Shiba Inu has been on a tear lately, and the meme token has had one of the biggest rises in the cryptocurrency market this year. When Shiba Inu was relocated to the cryptocurrency exchange Binance in June of last year, it lost its position as the world's 15th largest cryptocurrency by market size. As selling pressure grew, Shiba Inu would drop to the 17th spot, lowering the price of the meme token.
Since then, SHIB's price has turned around, and the token has soared back up the ranks. In terms of market capitalization, SHIB is currently placed 14th as of the time of writing, moving up three positions.
Can Shibarium Force Shiba Inu to Enter the Top 10 Cryptocurrencies?
Shibarium is a layer-2 solution that aims to give Shiba Inu lower petrol costs and quicker transaction times. SHIB use the Ethereum blockchain, which can be pricey and crowded. Shibarium, which acts as a scaling solution for Ethereum, seeks to address this.
Shibarium was released on August 16 in response to a social media message made by Shiba Inu main developer Shytoshi Kusama. Many SHIB lovers anticipate a price increase as a result.
Past news around Shibarium has always positively affected the price of SHIB. Shibarium was supposed to be Shiba Inu's golden ticket, transforming it from a weak blockchain company to something more substantial. Many crypto media and agencies made the shiba inu coin price prediction like Coinpedia that Shiba will reach $0.0000259 by the end of 2023, while CryptoNewsZ predicts it will be $0.0000289 this year.
Reality
However, soon after the launch, the tables turned upside down as Shubarium encountered a major technical glitch. Users who were trying to transfer Ethereum to the network faced severe problems, resulting in approx $1.7 million worth of Ethereum getting stuck on the bridge between platforms.
What Went Wrong?
In addition to the Ethereum lockout, the Shibarium network itself had issues. For several hours, the entire Block was down, including the Shibarium Remote Control Protocol (RPC), a crucial component of the mainnet. The network was completely shut down as a result, severely limiting user access and harming data recovery.
Colin Wu, a Chinese crypto journalist, pointed out that more than 965 ETH worth $1.7 million were trapped, which exposed the exact scenario of the Ethereum lockout. Beosin, a platform that monitors hazards associated with cryptocurrency, has also corroborated the information and advised consumers to stop utilising the gateway.
The native currencies Bone and Shib had a considerable drop soon after the launch as a result of this sudden challenge. In the last day, BONE's value dropped by 16% and SHIB's value down by 6.43%. Other tokens as well as the native token fell shortly after the problem.
Will Shibarium Help Shiba Inu to Surge Back
According to Michael Poppe, an analyst, this downturn won't persist long. Shiba Inu, according to him, might increase by more than 45% from its current levels of $0.00001300 to $0.000009, its recent low. But if SHIB can maintain its current support levels, it will steadily rise. The Shib army is powerful, and the community is celebrating the launch despite the server issue.
The return of bullish sentiment in the wider market might push SHIB to revisit its all-time high and hence SHIB could climb into the top 10 cryptos.