Just last week, on 12th June 2022, Shiba Inu lost another zero. The price fell from $0.00001023 to 0.0000093 between 11th June and 12th June. Recently, cryptocurrencies have hit a new rock bottom, and SHIB has experienced the brunt of the downturn with no fault of its own. Even the Shiba Inu founder Ryoshi has called it a quit, raising doom and gloom in the SHIB community. However, many Shiba Inu developers are still confident of a revival because they have a wildcard in their hands – Shibarium.
What is Shibarium and Why Shiba Inu Fans are Interested in it?
Recently, Shiba Inu developer Shytoshi has claimed on Welly’s Discord server that it will launch its Layer 2 solution soon. After the confirmation by the SHIB developers, there has been a rise in activity in the pre-release phase. Although the developers haven’t shared complete details, the project is well on its way.
For the uninitiated, Shibarium is a blockchain layer-2 solution on top of the existing Ethereum blockchain. It emphasizes scaling the existing host chain of Shiba Inu, which is currently Ethereum. The all-new network promises quicker transactions at much-reduced costs and aims to transform into a playing field for next-gen blockchain programmers who simply love SHIB. Apart from serving the fundamental requirements, the new and improved protocol will provide SHIBites access to Shiba Inu metaverse applications and NFT gaming.
High Hopes from SHIB Burn and Shibarium
SHIB investors have their hopes firmly fixed on Shibarium. As the layer-2 solution features faster transaction processing, it can reignite the hope of SHIB making a comeback. Coupled with Shiba Inu burn, Shibarium has the potential to make the value of currency hop a few decimal places.
Shiba Inu Shibarium vs. Ethereum 2.0 Launch
In early 2022, many experts were hoping for SHIB to recover and accelerate its progress on its way to the US$1 mark. However, since the turn of the year, things have turned for the worse. Although the depreciating price is not due to developers’ mistakes (as was the case with Terra Luna), the onus is on the men behind the meme cryptocurrency to pull up their socks and fast-track SHIB to its past glory.
The Reason to Launch Shibarium Before Ethereum 2.0
Currently, Shiba Inu’s price is losing zeroes faster than we expect, but we expect good things once it releases the Layer-2 Protocol, Shibarium. We believe that it needs to make a transition soon, preferably before Ethereum 2.0 gets released, to rekindle interest among investors. In the past, Ethereum whales were one of the biggest buyers of Shiba Inu, so if SHIB can launch its layer 2 protocol soon, it might sway the ETH whales to invest in the meme coin.