The Shiba Inu community has been eagerly awaiting the launch of Shibarium. The network’s lead developer, Shytoshi Kusama, recently revealed that Shibarium may be released at the Blockchain Futurist Conference. The event is scheduled to take place in Toronto, Canada, on August 15-16.
In the second quarter, search interest in Shibarium remained fairly low. However, since the start of the new quarter, the community seems to be more enthusiastic and paying attention to updates. As shown in the figure below, Shibarium-related searches recently hit a 90-day high. Although it has fallen back from the peak, the current numbers are still above average compared to previous months.
Millionaire prospects
Shibarium has held independent rallies several times in the past. The community believes that the launch of Shibarium can act like an "event" and create another such opportunity for SHIB. In fact, they believe that the launch of the L2 network can lay the foundation for the asset's price to be knocked out of "zero". So far, the test network performance is good. In fact, as recently analyzed, the total transaction volume on the Shibarium testnet has exceeded the psychological threshold of 30 million. At the same time, the number of wallet addresses has also exceeded 17 million.
Currently, SHIB is trading at 5 zeros. In theory, if SHIB reaches 1 cent or $0.01 in the long term, investors' wealth could multiply. The current price is around $0.00000771, and if you invest about $771 in SHIB, you will get about 100 million tokens. When the price of SHIB flashes to zero, they will eventually be worth 1 million. For this to happen, the asset must achieve a 140,547% increase.
Shiba Inu Real Pump vs Reel Pump
To understand the magnitude of the required upside, let’s analyze some of SHIB’s previous uptrends. Since 2022, SHIB has only noted three phases where its price saw significant upside. In all cases, the asset’s gains were around 100% to 150%. Well, these price movements were relief rallies during macro bear markets. However, in the bullish case, SHIB’s rallies were much stronger. During the September-October 2021 uptrend, the asset tilted over 1,600%.
Therefore, the 140,547% ramp condition currently looks rather far-fetched in comparison. The launch of Shibarium will help refine the price of SHIB, but expecting to become a millionaire overnight is just a pipe dream. It will take substantial growth and a lot of time to actually achieve this goal. In the meantime, factors such as market conditions, other issuances, adoption, investor sentiment, overall demand and token utility must also improve for SHIB to pull off the rabbit.
