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- The Shiba Inu ecosystem anticipates the SHIB burn rate to intensify after the Shibarium mainnet launch.
- SHIB at a market valuation of $544 billion is a 100X from current prices.
The Shiba Inu (SHIB) meme coin will have to eliminate five zeros to reach $1 from current prices. Trading around $0.000009, the second largest meme coin has dropped approximately 10 percent in the past five days. Having consolidated around the same level since hitting the bear market’s bottom last June, Shiba Inu holders amounting to 1.3 million, hope the Shibarium L2 network will be the needed catalyst for a fresh bull rally.
Moreover, memecoins – including WOJAK and PEPE – have emerged in the recent past with heightened volatility. As a result, more Shiba Inu holders have been observed diversifying into these fresh meme coins in search of profitable trades.
However, the Shiba Inu ecosystem has the upper hand among most meme coins due to a growing use case derived from the Shibarium Layer Two scaling solution. Similar to Arbitrum and Polygon networks on the Ethereum ecosystem, the Shibarium Layer Two scaling solution helps onboard more decentralized applications in search of lower transaction fees with guaranteed security.
Shiba Inu and Shibarium L2 Growth
The Shibarium Layer Two developers led by lead contributor Shytoshi Kusama announced the Shibarium’s public beta back in early March. With the mainnet expected to be launched later, the Shiba Inu community hopes to attract real-world businesses seeking to scale through the network.
“I’ve heard of liquor reps, liquor creators, and hundreds of people who want to collaborate or work with us on Web3, Web4, Metaverse, Shiba Eternity, and more! Now, all those people have a chance to discuss, request, inform, and let us know exactly what they want to do with Shibarium,” Kusama noted.
For instance, Nowpayments – a platform launched by ChangeNow to help anyone accept crypto payments on their websites, online stores, and social media accounts – announced that it plans to be the first payment gateway to integrate with the Shibarium layer two networks.
“Once it’s out, we are going to focus our tech team’s attention on the ways to adopt it, so we can support tokens and projects building on Shibarium, providing our ecosystem of tools for any and all things SHIB — as a result, they will be able to accept payments using Shibarium L2,” Nowpaymnets noted.
Meanwhile, the growth of Shiba Inu is largely pegged to the adoption of BONE tokens. Moreover, the Ethereum-based meme coin uses BONE tokens for the ecosystem’s governance via Doggy DAO. Moreover, the BONE token is viewed as the foundation upon which the Shiba Inu ecosystem built the Shibarium layer two networks.
Currently, the Shibarium network enjoys up to 16 validators who have staked a total of 341,153.61 BONE tokens as of block height 725,578.
Price Action
The Shiba Inu ecosystem is heavily dependent on the speculative nature of meme coins. As a result, SHIB’s price action is significantly affected by the overall hype in the ecosystem. Nonetheless, the increased Shiba Inu’s burn rate has increased the overall potential for a fresh bull rally. Currently, a total of 41.04 percent of the total Shiba Inu’s circulating supply has been burned.
