While the Shibarium beta has been received with optimism, the wait for the launch of the official version of the project continues. This has fueled speculation that the SHIB price could hover as high as $0.001. Is this actually realistic? If so, why hasn’t the upward movement started yet?
An influx of optimism
Shiba Inu (SHIB) is currently trading at $0.000008. This is a far cry from SHIB investors’ dream price, located at $0.001. Nevertheless, the Shiba Inu community is pinning its hopes on the success of Shibarium to support the achievement of this goal.
Shibarium, as an Ethereum-based tier two solution for the Shiba Inu ecosystem, is being promoted as an upcoming breakthrough in the SHIB world. The success of Puppynet, the beta version of the network, and recent previews of Shibarium are bringing new optimism to the community.
This one, in turn, has already had a chance to get acquainted with the dedicated Shibarium portal. The rationale behind the combustion mechanism suggests that the system will collect BONE, Shibarium’s gas token, and then convert them to SHIB.
Then, the resulting Shiba Inu tokens will be sent to the combustion portal. It is worth recalling that Shibarium’s documentation confirms the network’s willingness to burn 70% of its basic transaction fees. Providing details on how Shibarium intends to accomplish this reinforces confidence in Tier 2’s capabilities, helping to revive optimism.
Shiba Inu requires community action
The Shiba Inu community is eagerly awaiting whether Shibarium will indeed support Shiba Inu price increases and contribute to the ambitious $0.001 target. It is worth noting that achieving such a target would entail an increase of an impressive 12,400% over the current value of Shiba Inu.
In order for Shiba Inu to see price increases similar to those seen in the market in 2021, the community needs to intensify combustion activities and introduce utility into the ecosystem. While Shibarium promises to contribute, the extent of its contribution will depend on the level of user acceptance.
Is the SHIB community expecting the impossible?
However, let’s look at the reality. It is worth answering the question, why isn’t the price of SHIB already rising? After all, the beta version of Shibarium did a great job and promises a promising release of the official version. SHIB burns have also recently been done in huge numbers. Perhaps, then, the $0.001 target is greatly exaggerated? Let’s consider the fact that a 12,400% increase in the value of SHIB would mean not only minting a new, very high ATH of the coin, but also surpassing Bitcoin’s current market capitalization. And as we know, Bitcoin has real world applications, while Shiba Inu, is a project with completely different characteristics.