Shiba Inu is up around 2% in the last 24 hours. At the same time, the second most valuable meme coin in the world, which recently attempted fundamental further development, was one of the most discussed crypto projects in recent weeks. Investors focused on the launch of the layer 2 Shibarium, which failed. The network congestion caused functional problems in the bridge to the Ethereum network. In the meantime, users could not withdraw cryptocurrencies worth well over a million US dollars.
The developers then pushed ahead with the revision. Now the error should be fixed – the Shibarium bridge to the Ethereum network is back online.
Shiba Inu price today: market undecided, volume rising
In the last 24 hours, the volume at SHIB has increased by around 50%. At the same time, SHIB is currently up around 2%. This allows Shiba Inu to make up for the week’s losses and drives the consolidation forward. Because after the failed Shibarium launch there was a clear correction movement, the previous rally was sold off. The last daily candle clearly shows the indecisiveness in the market. Market participants do not (yet) know how to react to the further development of Shiba Inu.
Promising vision in a competitive market environment
Shiba Inu recently launched Shibarium, a proprietary Layer 2 scaling solution aimed at increasing transaction speeds and reducing costs. The launch of Shibarium comes at a time when the need for Layer 2 solutions in the crypto world is evident. With Ethereum transaction costs increasing and speeds slowing, more and more users are looking for more efficient alternatives. The scaling of Ethereum will inevitably also take place via layer 2.
The vision behind Shibarium is seminal as it not only appeals to Shiba Inu’s own community, but also has the potential to find broader adoption in the crypto community. However, the market environment for Layer 2 solutions is extremely competitive, with strong competitors such as Arbitrum, Polygon and Optimism already offering established solutions.
Despite the competition, the strong and dedicated Shiba Inu community could give Shibarium an edge. If we can create a user-friendly and efficient platform, Shibarium could establish itself as a serious option in the Layer 2 space. The combination of a vibrant community and a technically sound solution could make Shibarium a major player in the future of crypto scaling. Until then, however, developers and the community still have to clear a few question marks out of the way.
Shiba Inu Alternative: SONIK explodes to $650,000
The new meme coin SONIK has already raised $650,000 in its viral presale, which started just a few days ago. In doing so, SONIK aims to become the fastest growing meme coin in the world, pumping to a $100 million market cap. The goal is clearly formulated, the claim is high and the chances of an above-average return are appealing, so that numerous investors have already accumulated SONIK. In addition, the team has integrated a staking concept here, which seems rather unusual for a meme coin. For early investors, this offers the advantage that, in addition to the potential for increases in value, SONIK even offers the chance of a passive return. If you don’t want to miss the presale, which ends in a week, you should take a quick look at the new meme coin SONIK.
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