The community behind Shiba Inu (SHIB), colloquially known as the Shib army, eagerly awaits a crucial development in the meme coin’s Layer 2 network, Shibarium.
This anticipated milestone is poised to significantly impact SHIB’s price performance and various key metrics on the network.
Shibarium’s ‘Crucial’ Next Step
During the past week, Shibarium’s auto-burn feature was deployed on the Puppynet testnet, further boosting its uses. However, Shiba Inu market analyst Lucie recently hinted at more forthcoming updates for this ecosystem.
He suggested that these updates, once fully implemented, will boost Shibarium‘s Total Value Locked (TVL) and enhance the overall experience for dedicated SHIB enthusiasts.
“We are on the brink of a crucial step for Shibarium, and I’m not just talking about the automatic burns. This will boost TVL and provide a home for SHIB loyalists,” Lucie said.
Shibarium has thrived with widespread adoption and success since its launch. The network has integrated with major cryptocurrency players such as Gate.io, and transaction volumes recently crossed 300 million.
While Lucie refrained from divulging specific details about the impending updates, community members speculated that the development revolves around the SHIB identity. The SHIB identity will be designed to provide users with a consistent identity across all Shiba Inu projects.
“Your Shibdentity, in the form of a Shib Name, will offer a secure, unified way to establish and maintain your digital presence, crucial in today’s interconnected world. At the same time, it will enhance your Web3 journey, empowering you to do more and be more,” team members behind Shiba Inu said in a post.
This development aligns with the digital asset team’s efforts to transform into a versatile blockchain network.
Shiba Inu (SHIB) Price to Soar
The optimism surrounding the potential update has effectively countered SHIB’s recent bearish performance.
Indeed, BeInCrypto data shows that the digital asset experienced a modest 0.03% increase in the past day to reach $0.00000903. This marks a noteworthy reversal compared to SHIB’s 4% decline over the past week and a more substantial 16% drop in the last 30 days.
Meanwhile, industry analysts are anticipating the continuation of this positive trajectory in the coming month. According to them, the inflows into the Bitcoin exchange-traded fund (ETF) could trickle into other cryptocurrencies like SHIB.
“At the end of the day, those who are selling their SHIB at discounted prices will be exhausted, SHIB will be overSold & ShibaInu will rise again like a Phoenix,” a market analyst wrote.
Despite these optimistic forecasts, it is crucial to acknowledge the inherent unpredictability of the crypto market.