Without doubt Shiba Inu (SHIB) After joining the crypto world, he has made enough of an impact to affect the dynamics of the market. SHIB, which was included in the game to compete with the oldest known meme coin Dogecoin (DOGE), has even been described as ‘revolutionary’ by many members in the community. The adoption of the altcoin has been many times faster than expected and many restaurants, real estate companies, fashion brands, etc., big or small. Retailers are starting to accept payments with SHIB. However, while all these developments continue, the altcoin price has been far from the desired performance for a while.
When the calendars showed October 2021, the Shiba Inu was one of the most talked about assets in the crypto world. As will be remembered meme coin back then, it had earned over 1000% in just 30 days. Naturally, this situation made him a ‘star’.
The fact that the SHIB price has made such sharp and unexpected rises before has whetted the appetite of the community and created a great expectation for similar movements to be seen again. The altcoin price has recently lost 86% from its all-time high, as well as failing to perform as desired.
But one factor looks like it could help the Shiba Inu bring back its October 2021 gains. of shibarium SHIB priceexpected to increase. The SHIB network continues to work on this layer-2 solution and is expected to be released this year. The team did not share any statement regarding the release date.
The SHIB network has received some major updates this year. However, enthusiasm for the upcoming tier-2 update is expected to push the price of the asset up. Shibarium was designed by the creator of Shiba Inu Ryoshi. Following the release of this chain, SHIB will reportedly move to layer-2. SHIB’s lead developer, Shytoshi Kusama, had this to say about Shibarium earlier:
“Shibarium will offer low fees for every service, game, or anything it’s built on.”
What Position Is The Shiba Inu In Today?
The altcoin managed to pull away from the bearish today. Without any major fluctuations in its price, SHIB was trading at $0.0000116 at press time. However, it hasn’t presented a very good picture for the past few days as the asset has dropped 5.51%.
In addition to its price, the Shiba Inu’s market cap dropped to $6.34 billion. This caused the asset to drop to 16th place in the crypto ranking. Meanwhile, its counterpart Dogecoin remains part of the coveted top 10.
The only factor in the uptrend after its last crash is the number of traders holding SHIB. The total number of unique addresses in the SHIB network is witnessing a huge increase. As of today, 1,169,694 owners have been registered.
📌 May 25
🔰Current #SHIB holders
1,169,694 (+0.50%)📈#SHIBARMY #shiba #shibainu pic.twitter.com/rt4zVWsIXe— Trailingst🌐p (@tracking9899) May 25, 2022
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