The BoneShibaSwap Twitter account has outlined factors that can supercharge Shiba Inu (SHIB) to shatter record highs despite a massive hit to crypto prices as investors grapple with increased regulatory enforcement from the U.S. Securities and Exchange Commission (SEC).
According to BoneShibaSwap, SHIB could hit the elusive $1 mark if the SHIBArmy throws its full weight behind the BONE token and the upcoming layer 2 network Shibarium.
Can SHIB Hit $1 In 2023?
To say dog-themed cryptocurrencies like Shiba Inu and Dogecoin are popular is a bit of an understatement — in terms of just how dominant they’ve become ever since Tesla/SpaceX CEO Elon Musk first tweeted about DOGE back in 2019.
BoneShibaSwap says SHIB can easily hit $1 if the Shiba Inu community fully supports the BONE token and layer 2 blockchain Shibarium.
The team behind Shiba Inu recently announced the imminent launch of Shibarium, a layer 2 network built atop the ethereum mainnet. The team acknowledged in its blog post introducing the project that “some see Shibarium as a price pumping tool, but that is not the project’s focus and never has been”.
Rather, the team argues that its new layer-2 chain will reduce expenses and boost transaction speeds for the tokens in its ecosystem. Shibarium will be operated and secured through validators and delegators that stake their tokens to receive rewards. These rewards will come in the form of BONE — currently a governance token for the decentralized exchange ShibaSwap that will become the Shibarium’s gas token.
The rationale behind BoneShibaSwap’s prediction is that Shibarium will burn SHIB tokens in every transaction, and all transfers on the Ethereum-compatible layer-2 blockchain will be fueled by BONE tokens. A Shiba Inu whale is optimistic that trillions of SHIB coins will be burned after Shibarium goes live.
That said, a dramatic change in the token’s tokenomics could revive a positive short-run.
For the time being, Shiba Inu remains the second-largest among a cadre of canine-themed coins, with $6.9 billion in market cap compared to $10.82 billion for top dog Dogecoin.
Shiba Inu is currently down upwards of 85% from its all-time high. It’s hard to say whether SHIB will ever come close to DOGE’s parabolic rise of hitting 73 cents, a price it achieved in May of 2021, just before Musk hosted Saturday Night Live. Not to mention SHIB developers have not yet given an exact date for the Shibarium release.