After its peak in 2022, the Shiba Inu price hasn’t seen big surges. Now, with the crypto market picking up and Bitcoin nearing $50,000, people wonder if SHIB could surge like it did in 2021, possibly reaching $0.0001.
The launch of Shibarium, Shiba Inu’s latest Ethereum layer-2 blockchain, on August 16, 2023, ignited significant bullishness in the memecoin market. This excitement was fueled by the platform’s remarkable achievement of generating over 21 million wallets during its testnet phase.
Shibarium’s Impact on SHIB Price
These developments signal a promising future for the SHIB community, with potential for a 10x rally in SHIB price this year. Shibarium’s ongoing milestones in on-chain user activity and transactions further bolster these prospects.
For instance, Shibarium recently surpassed three million blocks, enhancing transaction efficiency and scalability for the Shiba Inu network. The platform now boasts over 334 million transactions and has accumulated 1.35 million wallet addresses.
With an average block time of just 5 seconds and negligible gas fees, Shibarium demonstrates notable efficiency and affordability in its operations. Additionally, it has achieved an impressive daily transaction count of 2.46 million.
This robust data indicates a bullish outlook for SHIB’s price. Despite previous Shibarium achievements not resulting in significant price jumps, the overall sentiment toward the memecoin remains optimistic. There’s a possibility that SHIB’s price could approach the $0.0001 level in the coming months.
Shiba Inu’s Rally Prospects and Competitive Landscape
Shiba Inu, often referred to as the “Dogecoin killer,” witnessed a notable 10x surge in October 2021, with its price soaring from a low of $0.000007 to a peak of $0.00008 within days. This year, achieving a similar rally seems more feasible, thanks to several positive network developments and the anticipation surrounding the upcoming altcoin season.
Moreover, the community’s active participation in burning SHIB tokens is evident from recent market data, showing a 127.41% increase in SHIB burns. Notably, the Shiba Inu community has reported burning an impressive 17.39 million SHIB in the last 24 hours and 55.63 million SHIB over the past week.
Competition and Potential Obstacles: Despite SHIB’s potential for a 10x rally, it faces stiff competition from prominent memecoins in the market. Notable competitors include Dogecoin, Pepe coin, and Bonk, which have historically overshadowed SHIB in terms of market interest.
Comparative Market Capitalizations: While Dogecoin (DOGE), SHIB’s primary rival, boasts a market capitalization exceeding $11.5 billion, Shiba Inu outperforms more recent market entrants like Bonk (BONK) and Pepe (PEPE). Bonk holds a market capitalization of $830 million, while Pepe stands at $431 million.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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