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Shiba Inu (SHIB) Jumps 5% as Negative Shibarium Sentiment Wears Off

Wed, 08/23/2023 - 08:19
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Godfrey Benjamin
Shiba Inu has picked up new gains as market recovery goes viral
Shiba Inu (SHIB) Jumps 5% as Negative Shibarium Sentiment Wears Off
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The crypto market is welcoming a slow but broad-based sell-off as key triggers that deepened the losses experienced since the start of the week appear to be wearing off. Shiba Inu (SHIB) is one of the mainstream tokens with a positive start to the day after picking up a 5% upsurge to peg its price at $0.000008187 at the time of writing, per data from CoinMarketCap.

Shiba Inu's BONE Surges 8% Today After Key Shibarium Update

Shiba Inu has seen the toughest of times following the slow start of Shibarium, its Ethereum-based Layer 2 network, which initially went live on the mainnet last week. The Shibarium sentiment dampened the mood of market bulls, suppressing their actions such that the impact was felt on the price of the token over the trailing seven days.

The SHIB price has dropped by more than 17% since Shibarium's troubled start; however, the omen is becoming positive following the latest update from Shytoshi Kusama, the lead developer of the project, who noted that proper testing is being done for the protocol. The Shibarium update, as reported earlier by U.Today, shows that the network is producing blocks in private mode and is almost ready for public launch.

Making it up to SHIB army

The restart of Shibarium, though the date remains unannounced, has been filled with many expectations from the SHIB army. A lot of community members are anticipating that a host of new dApps can stir up a paradigm shift in the L2 arena and position Shiba Inu as a major contributor to the evolution of the Ethereum blockchain.

Shiba Inu Lead Shytoshi Kusama Claims There's No Bridge Issue: 'Funds Are Safu'

With many Layer 2 protocols making their way into the Web3.0 ecosystem in the past few years, positioning one self as a major contender in a bid to bring unique value to every member of the community remains a key goal. After a failed start, the SHIB army is giving Shibarium a second chance to make it up across the board.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.