shiba inu (SHIB) is currently trading below the $0.00001 price point due to unfavorable market conditions. At its current position, SHIB is far from its $0.001 price target. This arouses suspicion among investors. But the SHIB community is counting on Shibarium’s success to support this price target.
Shibarium Boosts Confidence
Prepared to serve as an Ethereum-based layer-2 solution for the Shiba Inu ecosystem. shibariumLaunched as the upcoming game changer for the SHIB ecosystem. With the success of Puppynet, the beta network, and the recent launch of the Shibarium burn portal, the community is witnessing renewed optimism.
The SHIB community took a look at the exclusive Shibarium burning portal. Leaks of the incineration portal suggested that the system will accumulate BONE, the Shibarium gas coin, and convert BONE coins to SHIB once they reach a certain amount.
Shibarium will then send the obtained SHIB coins to the burn portal. It’s important to note that the Shibarium documentation confirms that the network is ready to burn 70% of basic transaction fees. Getting a preview of how Shibarium aims to do this has increased confidence in the capabilities of the L2 network. This contributed to the renewal of optimism.
Shiba Inu: $0.001 Price Target
While the SHIB community is pretty confident that Shibarium will support the Shiba Inu’s price action, we’ll see if this support can get SHIB to its ambitious $0.001 price target. Specifically, reaching a price of $0.001 would mark a 12,368% increase in the current price of the Shiba Inu.
The widespread bear market has dampened investors’ interest in such a price rally. However, a drop to the $0.000008 price zone could present an opportunity to buy the Shiba Inu at a discounted price. However, this does not serve as investment advice as there are chances of further declines.
For the Shiba Inu to record price increases similar to those observed in the market in 2021, the community needs to increase burns and benefit the ecosystem. While Shibarium promises to do so, the extent of its contributions will depend on the network’s adoption rate.
meme coin Burning ‘s with 70% of its basic transaction fees will greatly increase incineration rates. The base fee is the fixed minimum fee charged by the network to reduce the risks of spamming. Further adoption of Shibarium will result in more base pay and therefore higher SHIB burns.
The Shiba Inu is currently trading at $0.00000802, down 0.12% in the last 24 hours. The asset could renew its chances of reaching $0.0001 if it can retrace the high of $0.00001575 reached on Feb. Trading above this level when the market-wide bull run occurs will provide a good opportunity for SHIB to target $0.001.
Source : The Crypto Basic