Shiba Inu Testnet Success: Shibarium Launch Aiming for $0.001 Price Surge

Bombolo | News and Media

The lead developer of Shiba Inu, Shytoshi Kusama, recently stated that the highly anticipated layer-2 solution, Shibarium, is likely to be released in August. In a blog post, Kusama shared this exciting news, mentioning that the release is expected to take place at the Blockchain Futurist Conference scheduled for August 15th and 16th in Toronto, Canada. Prior to the launch of the mainnet, Shibarium's Testnet, called 'Puppynet,' has already witnessed a significant increase in transactions and block production.

As of now, Puppynet has processed an impressive total of 27,043,014 transactions and generated 1,562,978 blocks. Moreover, the network boasts an average block time of just 6.8 seconds, ensuring smooth and fast transaction processing. With such promising figures, it is highly likely that Shibarium will experience a surge in transactions once the mainnet goes live later this year.

Also Read: The Journey Towards $0.01: What Does It Take for Shiba Inu (SHIB) to Reach its Milestone?

Shiba Inu: The Potential Impact of Shibarium's Launch on SHIB's Price

Currently, Shiba Inu is trading at $0.000007, which means it needs to eliminate three zeros in order to reach the $0.001 mark. Achieving this significant jump, reducing the number of zeros from five to two, would require a staggering 15,000% increase in price. Considering the current state of the market, such a substantial surge appears to be a challenging feat.

A potential scenario for a 15,000% price spike could emerge if Shibarium actively burns SHIB tokens following its launch. The efficiency of transactions and the gas fees associated with Shibarium will play a crucial role in determining SHIB's future performance. The greater the number of transactions initiated on the layer-2 network, the more favorable it will be for SHIB's price, as 70% of all transaction fees will be allocated to the dead wallet.

Also Read: The Rising Popularity of Shiba Inu (SHIB) in the Crypto Industry: Breaking Records with Surging Daily Active User Growth

To fully comprehend SHIB's price prospects, we must await the launch of Shibarium's mainnet. If SHIB tokens become scarcer due to Shibarium's token burning mechanism, their price could naturally skyrocket, delivering substantial profits to current investors.

At the time of writing, Shiba Inu is being traded at $0.00000721, representing a 4.8% decrease in the last 24 hours. Furthermore, SHIB is down approximately 92% from its all-time high of $0.00008616, which was reached in October 2021.

Shiba Inu's layer-2 solution, Shibarium, is generating immense excitement within the cryptocurrency community. The expected release in August, coinciding with the Blockchain Futurist Conference, presents a significant milestone for the project. With its impressive transaction numbers and fast block time on the Testnet, Shibarium shows great promise for facilitating a surge in transactions once the mainnet is live. The impact of Shibarium's launch on SHIB's price remains to be seen, but the possibility of token burning and the associated transaction fees offers potential for price appreciation.

Also Read: Shiba Inu's Shibarium Burn Mechanism: How Many SHIB Tokens Will be Incinerated by Shiba Inu?

FAQs 

1. When will Shibarium be released?

Shibarium is expected to be released in August, during the Blockchain Futurist Conference.

2. What is the current trading price of Shiba Inu (SHIB)?

Shiba Inu is currently trading at $0.00000721.

3. How much does SHIB need to increase in price to reach $0.001?

SHIB needs to experience a 15,000% price increase to reach the $0.001 mark.

4. What factors will determine SHIB's price after Shibarium's launch?

The efficiency of transactions and the gas fees associated with Shibarium will play a crucial role in determining SHIB's price.

5. How much is SHIB down from its all-time high?

SHIB is down approximately 92% from its all-time high of $0.00008616.