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Shibarium update confirmed; Can SHIB hit $1 in 2023?

Shibarium update confirmed; Can SHIB hit $1 in 2023?

Although Shiba Inu (SHIB) has followed the majority of the cryptocurrency market in the bearish sentiment for a few days, a very bullish play could be in preparation for the dog meme crypto asset, as its team has confirmed that the highly anticipated Shibarium layer 2 blockchain will launch in August this year.

As it happens, the pseudonymous Shiba Inu ecosystem developer Shytoshi Kusama has recently announced that Shibarium would go live after the Blockchain Futurist Conference in Toronto, which will take place on August 15-16, 2023, according to the blog post published on July 6.

According to a cryptocurrency market analyst known on Twitter as Metaquant, there has been a rotation into SHIB-related digital assets like Bone ShibaSwap (BONE), Doge Killer (LEASH), WoofWork (WOOF), and PawZone (PAW), all of which are among the sector’s top gainers, as the analyst explained.

Furthermore, Metaquant has shortlisted several plays that could have a significant effect on the price of SHIB in 2023, including the upcoming UNODE launch and plans for Unification (FUND) and Liquid Shibarium Derivatives (LSD), as well as GambleFi platform ShibBets, and the Liquid Paw (LPAW) 1-1 airdrop on Shibarium with token migration LPAW launchpad release.

SHIB price analysis

Presently, Shiba Inu is changing hands at the price of $0.000007558, demonstrating a decrease of 2.60% on the day and a loss of 1.97% across the previous week but still holding onto the gains of 14.42% on its monthly chart, as per the latest data retrieved on July 10.

SHIB 30-day price chart. Source: Finbold

All things considered, Shibarium could indeed have a major effect on the price of Shiba Inu, although the quantity of this effect, i.e., its chance to finally reach the coveted price of $1 apiece, will further depend on the general sentiment on the wider crypto market and other developments and positive news surrounding the SHIB ecosystem.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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