Shiba Inu (SHIB), the popular meme cryptocurrency, has been surging on an upward trajectory as excitement builds within the meme coin community for the forthcoming launch of Shibarium, a new layer 2 blockchain upgrade.
Set to launch in August, this upgrade promises to tackle the scalability and network congestion challenges currently faced by the Shiba Inu blockchain, with an aim to propel the token to new heights.
As Shiba Inu investors eagerly await this important event, a panel of financial experts has been consulted on August 3 to provide their professional insights on SHIB’s potential reaction after the Shibarium upgrade is completed.
Adam, CEO of The Stock Dork
Adam, Chief Executive Officer of The Stock Dork, explained the significance of the Shibarium upgrade as it is expected to address various scalability and network congestion issues faced by the current blockchain.
In particular, SHIB investors have been grappling with different issues, including inefficient transactions and elevated transaction fees. This upcoming network upgrade is poised to resolve these pain points.
As a result, investors will be ardently monitoring these developments, hoping that the Shibarium upgrade would mark the start of a new growth era for SHIB.
“The expectation is that an improved and more efficient blockchain infrastructure could attract greater interest and adoption, thereby increasing the demand for the SHIB token. There is optimism that the token’s value could experience a notable boost in the short term, especially as the network capabilities are enhanced, and supply-side pressures are reduced.”– Adam said.
Jon, CEO of Moneyzine.com
According to Jon, CEO of Moneyzine.com, a digital platform that provides professional finance and investment advice to clients, SHIB has the potential to reach a new all-time high after the Shibarium upgrade event.
He noted that Shibarium represents a developer platform that will make buying and selling SHIB-related tokens more accessible. In addition, it will also create a hub for developers to build and launch their own projects, Jon added.
“In any case, as long as Shibarium is used, SHIB will profit. If it is extremely successful and becomes a global sensation, SHIB may have a better chance of hitting the $0.01 target with the enhanced Shibarium and the new burn mechanism.”– Jon noted.
Ultimately, Shibarium could potentially turn SHIB’s $.01 fantasy into a reality, and propel the BONE token price from $1 to $1,000, Jon concluded.
SHIB price analysis
At the time of writing, SHIB was changing hands at $0.000008241, down 1.1% in the past 24 hours.
The meme cryptocurrency rose by more than 4.3% over the past week, and more than 7.4% on a monthly basis, adding $300 million in market cap during that period.
Year-to-date, SHIB’s gains remain muted, at just around 2.2%. The meme coin is heavily underperforming the broader crypto market, with Bitcoin (BTC) and other major altcoins securing double-digit gains since January 1.
Notably, the crypto news portal Coinpedia’s has set the price for SHIB at $0.0000259 by the end of 2023, while CryptoNewsZ expects it to reach $0.0000289 this year.
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