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Shiba Inu (SHIB), the second largest meme coin, has made a significant breakthrough by launching its own layer2 solution. This news has created excitement within the community since its first announcement. Layer2 solutions were quite popular in the fourth quarter of 2022 and in the year 2023.
Shibarium Current Status
Since the end of 2022, some cryptocurrency projects have made various intentions to migrate to their main networks. Leading projects such as Maker (MKR) are still making similar statements. Chiliz and DYDX have gone even further.
The Shiba Coin team, on the other hand, announced that it would release its own layer2 solution to keep up with the new trend and take advantage of it. They did so, but faced many issues. First, there were allegations that the network’s codes were stolen. Then, when the network started operating, there was a period where transactions could not be completed. Now, on-chain data points to new lows.
According to Shibarium Scan data, the number of active users reached its all-time low of 191 on September 30th.
Network revenue continued to decrease. The number of new users fell below 25 on September 28th. All of this indicates that Shibarium has currently fizzled out like a flash in the pan. The data does not support Shiba Coin’s price.
October Shiba Coin Predictions
October begins and cryptocurrency investors have high expectations for the month. However, it does not seem like Shiba Coin will experience a strong recovery supported by Shibarium, at least for now. The launch of new popular applications on the network or incentivizing factors such as airdrops could reverse this trend. ShibaSwap hosted 64 transactions in the last 24 hours. We can say that Shiba Coin’s DeFi solution did not share a different fate from Shibarium.
The price has recovered from the 0.0000069 region for now, and critical support has not been broken. If closures above $0.0000072 continue, we may see the price testing the $0.0000074 and then $0.0000077 levels.
Investors are hopeful for October in general. Looking at the current status of Shiba Coin’s products, it is unlikely that it will differentiate positively during this process. If the general market sentiment is supportive, investors can breathe a little.