Shiba Inu (SHIB), one of the leading meme coins, recently unveiled its own layer2 solution, Shibarium. While this announcement generated excitement within the community, the project has faced challenges in its implementation and impact on the SHIB coin.
Shibarium’s Current Status
The crypto landscape has witnessed a trend of projects migrating to their main networks since late 2022. Prominent projects like Maker (MKR) have expressed similar intentions, and some like Chiliz and DYDX have taken concrete steps.
However, Shiba Coin decided to launch Shibarium, its layer2 solution, to stay relevant and leverage this trend. Yet, the journey hasn’t been smooth. The project faced allegations of code theft, and when the network went live, it experienced transaction failures. On-chain data now indicates a decline in activity.
According to Shibarium Scan data, the number of active users hit an all-time low of 191 on September 30th, with a continuous decline in network revenue and new user registrations. This data does not bode well for Shiba Coin’s price.
October Shiba Coin Predictions
As October begins, the crypto community has high hopes, but Shiba Coin’s strong recovery supported by Shibarium seems unlikely in the near term. However, the launch of popular applications on the network or incentivizing initiatives like airdrops could potentially reverse this trend.
ShibaSwap, Shiba Coin’s DeFi solution, has seen limited activity with only 64 transactions in the last 24 hours, mirroring Shibarium’s challenges.
The price of SHIB has managed to recover from the 0.0000069 region, and critical support levels remain intact. If closures above $0.0000072 persist, there could be potential tests of the $0.0000074 and $0.0000077 levels.
While investors hold hope for October, Shiba Coin’s current product status may not offer significant differentiation. Positive market sentiment could be a determining factor, allowing investors to remain cautiously optimistic during this period.
In conclusion, Shiba Inu’s Shibarium and SHIB coin face hurdles, but the crypto community remains watchful for potential developments and improvements in the coming month.