Shiba Inu’s Shibarium Launch Faces Challenges, Yet $0.01 Target Remains

This week witnessed the unveiling of Shibarium, the layer-2 initiative by Shiba Inu. However, the launch did not unfold as anticipated. A minor technical glitch triggered by high traffic, combined with the prevailing market sentiment, led to a decline in the value of SHIB tokens.

In spite of these hurdles, several participants in the market maintained an optimistic perspective and continued to place their trust in the goal of achieving the one-cent milestone. Among the optimists is Del Crxpto, a cryptocurrency analyst.

In a recent tweet, the analyst drew attention to the potential offered by Shibarium. This financial expert highlighted how the layer-2 solution could potentially boost the value of SHIB tokens, aligning with the aspiration of driving the price to $0.01.

$SHIB reached #3 in the world with $ETH transactions costing hundreds – thousands per… #Shibarium has free’d $SHIB of $ETH congestion & has made it affordable for everyone.

Next bull run… will be MASSIVE. #1CentDream $SHIB
— Del Crxpto (@DelCrxpto) August 17, 2023

The debut of Shibarium was foreseen to bring about a positive trajectory for Shiba Inu by many experts. While the prospect of reaching 1 cent might appear ambitious, a surge in value was the prevailing expectation.

Nevertheless, the upward journey is anticipated to be smoother, thanks to the anticipated impacts of Shibarium. This projection stems from its potential to alleviate transaction fees and alleviate congestion issues. As per the analyst, this advancement is set to redirect trading volume from Ethereum to Shibarium.

Shiba Inu’s Current Market Condition

As of the time of writing, SHIB was being traded at $0.000008492, demonstrating a daily drop of 1.06%. Since the unveiling of Shibarium, the asset has witnessed a reduction of 15.56% in its value. Given its existing valuation, SHIB would necessitate a remarkable surge of approximately 1,177,478.89% to reach a value of 1 cent.

The recent price downturn has resulted in substantial losses for those who hold SHIB tokens. Currently, approximately 76% of the meme coin’s investors are encountering a decline in their investments, while only 13% are observed to be experiencing gains.

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.