Before the launch of Shibarium, the Shiba Inu layer 2 solution, there were raised expectations of a potential surge in the price of the digital token SHIB. Prior to the initial launch that failed, SHIB surged above the $0.00001 price level on one or two occasions.
However, nothing is currently happening to the digital asset other than an unexpected bearish trend, which makes traders and investors speculate and worry.
Read Also: Shiba Inu (SHIB) and Shibarium Reach Two Major Milestones: Details
In this regard, Lucie, a Shiba Inu development team member, who handles marketing in the ecosystem, has come out to raise the spirit of the noble SHIB enthusiasts with an explanation as to why the second-largest meme token is not trending higher in terms of price, amid the launch and relaunch of Shibarium.
Why Is Shiba Inu (SHIB) Down Right Now?
In a recent tweet, the popular Shiba Inu influencer Lucie said SHIB is currently down since “it rides market waves” as all cryptocurrencies, including the flagship crypto, Bitcoin (BTC).
According to Lucie, the market is a little bumpy at the moment. She urged SHIB investors to set a long-term investment goal as short-term victories don’t usually last.
Lucie tweeted, “Why No Moon? Why $SHIB down? Eh… $SHIB’s unstoppable spirit is real, but it rides the market’s waves too. It’s everywhere! Okay, a little bumpy now, but what about the Bullmarket? Remember, thinking long term matters. Short-term victories fade fast. BE POSITIVE – you’ve come too far to give up now, right?”
Why No Moon? 🌕 Why $SHIB down? 📉
Eh… $SHIB's unstoppable spirit is real, but it rides the market's waves too. It's everywhere! 🌊
Okay, a little bumpy now, but what about the Bullmarket? 🐂
Remember, thinking long term matters. Short-term victories fade fast. BE POSITIVE… pic.twitter.com/ZQQGKxIhrk
— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) August 28, 2023
Describing the Shiba Inu (SHIB) shortfall in a nutshell, since August 15, it has dropped more than 25% of its accrued gains. At the time of press, SHIB is trading at $0.00000800, with a 1.17% price downtrend based on 24-hour estimation, according to CoinMarketCap.
Read Also: Shiba Inu Dev Makes Key Clarification As Shibarium Prepares for Public Launch
Shibarium Launches on the Mainnet
As recently reported by TimesTabloid, Shibarium, the Shiba Inu layer 2 scaling solution, has been officially relaunched for public use after days of operating in private mode.
According to a blog post shared today by the Shiba Inu lead developer, Shytoshi Kusama, Shibarium now has over 65,000 wallets and 350,000 transactions.
As designed, each transaction on the network contributes to SHIB burn. Part of the gas fees paid in BONE are said to be set aside for conversion into SHIB and later burned.
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