Shibarium Success Set to Launch Shiba Inu to a $0.001 Price

Shiba Inu might have a chance at reaching the much-coveted $0.001 price target if it can build on the success of Shibarium.

Shiba Inu (SHIB) is currently trading below the $0.00001 price point amid a discouraging performance triggered by unfavorable market realities. At its current position, SHIB is a long way from the $0.001 price target, eliciting doubts among investors. However, the Shiba Inu community is banking on the success of Shibarium to support this price goal.

Shibarium Bolsters Confidence

Poised to serve as the Ethereum-based layer-2 solution for the Shiba Inu ecosystem, Shibarium has been touted as the upcoming game-changer for the SHIB ecosystem. With the success of Puppynet, the beta network, and the recent sneak peek of the Shibarium burn portal, the community is witnessing renewed optimism.

The Shiba Inu community got a glimpse of the dedicated Shibarium burn portal, as The Crypto Basic revealed last month. Leaks of the burn portal suggested that the system will accumulate BONE, the Shibarium gas token, and convert the BONE tokens to SHIB when they reach a certain amount.

Shibarium will then send the resulting Shiba Inu tokens to the burn portal. Recall that the Shibarium documentation confirms that the network is poised to burn 70% of its base transaction fees. Getting a sneak peek of how Shibarium aims to do this has bolstered confidence in the capabilities of the L2 network, contributing to a renewal of optimism.

Shiba Inu: The $0.001 Price Target

While the Shiba Inu community is reasonably confident that Shibarium will support Shiba Inu’s price action, it remains to be seen if this support can launch SHIB to the ambitious $0.001 price target. Notably, hitting a $0.001 price would mark a 12,368% increase in Shiba Inu’s current price.

The prevalent bear market has dampened investors’ interest in such a price rally. However, as The Crypto Basic disclosed in May, the decline to the $0.000008 price territory might present an opportunity to procure Shiba Inu at a discounted price. Nonetheless, this does not serve as investment advice, as there are chances of further dips.

For Shiba Inu to register price surges similar to what the market observed in 2021, the community needs to increase burns and introduce utility to the ecosystem. Although Shibarium promises to do this, the extent of its contributions would depend on the network’s adoption rate.

Burning Shiba Inu with 70% of base transaction fees would drastically increase burn rates. The base fee is the fixed minimum fee required by the network to mitigate the risks of spam transactions. A greater adoption of Shibarium would result in more base fees and, consequently, higher SHIB burns.

Shiba Inu is currently trading for $0.00000802, down 0.12% in the past 24 hours. The asset could renew its chances of hitting $0.0001 if it can reclaim the high of $0.00001575 it reached on February 4. Trading above this level when the market-wide bull run emerges would present a good opportunity for SHIB to aim for $0.001.