Here’s why optimists are eyeing a $0.0001 target for SHIB by July Despite these enormous gains in 2021, Shiba Inu bulls are fully expecting an encore performance this year. Though a 46,000,000% gain is out of the question, optimists continue to believe SHIB can “eat up zeroes” over time.
In particular, there’s one major event expected to give Shiba Inu a chance at hitting $0.0001 — a nearly 300% move higher from its current price — by July: the expected public rollout of layer-2 blockchain project Shibarium.
As it stands now, Shiba Inu is an ERC-20 token built on the Ethereum blockchain. While Ethereum is a trusted network that’s seen its usage increase significantly over the past five years, its popularity can also be a crutch. Congestion on Ethereum’s blockchain can lead to slow processing times and transaction fees that are considerably higher than other payment coins. With Shiba Inu tethered to the Ethereum network, it’s effectively constrained by these high transaction fees and occasional processing lags.
Shibarium is an in-house layer-2 blockchain project that’s specifically designed to lower or completely eliminate the transaction fees that have held back or discouraged the use of SHIB tokens. Shibarium is already being tested privately, with the unofficial expectation that it’ll be ready for a public launch in the first-half of 2022 — ergo, why Shiba Inu could make a run at $0.0001 by July.
Keep in mind that Shibarium is about far more than just lowering transaction fees to encourage more merchants to accept it as a form of payment. Low transaction fees are necessary before the Shiba Inu development team can move forward with their next stage of ecosystem evolution: non-fungible token (NFT)-based gaming. An NFT marketplace won’t be viable if transaction costs are prohibitively high.
Shiba Inu bulls are hoping the public launch of Shibarium, along with social media buzz, will be enough to send SHIB to another milestone. https://www.fool.com/investing/2022/04/02/can-shiba-inu-hit-00001-by-july/