Shiba Inu: Can Shibarium Launch Propel SHIB’s Price to $0.001?

The future of Shiba Inu hinges on the potential of the Shibarium layer-2 network. In Q2 of 2023, SHIB’s price has declined significantly, reaching a yearly low of $0.000007. With the token’s current stagnant movement, investors who hold onto the hope of reaching 1 Cent are becoming increasingly impatient.

As SHIB is currently trading with five zeros, there is anticipation surrounding whether it can eliminate these zeros in anticipation of the Shibarium launch. Furthermore, there is curiosity about whether SHIB can surpass its previous all-time high by reducing additional zeros following the release of Shibarium. Let’s delve into these possibilities.

Can the Introduction of Shibarium Propel Shiba Inu to a Value of $0.001?

The Shiba Inu team made an announcement at the beginning of January, confirming that the Shibarium layer-2 network would engage in burning SHIB tokens. They stated that 70% of the base transaction fee on the network would be allocated to burning SHIB tokens. As a result, there is a possibility that millions or even billions of tokens could be sent to a dead wallet daily through the portal.

However, it is unlikely that Shibarium alone will drive SHIB’s price to $0.001 and create substantial profits for investors. This is primarily due to the current market conditions, as the cryptocurrency markets are experiencing a bearish trend. Major cryptocurrencies had their strongest rally in 2021, and the overall cryptocurrency market is facing macroeconomic pressures. Consequently, whenever prices approach new monthly highs, they tend to face downward pressure and experience pullbacks.

For Shiba Inu to experience a significant rally, it would require the cryptocurrency markets to transition into a bullish territory, along with the successful launch of Shibarium. If Shibarium were to burn trillions of tokens and coincide with a bullish market, the potential for Shiba Inu’s price to skyrocket becomes limitless. However, it’s important to note that the development of Shibarium alone is not enough to drive market conditions.

Currently, Shiba Inu is trading at $0.0000078400, with a 0.15% increase in the 24-hour trading period. However, it is worth mentioning that SHIB has experienced a significant decline of 90.72% from its all-time high of $0.00008616, which was reached in October 2021.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.