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Shibarium news: SHIB to the moon?

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We have exciting Shibarium news for you! On 16 August, 2023, Shiba Inu's Shibarium Ethereum Layer 2 (L2) FINALLY went live on mainnet, after months of beta testing, which saw millions of the Shiba Inu faithful participate and 21 million wallets created.

On a slightly sour note, though, the Ethereum L2 scaling solution almost immediately experienced an unprecedented surge of traffic, receiving millions of "compute units of traffic within moments”, according to Khal Dhairya, a top Shibarium developer. Unsurprisingly, this traffic rush led the system to go into fail-safe mode.

In a detailed blog post published on 18 August, Dhariya outlined the course of action.

The Shibarium team "slowly and carefully investigated where the problem occurred and found thousands upon thousands of contract creation and normal transactions IN ONE BLOCK. At this point, the amazing system of Shibarium (proudly a fork of Polygon) went into fail-safe mode and stopped to ensure funds are safu… and they are.”

At the time of writing, the Shibarium and Unification teams have identified numerous plausible courses of action. They are working tirelessly to "execute" these plans to "bring up the blockchain".

Considerable FUD followed and the price of Shiba Inu (SHIB) was affected. I expect the Shibarium development team to iron out these issues at the earliest. That said, what can we realistically expect from SHIB in 2023?

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Shibarium news: SHIB price fell after scaling solution went live

According to CoinMarketCap data, SHIB started the day at just over $0.00001 (16 August). Following the launch of the mainnet and the system's almost immediate transition into fail-safe mode, widespread FUD ensued.

Screenshot of conversation

This screenshot went viral on X (formerly Twitter), causing incredible harm to the Shibarium system’s state. Following the minutes and hours of this screenshot going viral, SHIB’s price plummeted nearly 25% to $0.000007843 in the wee hours of the morning on 18 August.

Dhairya's blog post on 18 August calmed some nerves, though, and the cryptocurrency's price improved, albeit slightly, to a modest $0.000008475 at the time of writing. It is no secret that SHIB will recover, and the Shibarium scaling solution will go live soon, stronger than ever before.

Dhairya urged X "to help identify the culprit so they can be brought to justice. Such attacks upon our system by bad actors will not be tolerated."

Given Elon Musk’s documented affinity towards SHIB, we would not be surprised if action is taken swiftly.

The real question is, what price can we expect SHIB to achieve by the end of 2023 following the Shibarium news?

SHIB price predictions 2023

It is never easy to predict the price of a cryptocurrency, especially in a bear market such as ours today. We asked ChatGPT the same question, and the AI tool did not provide us with a concrete answer. Google Bard, though, gave us some fascinating insights into what could influence the price of SHIB after the latest Shibarium news.

According to Google Bard, the Shibarium Ethereum L2 scaling solution is designed to improve performance and scalability. The L2 could prove to be an attractive option for SHIB enthusiasts and other users looking for a high-performance and low-cost blockchain. A high adoption rate could see a rise in Shiba Inu’s price.

Similarly, increased Shibarium adoption by developers could positively affect the cryptocurrency's price. If Shibarium is seen as a solid alternative to Ethereum for decentralised application (DApp) development, several projects could be open to building on the L2.

On 15 August, Shytoshi Kusama, Shiba Inu’s lead developer, shared a post on X that suggests that there are already over 100 companies building on Shibarium! The future seems bright.

Last but not least, positive Shibarium news could go a long way in driving the price of SHIB upwards. Following the recent Shibarium FUD, the only way forward is to move forward!

Taking all these factors into consideration, the cryptocurrency’s tokenomics, and existing price predictions by reliable sources, SHIB could end 2023 between $0.00001 and $0.00003. It is more likely than not that Shiba Inu will end 2023 between $0.0000125 and $0.00002.

I am not very bullish. While I believe Shibarium is solid and necessary, the crypto market's current state is such that a massive price increase is very unlikely.

As always, please DYOR. This is merely speculation, not financial advice. Hope for the best and happy SHIBing! SHIB to the moon!

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surajdeep singh

Author: Surajdeep Singh

Surajdeep Singh has been working in the tech sphere as a marketing guru and journalist for over 6 years, with his speciality laying in blockchain and Web3. He has donned several hats in marketing and journalism over the years and worked with many reputable brands. Feel free to reach out to him on LinkedIn!

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