For the majority of cryptocurrencies, including Shiba Inu (SHIB), the rebound in the larger digital currency ecosystem has become fairly prevalent. The much-anticipated Shibarium Layer 2 protocol did not perform up to expectations at launch, so the meme currency is employing all of its techniques to regain the majority of the value it has lost over the previous week. Data from Shibburn indicates that as of this writing, 106 million SHIB tokens have been delivered to the burn address.
Shiba Inu is currently trading at $0.000008313, down 1.13% over the previous 24 hours, indicating that the burned tokens are starting to affect the price recovery. The token’s losses dropped to 19% in the previous week, demonstrating the success of its all-around recovery efforts.
Shiba Inu has taken a more ambitious approach to developing its own ecosystem, resulting in the creation of an entirely new set of fundamentals that investors can now use to choose whether or not to invest in SHIB and other tokens inside its ecosystem. Shibarium’s unsuccessful launch and the delay in restarting the protocol have caused widespread alarm among the ecosystem.
Shibarium may turn the tide
Shibarium’s core developers, lead by Shytoshi Kusama, have recently provided updates that indicate significant building work is being done to support scaling the protocol. The protocol has resumed block production, however it is still in secret mode with a far later public opening scheduled.
Shibarium, however, may ultimately provide the much-needed boom Shiba Inu needs since more decentralised apps (dApps) are considering adopting the protocol in the near future. The advent of these dApps may significantly increase demand for SHIB, which will favourably affect the price.
