- SHIB developers count down the Shibarium, layer2 scaling solution, release, with no fixed launch date yet.
- Shiba Inu’s price chart indicates the chances of a 100% surge for the alt in the coming four weeks.
- Shiba Inu awaits bullish breakouts as its rival Dogecoin saw a price uptick.
Shibarium, Shiba Inu’s layer2 scaling solution, has its development on track. Developers hint at Shibarium’s release as holders awaits the project’s launch date. Shiba Inu exhibits a bullish longer-term outlook, and the alternative token seems ready for a 100% upsurge in the coming four weeks.
SHIB’s Shibarium is a framework mounted on another blockchain to amplify transaction speed and improve scalability. The scaling solution intends to enhance the working of Shiba Inu’s host chain – Ethereum.
Thus, Shibarium’s primary purpose is to optimize the host chain (Ethereum) and enhance scalability. The meme coin’s creator Ryoshi, reveals some project milestones before his departure.
- Speeding SHIB transactions.
- Reducing transaction fees and eventually eliminating them.
- Smoothen SHIB NFT gaming through quick transactions.
- Contribute to SHIB’s metaverse applications and implementations.
- Establish the projects as a foundation for decentralization application developments & other projects.
Ryoshi wanted to change the view of SHIB as a meme project and token by making Shiba Inu a valuable product within the cryptocurrency ecosystems. The layer2 solution’s development remains on track, and token holders await the official launch date announcement.
Shiba Inu developer Shiba Trophias recently tweeted a cryptic post. SHIB owners trust the tweet hinted at Shibarium’s release.
How Shibarium Could Catalyze SHIB’s Price Rally
Shiba Inu saw its price drop by 89% from the $0.00008616 all-time high one year ago. Shibarium will split transactions between the layer2 protocol and the layer1 chain (Ethereum). Meanwhile, the scaling solution intents to tackle the transaction volume and control them from crushing the underlying chain.
That will lead to declined network congestion. Surprisingly, ‘burn’ remains the catalyst for a crypto’s price action. Shibarium introduces a built-in token burn mechanism to allow Shiba Inu holders to burn coins and permanently remove the assets from circulation.
Shibarium can demand a minor transaction charge and utilize the fee to destroy Shiba Inu tokens, consistently and sustainably propelling the meme token higher. Holders who burn tokens will enjoy low transaction fees as incentives. Ethereum remains notorious for massive transaction costs.
Thus, Ryoshi wanted to protect Shiba Inu users from high fees via a top-notch scaling resolution. Remember, Shiba Inu still depends on Ethereum as its base blockchain, despite its Shibarium launch. Moreover, the scaling solution passed the testnet stage, and developers confirmed it was a success.
SHIB Might Fight for Meme Coin Crown With 100% Surge
Shiba Inu price created a declining wedge pattern on the 6-month timeline (TradingView chart). The meme coins seem prepared for breakouts to erase losses recorded since mid-August (2022) and target the $0.00001678 mark.
The coming four weeks might see Shiba Inu attempting an upsurge past the hurdles at the 50-d EMA at $0.00000971 and the 200-d Exponential Moving Average at $0.00001265. Overpowering these crucial levels would see SHIB targeting the stiff obstacle at the $0.00001364 weekly high.
SHIB’s rival DOGE saw price upticks multiple times within the last six months while struggling to overcome its multi-month downward trend. A potential Santa rally will likely push SHIB to $0.00001678, ending the prolonged bearish stance in the dog-themed crypto.