Shibarium Layer 2 to Launch Soon – Will It Pump the Shiba Inu Price Up? 

Shiba Inu (SHIB) developers indicated in a blog post earlier this week that they would soon launch a beta version of the long-awaited Shibarium blockchain. Shiba Inu currently is an ERC-20 token on the Ethereum blockchain, but developers have long promised that they would build a layer 2 Ethereum scaling solution to reduce gas fees and increase the utility of Shiba Inu token.

 

Will the Shibarium Launch Pump SHIB Price Up?

In the blog post, Shiba Inu developers didn’t give an exact date as to when the beta version of Shibarium will be released, beyond saying “soon”. Despite the blog saying that SHIB “price pumping” is not the project’s focus, many analysts think that the launch of Shibarium will have that exact effect.

 

That’s because, as Shiba Inu developers state in their latest blog, Shibarium helps fulfill founder Ryoshi’s vision and “provide the community with a tool to build and grow the project on their own terms”. More specifically, Shibarium will facilitate the expansion of the Shiba Inu web3 ecosystem, adding utility to the SHIB token which is for the most part currently owned as a collector’s item or for speculation.

 

The announcement that Shibarium’s launch is near comes after a few other positive announcements. These include that, while BONE will be used as the gas token on the Shibarium layer 2 blockchain, SHIB will also be burned with each transaction. Meanwhile, it was recently also announced that the Shiba Inu metaverse is also expected to launch in 2023.

 

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Where Next for Shiba Inu Price?

SHIB has been rallying in tandem with the broader cryptocurrency market since the start of 2023 and recently reclaimed the $0.000010 per token level, where it now trades up some 32.7% on the month. However, the cryptocurrency has this far been unable to break sustainably above its 200-Day Moving Average, which has acted as resistance since early/mid-2022.

 

 

If the broader crypto market continues to rally and should SHIB price be able to continue to push north of its 200DMA, which is $0.00001070, there is a good chance that this dog-themed coin could rally to its late October highs in the $0.000015 area.

 

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