purchased the domain name and, via DNS, directs traffic to the Shibaswap website. There is no official word on the website being legitimate, therefore fans and users should be cautious.

Regardless, the website does not take away the fact that Shiba Inu’s layer 2 launch is imminent. Lead developer Shytoshi Kusama has said that the launch would not come until the new year, leading many to believe it will take place in early 2023.

Will Shiba Inu see a big spike upon Shibarium launch?

Although many would like SHIB to “moon” when Shibarium launches, there are several factors to consider before it happens. Firstly, SHIB’s real-world use cases are very small. Only a handful of firms accept Shiba Inu as payment, and the project’s gaming venture did not pay off as well as many hoped.

Many fans and investors actively participate in burning Shiba Inu tokens, but the amount has been minimal compared to the circulating supply. Therefore impact on SHIB’s price has been minimal.

Lastly, there just isn’t much happening to push the mass adoption of SHIB. A majority of SHIB tokens are still held by a few whale wallets. According to Whalestats, SHIB is still the most-held token among the top 5000 Ethereum whales. If the few whales were to sell their SHIB holdings, the price of the token would plummet.

Nonetheless, there is also the possibility that SHIB does indeed “moon” upon the Shibarium launch. The launch would give SHIB its very own network, and it would no longer be an ERC-20 token. Moreover, it might attract new investors who might be interested in such a project, thereby driving the token’s price up.

At press time, SHIB was trading at $0.00000795, down by 0.2% in the last 24 hours.