Shiba Inu (SHIB) launched its Shibarium layer-2 network in August 2023. Although many anticipated SHIB’s price to rally following the launch of the highly anticipated network, things did not go as expected. SHIB’s price did not see any positive price action until late 2024. Let’s discuss if the Shibarium launch was a failure, or is it a sleeping giant.
Was Shiba Inu’s Shibarium A Failure?
The Shibarium network was a major development for the SHIB ecosystem. The layer-2 network brought much-needed real world utility for the project. Since its launch, the network has seen around 1200 applications built on it. Although the figure is far lesser than Ethereum’s (ETH) near 5000 applications, it still represents a big boost to SHIB’s ecosystem. The applications built on Shiba Inu’s Shibarium network include DeFi platforms, NFT projects, games, and metaverse-related apps.
While Shiba Inu’s (SHIB) price did not see immediate movement upon the network’s launch, it has paved the path for what the project can become. Shiba Inu (SHIB) is the only major “memecoin” project that has brought real-world utility for users. The number of applications on Shibarium is expected to increase over time, potentially bringing more users to the ecosystem. More adoption will likely lead to a big price appreciation for SHIB.
Apart from Shibarium, Shiba Inu (SHIB) has also launched several other ventures, such as ShibOS, which aims to help bridge businesses to Web3. The ShibOS platform could become a game changer in the crypto sector, given that more and more companies will likely move to Web3 over the coming years. Shiba Inu could play a major role in the future expansion into Web3.
Also Read: Walmart-Owned OnePay To Accept Shiba Inu (SHIB) As Payment
Shiba Inu (SHIB) is undoubtedly one of the most popular cryptocurrencies in the market. Its popularity could lead to massive adoption of its features. Applications built on Shibarium could see mass appeal among its fans. Such a development will likely lead to a big price spike for the popular crypto. Hence, Shibarium was not a failure, but is a work in progress that could lead to big gains in the future.
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