Key Takeaways:
- The price of popular meme token Shiba Inu (SHIB) is down over the past few months
- SHIB has lost over 50% since February despite the launch of Puppynet, the testntet of Shibarium, in March
- According to reports, Shibarium Mainnet Launch may come as early as next month
YEREVAN (CoinChapter.com) — Popular dog-themed altcoin, Shiba Inu (SHIB), has seen better days. As the SHIB Army awaits more clarity on the upcoming Shibarium Mainnet launch, its price continues to tank. The meme token has already lost close to 60% of its price since February 2023.
According to data available on CoinMarketCap, SHIB closed the trading day on February 4 at around $0.00001500 per token. However, by mid-June, it had shed over 50% of its price to fall to around $0.00000700.
As June came to a close, SHIB tried to regain some of its lost ground, printing green candles on the charts for 9 days straight. However, it could not sustain the momentum, as the meme token’s price began to falter again despite indications that the Shibarium Mainnet launch could finally happen soon.
Shibarium Mainnet Launch Finally In Sight?
The Shiba Inu team launched Puppynet, the Shibarium’s testnet, on March 11. Ever since it has created much excitement and anticipation in the community.
The Shibarium is a Layer 2 blockchain solution designed for Shiba Inu, which aims to address the slow transaction speed of Ethereum (ETH). Its primary objective is to establish the foundation for the Shiba Inu ecosystem, which encompasses a metaverse, a decentralized exchange (DEX), and blockchain gaming. The testnet, since its launch, has also seen a massive increase in overall transactions.
Based on data from Puppyscan, the network experienced a substantial surge in adoption in June. It registered approximately 9 million transactions last month, with the network averaging around 270,000 per day during that period.
However, the total transaction count on the Puppyscan network is up to over 27.2 million. The testnet has also recorded over 17 million wallet addresses and 1.5 million blocks.
Meanwhile, the development fails to reflect on the Shiba Inu coin price. At the time of writing, SHIB exchanged hands at $0.00000762.
With the launch date still shrouded in mystery, traders are unwilling to go all in. According to crypto media reports, developers had slated its launch date between the second and third quarters of 2023.
Shytoshi Kusama, the project’s lead developer, in a recent blog post, revealed that the long-awaited launch of Shibarium might take place at the upcoming Blockchain Futurist Conference scheduled for August in Toronto. Team Shiba Inu are the sponsors of this year’s conference.
While the announcement might reflect positively on SHIB’s price in the coming weeks, it will be a huge disappointment if there is any further delay.
