In the midst of the high-voltage launch of the Shiba Inu scaling protocol, SHIB’s value suffered a setback of more than 9%, following reports from users about bridging challenges just the other day. Vigilant observers on the blockchain discovered that around $2.5 million worth of digital assets became trapped in the network’s bridge contract shortly after the unveiling of Shibarium.
Though the development team promptly addressed the issue in their latest blog post, its repercussions have cast a significant shadow on the price performance of Shiba Inu-related tokens, particularly BONE, which experienced a decline of 16% within a mere 24 hours. At press time, SHIB remains down by 4% in the daily index.
Nonetheless, these short-term setbacks hardly serve as a definitive forecast for the trajectory of this meme coin’s value. It is imperative to assess the long-term implications for Shiba Inu by scrutinizing its historical patterns. A well-versed market analyst holds the belief that this recent launch could genuinely serve as the transformative catalyst within the SHIB ecosystem.
According to Del Crxpto, the necessary components are in place to propel SHIB toward the coveted $0.01 mark. In recent tweets, the crypto expert underscored the token’s remarkable resilience during its heyday.
The token’s ascent to the top 3 positions in May 2021, despite its high transaction costs at that time, is a remarkable achievement. Despite undergoing a significant correction shortly after this milestone, the token managed to reach an all-time peak of $0.00008845 a few months later.
Exploring Shiba Inu’s Massive Potential Post Shibarium
Alongside the price surge, SHIB’s market capitalization surged to over $37 billion, securing its place as the third-largest crypto asset of its time. The fact that these milestones were accomplished amidst the challenges of high gas fees on the Ethereum network speaks volumes about the token’s potential, as emphasized by Del Crxpto.
With the emergence of Layer-2 solutions like Shibarium, promising to address these challenges and enhance transaction speed, the outlook for the token appears more promising than ever. Del Crxpto ardently championed the vision of a Shiba Inu rally to reach $0.01. Considering its current price of $0.0000841, SHIB would need to surge by a staggering 118,806% to attain the coveted goal of $0.01.
As detailed by TronWeekly, the issue during the Shibarium launch arose from an overwhelming surge in transactions and users exactly at the moment of Shibarium’s initiation. Shytoshi Kusama, the lead of the project, mentioned that if this intense traffic is tamed, it would propel the platform into the echelons of the most dynamic Layer 2 blockchains in existence, potentially handling billions of compute units per day.