Shiba Inu's Journey To $1: How Much Does It Need To Jump?

Last month, Shiba Inu (CRYPTO: SHIB), unveiled its highly anticipated layer-2 solution called Shibarium, despite encountering initial challenges. What Happened: The development of Shibarium was driven by a primary objective: to address the scalability concerns of Ethereum (CRYPTO: ETH).

Timeline of Shiba-inu

The Shiba Inu (SHIB) ecosystem is buzzing, and it is not just the retail investors who are getting in on the action. Whales, or large holders, have been quietly accumulating a staggering 14.6 trillion SHIB tokens since the dawn of September.

Shiba Inu (SHIB), the meme coin that is now making waves as the purveyor of Shibarium, the Ethereum-based Layer 2 protocol, is recording an immense jump in its burn rate today. According to data from Shibburn.com, this unique meme coin metric has jumped by a massive 721%, which has seen a total of 77,423,226 SHIB tokens incinerated overnight.

Shiba Inu (SHIB) has been making headlines once again, but this time for all the wrong reasons. The popular meme token has been under sustained selling pressure, leading to a significant crack in a critical support level.

With Shibarium now in action, the Shiba Inu team is offering a range of services for both small businesses and big enterprises. Shibarium isn't just a trendy term in the crypto world; it's a complete and cost-effective system designed to change how businesses function.

In the past week, large holders of Shiba Inu, commonly known as "whales," have accumulated around $100 million worth of the cryptocurrency, according to analytics firm IntoTheBlock.

Shiba Inu's lead developer, Shytoshi Kusama, has responded to impatient demands from the community regarding the launch of ShibSwap, the project's upcoming decentralized exchange.

Continuing the bear trend in 2023, SHIB price is down by 7.64% in a YTD calculation. Moreover, the Shiba Inu prices are trading at a discount of 91.65% from its all-time high of $0.00008854. Failing to lead a golden cross, the SHIB prices revert from the 50-day EMA and prolong the ongoing trend.

Shytoshi Kusama, the Shiba Inu project's lead, recently addressed questions about the platform's focus on "burning" tokens—essentially destroying a portion of them to reduce supply and potentially increase value.

In a recent blog post, Kaal Dhairya, one of the key developers behind Shibarium, the layer 2 protocol of the Shiba Inu network, revealed a series of significant upgrades aimed at bolstering the network's capabilities. The announcement comes at a time when Shibarium has crossed the 1 million wallet mark, a milestone that underscores its growing adoption and utility.

Shib Army acknowledges the current crypto market frustration and the bearish month of September, emphasizing the importance of crediting the Shibarium project and the #SHIBARMY community for their support and unity, encouraging positivity and resilience.