Shiba Inu (SHIB) started as a memecoin ERC-20 token built on Ethereum (ETH), that simply wanted to overcome Dogecoin (DOGE) — the first memecoin ever created — in market cap. It might now be something possible to accomplish, with the launch of Shibarium, a layer-2 blockchain within its own ecosystem.
According to The Coin Perspective, if Shiba Inu had Dogecoin’s market cap of $10.6 billion, 1 SHIB would be worth $0.000011, for an upside of 45% over current prices, considering a projection based on SHIB’s fully diluted market cap of $10.2 billion, by press time.
The fully diluted market cap multiplies SHIB’s current prices per Shiba Inu’s total supply (1,000 trillion SHIB), resulting in a more accurate price projection than if the circulating market cap (589.3 trillion SHIB) was considered, as more tokens are being constantly put into circulation — which could affect the token’s market cap without impacting the price.
Shibarium could create more demand for SHIB
With the successful growth of Shiba Inu’s community, the project has been able to earn the attention of investors, developers, and users since its creation. Conquering the 15th position by market capitalization, according to the Finbold index.
The Layer-2 (L2) blockchain for Ethereum will compete with other L2s, such as Arbitrum (ARB), Optimism (OP), and Base (by Coinbase); to provide faster and cheaper transactions to the Ethereum ecosystem. Shibarium will have a decentralized exchange (DEX), a metaverse, and blockchain games, such as Shiba Eternity.
As it happens, the pseudonymous Shiba Inu ecosystem developer Shytoshi Kusama had announced that Shibarium would go live after the Blockchain Futurist Conference in Toronto, which will take place on August 15-16, 2023.
However, Shibarium was first expected to have been launched in May, also by a developer’s announcement and Shiba Archives most recently posted about Shibarium’s launch being set to two weeks from August 11.
SHIB price analysis
Presently, Shiba Inu is changing hands at the price of $0.00001018, demonstrating an increase of 2.10% on the day, as per the latest data retrieved on August 11.
All things considered, Shibarium could indeed have a major effect on the price of Shiba Inu, although the quantity of this effect will further depend on the general sentiment on the wider crypto market, the increase in the token’s demand, and other developments or positive news surrounding the SHIB ecosystem.
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