- With support for Web3 wallets and quick transaction finality, the Shiba Inu NFT bridge aims to attract more users to Shibarium.
- Following the NFT bridge launch, SHIB saw an 8% price rise, spurring optimism among investors as token burns and new features drive liquidity.
The Shiba Inu (SHIB) development team recently introduced an NFT bridge on Shibarium, their Layer-2 blockchain. This has enhanced the platform’s functionality for Ethereum-based non-fungible tokens (NFTs). The latest announcement has also sparked speculations around a SHIB price rally as Shibarium adoption soars.
Shiba Inu’s NFT Bridge On Shibarium
Moreover, this new feature allows enthusiasts to deposit and withdraw Ethereum network NFTs, simply by linking their Web3 wallets, such as MetaMask or TrustWallet. Also, the NFT bridge on Shibarium streamlines accessibility and could position Shiba Inu’s ecosystem to attract more users. It offers quick transaction finality and reduced fees, which is appealing to traders seeking efficiency.
Since its August 2023 launch, Shibarium has rapidly gained traction with nearly 436 million transactions. This popularity aligns with Shiba Inu’s objective to distance itself from its origins as a meme coin and shift toward a decentralized finance (DeFi) powerhouse.
Originally entering the crypto market as a meme token, SHIB relied heavily on hype with limited real-world utility. However, the team’s initiatives signal a clear pivot toward utility and longevity. Over recent years, the Shiba Inu project has been expanding its capabilities beyond its early meme coin status.
This transformation includes the creation of ShibaSwap, a decentralized exchange (DEX), and Shibarium, a Layer-2 blockchain built to support scaling solutions and reduce network congestion on Ethereum. Shiba Inu’s latest NFT bridging function is the next step in advancing its ecosystem to incorporate practical use cases.
SHIB Price Movement & Investor Sentiment
Following the NFT bridge launch, Shiba Inu’s market performance has shown positive momentum. As of writing, the Shiba Inu price was $0.00001863, after surging 8.18% on Tuesday, October 29. This upward movement in SHIB aligns with the crypto market rally driven by Bitcoin’s recent breakout to over $71,000. SHIB’s rising price trend has sparked optimism among analysts, reported CNF.
The NFT bridge feature is expected to drive liquidity into the Shiba Inu ecosystem, which will boost the token’s appeal. Moreover, SHIB’s developers have been implementing a token burn initiative using the Shibarium fees to limit supply to support long-term price stability, reported CNF. SHIB has a circulating supply of more than 589 trillion coins and the project’s token burn initiative is intended to address this significant supply.
Meanwhile, analysis from CoinCodex suggests Shiba Inu coin’s potential for price growth. However, achieving extreme targets such as $0.05 or $1 still remains challenging under current market dynamics. Nonetheless, CoinCodex highlighted the unprecedented rise SHIB experienced in 2021, surging by 85,000,000%. Also, other analysts also expect a meteoric rise on the cards despite the high supply as community burn efforts to take the lead.
