3 weeks ago
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The Shiba Inu (SHIB) team revealed the activation of an NFT bridge on their Layer2 blockchain, Shibarium.
NFT bridge is now live on Shibarium! 🎉 Easily deposit and withdraw your NFTs. Check out our thread for a step-by-step guide. #Shibarium
The new functionality aims to smoothen withdrawals and deposits of Ethereum-based non-fungible tokens.
Enthusiasts will only have to connect their web3 wallets, such as MetaMask and TrustWallet, expanding the cryptocurrency trading landscape.
NFT bridging will likely open the Shiba Inu project to a massive user base, with enthusiasts enjoying lucrative features like quick transaction finality and lower transaction fees.
Meanwhile, the Layer2 blockchain (Shibarium) has gained popularity since its August 2023 launch, facilitating approximately 436M as of this publication.
Shiba Inu aims to shed the meme coin status
SHIB joined the cryptocurrency world as a meme asset, relying on hype with zero real-world utility. Nevertheless, its developers have been fighting to rise above the asset’s meme origin.
The Shiba Inu team has worked to evolve the project into a robust decentralized financial network.
This endeavor led to the establishment of DEX ShibaSwap and the L2 blockchain Shibarium.
The latest NFT bridging underscores the project’s commitment to transforming Shiba Inu from a meme crypto to a financial powerhouse with real-world use cases.
SHIB price performance
Shiba Inu painted its price charts green amid notable buyer resurgence. It gained 10% within the past day to hover at $0.00001825.
Source – CoinmarketcapThe solid momentum emerges as the crypto market flourishes on Bitcoin’s recent jump past $71,000.
SHIB’s current momentum matches analysts’ optimism about new price milestones.
The NFT bridging will introduce significant liquidity to the project. Further, SHIB’s token burn initiative remains crucial in ensuring stable price actions in the upcoming times.
Meanwhile, data analysis platform CoinCodex highlighted the possibility of Shiba Inu’s price climbing to $0.05 or $1.
The report indicates that while hitting those targets seems impossible, SHIB has what it takes for a stellar price surge.
CoinCodex referenced the token’s explosive 85,000,000% growth in 2021.
Furthermore, the analysis highlighted that repeating 2021 gains challenges SHIB, citing its massive circulating supply of over 589 trillion coins and broad market performance.
CoinCodex added that token burns are crucial in solving Shiba Inu’s supply issues.
A 410 trillion token burn by Ethereum co-founder Vitalik Buterin contributed to SHIB’s 2021 outperformance.
The analysis emphasized that reducing Shiba Inu’s supply is vital to attain the $0.01 mark. Nevertheless, removing trillions of tokens appears unrealistic at the moment.
Also, CoinCodex added that SHIB hitting $1 “is theoretically impossible” since it will demand $589 trillion in market cap.
Source – CoinCodexShiba Inu had a market capitalization of around $3 trillion during the 2021 all-time highs.
SHIB boasts $10.72 billion in market cap as of this writing, with 1 quadrillion total supply.
CoinCodex suggests that Shiba Inu’s current state makes it challenging to even skyrocket to lower price milestones such as $0.01 and $0.001.
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