- Top memecoin Shiba Inu (SHIB) remains primed for long-term growth.
- While key adoption obstacles abound, the Shibarium protocol can help make a difference.
The industry-wide harsh condition that has been plaguing cryptocurrencies has found its way to Shiba Inu (SHIB) even though the altcoin has been resistant for a very long while. Historically, SHIB once exhibited an impressive trend, especially in 2021 when it moved up in rank following a massive price surge.
The unexpected rallies of unconventional stocks and assets as well as the general market trend at that time contributed immensely to the trajectory of the token.
Gradually, it seems like optimism is fading as it is with other digital assets in the ecosystem presently. So far, SHIB’s price has dropped significantly and it is currently trading at 92% below its peak price. At the time of this writing, the price of SHIB is pegged at $0.000007375, after gaining 1.17% in the past 24 hours.
With the current outlook, many analysts and investors are beginning to wonder if Shiba Inu has the potential to reach 10 cents, a price level that would represent a massive increase of up to 13,760,000% from its current value.
While the optimism is lofty, it is important to assess the reality and the possibility of achieving a $0.10 price tag for Shiba Inu. The first note in a bid to attain this height is the requirement that every token needs to be more than a speculative instrument for it to consolidate its position in the long term. Much more, it needs to find real-time applications as well as integrations in real-life scenarios.
Placing Shiba Inu under this lens raises some questions about the future of the coin.
Shiba Inu’s Potential Remains Untapped
Compared to its top rival, Dogecoin (DOGE), Shiba Inu appears to be more versatile but at the same, it has yet to fully explore its potential. Shiba Inu already has compatibility with some robust networks which promises a world of possibilities, however, this has not been evident in its adoption rate. Only a couple of retailers globally currently accept the token and are utilizing it as a payment method.
The development team has been making efforts to increase the appeal of Shiba Inu and push its adoption. This prompted the launch of its Ethereum-based Layer-2 scaling solution Shibarium.
The L2 scaling protocol was launched last month to address the problems of high transaction cost and scalability. Precisely, it is aimed at increasing transaction throughput while at the same time lowering costs. It is expected that the launch of Shibarium will trigger some changes for Shiba Inu in areas like Decentralized Finance (DeFi) or Non-Fungible Tokens (NFTs).
It’s been more than one month since the Shibarium debut and the success of the protocol is yet to be seen in the expected bullish outlook of the Shiba Inu ecosystem.
If SHIB’s price surged to 10 cents, its market capitalization would skyrocket to as high as a whopping $59 trillion. Compared to tech firm Apple which currently has a market cap of $2.7 trillion, such a valuation for Shiba Inu would be more than 20 times higher.
Considering that Apple has tangible products and a reasonable global reach, the possibility of Shiba Inu reaching that valuation has been tagged as unlikely and illogical by many market experts.
