The Shiba Inu ecosystem is all set to launch the Shibarium layer-2 network and investors are eagerly waiting for the Public Beta Testnet release. Shibarium will be powered by Bone and the token plays an important part in the governing of the L2 blockchain. The team confirmed that every transaction initiated on Shibarium would burn SHIB tokens. Therefore, both Bone and SHIB stand to gain tremendously from Shibarium. However, Bone’s official Twitter handle claims that Shiba Inu could reach $1 with a set of bullish factors. In this article, we’ll explain in detail the set of factors that could scale SHIB’s price, according to Bone.
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Shiba Inu Could Reach $1: Claims Bone Token
Bone’s official Twitter handle predicted that Shiba Inu could reach $1 after the Shibarium layer-2 network is launched. However, it did not forecast a timeline for when that could happen.
According to Bone, Shiba Inu could reach $1 as Shibarium will relentlessly remove SHIB tokens from circulation. This could sustainably scale Bone’s price up in the indices as it will be used as gas fees on the network.
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The tweet read. “The important question is. What if everyone knows that the way SHIB can reach $1 is maximum support of Bone and Shibarium? Because Shibarium layer-2 blockchain burns SHIB in every transaction and Bone is the cause of all these works!” the tweet read.
Bone’s bullish tweet can be considered a wild claim as there’s no clarity on how many SHIB tokens would be burned during each transaction. The tweet seems to be just wishful thinking as SHIB reaching $1 seems to be an impossible task. Around 90% of its supply needs to be burned to even be considered to reach there.
In addition, if that were ever to happen, then SHIB’s market cap would be bigger than Apple‘s market cap at 2.43 trillion, Microsoft‘s at 2.02 trillion, and Google’s parent company Alphabet at 1.21 trillion. Shiba Inu climbing above these numbers seems to be impossible and is laughable at face value.
Therefore, it is advised not to take Bone’s tweet seriously unless a clear map of how many tokens will Shibarium burn is released.
At press time, Shiba Inu was trading at $0.00001242 and is down 4.5% in the 24 hours day trade. SHIB is also down 85.63% from its all time high of $0.00008616, which it reached in October 2021.