TL;DR
- Jeremie Davinci sees SHIB soaring if Shibarium’s adoption and utility issues are addressed.
- The price may also benefit from Shiba Inu’s token burning mechanism, which aims to reduce the circulating supply, alongside a potential bull run in the broader cryptocurrency market.
SHIB Can Explode if This Problem Gets Solved
Despite underperforming in the past few months, the popular meme coin, Shiba Inu (SHIB), remains a focal point for bullish predictions. Notably, cryptocurrency analyst Jeremie Davinci has recently expressed optimism about SHIB’s potential, contingent on resolving certain utility and adoption challenges associated with Shibarium.
For those unfamiliar, Jeremie Davinci is renowned for his early advocacy of Bitcoin (BTC) as a long-term investment. He garnered attention back in 2013 when he recommended purchasing Bitcoin at just $1, a foresight that has paid off for many.
In a recent video, Davinci suggested that Shiba Inu could reach new heights, but he emphasized that this would depend heavily on the progression of Shibarium. He stated, “I like Shiba Inu, as you know, and I think it will do relatively well in this cycle, but it may not go as high as you expect. I think Shiba Inu has a lot of utility now that they have Shibarium, and basically, it’s a chain that you can actually run all kinds of applications. However, nobody is using it, and there are no applications for using your tokens on Shibarium yet. If they get that solved, Shiba Inu will go to the moon.”
“I like Shiba Inu, as you know, and I think it will do relatively well in this cycle, but it may not go as high as you expect. I think Shiba Inu has a lot of utility now that they have Shibarium, and basically, it’s a chain that you can actually run all kinds of applications. However, nobody is using it, and there are no applications for using your tokens on Shibarium yet. If they get that solved, Shiba Inu will go to the moon,” Davinci stated on X.
Shibarium operates as the layer-2 blockchain solution for Shiba Inu, aimed at fostering its development by reducing transaction fees, enhancing scalability, and improving overall speed. Earlier this year, Shibarium made headlines by consistently processing millions of transactions daily, even surpassing 900 million transactions in February. However, progress seems to have stalled in recent months, suggesting a decline in user activity or challenges in adoption by developers and decentralized application (dApp) creators. This stagnation could lead to diminished demand for SHIB tokens, impacting its valuation negatively.
Additional Catalysts
Another potentially positive factor for SHIB’s pricing is its token burning mechanism, designed to decrease the enormous circulating supply. Significant token burns combined with sustained or increasing demand could favorably impact valuation. Since launching this program, the Shiba Inu team and community have sent over 410.7 trillion tokens to a dead wallet, leaving around 584.3 trillion tokens still in circulation.
Lastly, it’s crucial to note that SHIB’s price movement is likely to correlate with the overall condition of the cryptocurrency market. Meme coins like Shiba Inu typically mirror the prevailing trends, and a renewed bull run for Bitcoin and major altcoins could lead to significant upward momentum for SHIB.
The post Shiba Inu (SHIB) ‘to the Moon’ But Under This Crucial Condition (Bitcoin Advocate Weighs in) appeared first on CryptoPotato.
