- Shiba Inu is expected to surge by 380 percent after holding above a key support level.
- However, institutional interest and overall market sentiment have to be positive to drive the price.
Shiba Inu (SHIB) is currently up by 3 percent and has a bullish sentiment largely due to the several developmental projects in the pipeline. Generally, the crypto market has taken a quick rebound after recording a downward trend for days now. Shiba Inu was trading at $0.00001042 as of press time and has exhibited signs of possible break out. The asset is currently holding above a critical support level of $0.00001.
According to analysts, there is a high possibility that it could surge by 380 percent. It is also reported that the current position alone cannot guarantee a bull run unless supported by the overall market sentiment, mainstream adoption, and institutional interest. Recently, Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu has also hinted that Shibarium is on a go mode. This was after a user had asked him to make an update on the ongoing Shibarium project.
I think the army has plenty of updates as the chain activity and all the tokens are very public. We’re in go mode, not bro mode.
This indicates that the team is in the phase of making significant progress with its mainnet launch and has gone past making updates. Kusama was recently reported to have absented himself from chatting in the Shibarium Telegram group. This raised concerns as some members began to worry about his whereabouts.
Kusama replied that he is currently where the community needs him. However, he did not provide any hint on what the team is working on. Shibarium Beta, Puppynet, has been very impressive since going live last month. According to data, over 14.07 million addresses have been connected to the network. Also, its transaction count is currently around 4.69 million. As of March 31, 700,000 transactions from almost 200,000 unique wallets had been processed.
Upcoming features could boost the price of Shiba inu
The beta version is expected to run for some time to enable developers to identify and solve all issues before the L2 network is launched on the mainnet. Upcoming features are expected to boost the value of SHIB and BONE.
Rachel Lin, CEO of SynFutures, a decentralized derivatives trading platform stated:
Some might argue that the Shibarium upgrade’s financial impact has been underwhelming. But in our view, its beta test network Puppynet reached an important milestone of 200,000 wallets in just over a week, and while continued work must be done, it’s still considered remarkable.
Lin further explained that Unification, the firm behind Shibarium, has disclosed to be working on an all-in-one wallet solution to support native two-way asset transfers, staking/delegating, and the ShibaSwap integration module.
These developments suggest that the value of SHIB and BONE, the native token of the Shibarium network, could witness a near-term price spike, but given the current macroeconomic climate, any such movements will likely be short-lived.
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Shibarium is the major development for the Shiba Inu ecosystem and refers to a set of off-chain systems built to reduce bottlenecks with scaling and data.
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