On December 13th, 2023, Shiba Inu’s layer-2 scaling solution, Shibarium, recorded an impressive milestone, reaching a 105 million transaction count months after the initial release in August 2023. This Shiba Inu news is a major milestone for the meme coin, as it signals a bright future for their layer-2 solution going into the 2024 bull run. As a result, the Shib token has also shown promising growth rates since the half-year slump. What does this trend mean for the long-term future of Shiba Inu and the Bone token? Let’s discuss.
Shibarium is the latest scaling solution presented by the Shiba Inu creators in half-year 2023. Shiba Inu was open in their intentions to create a perfect system for global payments. The creators wished to decrease transaction delays, minimise gas fees and reduce network congestion with the Shibarium layer-2 protocol. The initial launch was quite rocky for Shibarium, as the network got flooded with wallet requests and transaction processing. The first system breakdown happened within 24 hours. Many experts believed that this was the end of the newly-introduced Shibarium.
However, Shibarium managed to bounce back thanks to the developer’s support. The project lead, Shytoshi Kusama, came forward to address the system breakdown and promised to create new safeguards for future system breakdowns. While the general public was sceptical, the barium managed to bounce back, and Shytoshy’s promise was fulfilled. But why has Shibarium become so popular for Shiba Inu and meme coin users? Let’s dive in.
Shibarium transactions have become popular due to the minimal gas fees needed to process them. Shibarium’s transaction fees are amongst the cheapest charges in the entire market. So, crypto users who wish to pay crypto for various goods and services started favouring Shibarium-based transactions compared to other alternatives.
The Shib burn rate is notoriously high in the crypto market. Initially, Shiba Inu was launched with one quadrillion tokens in supply, basically an unlimited number of tokens. Shiba Inu has built-in burning protocols to control the token price and minimise inflation. In simple terms, whenever the Shiba Inu or Bone tokens are mined and purchased massively, the automatic burning mechanism destroys several tokens to keep the prices from falling.
The recent Shibarium success has been unprecedented, reaching 7 million Shibarium daily transactions and registering 1.3 million wallets. Naturally, the increased popularity has affected the burn rates of Shiba Inu and Bone. While the effect of the Shib burn takes time, it will help Shiba Inu increase its coin price in the coming weeks.
With the recent increase in Shibarium-based trading activity and transactions, Shib’s price predictions look promising in mid-December. The coin’s price has increased by 10% from the beginning of the year, most of which was reached in December. So, the price trends are strong in the current month, and the upcoming bull run will most probably assist the Shib token to reach the $ 0.0000012 threshold.
Generally, there are two possible developments – either the Shibarium transactions continue to increase, the Shib token nears the $ 0.0000015 valuation in the following months, or it goes down to the initial $ 0.000008 mark. There are three important factors here – the Shibarium transaction activity, the upcoming bull run and the Shib token burn rate. Each of these factors will heavily influence the Shib token price. It will be interesting to see which direction the Shib token goes in the following weeks.
The Bone crypto coin is a governance token for the Shiba Inu community members. This token allows the community voters to participate in various activities and cast their votes to make community decisions. The Bone token experienced an impressive 14% growth in December. Bone token closely follows the Shib coin’s trajectory, as the two are closely linked. So, Bone’s price prediction depends on the success of the Shib token, which itself depends on the factors discussed above.