The Shiba Inu ecosystem’s most-awaited project, Shibarium, relaunched last week after the mainnet went live on Friday. Despite the launch and relaunch in the last two weeks, SHIB has failed to scale up in price. Additionally, its governance token, BONE is moving backward in price and shedding most of its value this month. Shibarium has not caused SHIB and BONE to rally, and the layer-2 release generated little to no hype among investors.
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The delay in release could be the sole reason for the hype to fizzle out, as it took more than two years to come out. The initial botched release on August 16 is another reason why investors feel that things are not moving in the right direction. All these piled up and were reflected in the charts as Shiba Inu failed to attract buying pressure despite launching Shibarium.
Shiba Inu: When Will SHIB Rally & Can Shibarium Help?
Shibarium was seen as the only vehicle that could take SHIB’s price towards the $0.01 mark. However, now that the launch has given investors a reality check, the L2 network might or might not play a role in helping SHIB sustainably scale up. This would mean that SHIB is left at the mercy of the markets, and its ecosystem provides no support for a price rise.
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However, the only window of opportunity for a rally for SHIB could occur when Shibarium announces its first burn process. If Shibarium manages to remove trillions of tokens from circulation, then a rally might be on the cards. If the L2 network burns a mere million or billion tokens, then Shibarium will fail to scale up SHIB’s price.
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Third-party apps not associated with the ecosystem, like ShibBurn are sending millions of tokens each day to the dead wallet. Shibarium burns need to be a hundred times bigger than that, and only then could SHIB kick-start a rally.
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