Shiba Inu’s Shibarium has gained traction in the month following its launch, as the adoption of the Ethereum layer-2 solution seems to be growing at an impressive rate. However, while Shibarium seems to be doing well, this hasn’t really translated into a steady growth in the price of SHIB, leading to sporadic FUD and concerns from the project.
In response to these growing concerns, Lucie, a prominent member of Shiba Inu’s development team and content marketer, took to social media platform X to calm the waters.
Quieting The Storm
In the tweet, Lucie noted that she had received many direct messages from concerned community members concerning Shiba Inu. But Lucie assured the community that these are mostly propelled by SHIB pessimists looking to promote their projects.
She explained that there is no reason to be concerned, given that volatile market conditions are inevitable in the cryptocurrency industry.
I’m tweeting from my vacation because I’ve received numerous DMs from concerned individuals wondering if something is amiss amidst all the FUD…
Relax, folks. There’s no need to worry. The market is the market, and FUD is just a bunch of desperate losers attempting to peddle…
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shibarium✨ (@LucieSHIB) September 15, 2023
Shibarium’s launch did wonders for the price of SHIB, as many investors started accumulating tokens in anticipation of what the new scaling solution would offer. This led to gains in SHIB’s market cap, propelling it to the 14th largest crypto in market capitalization.
This enthusiasm has now waned, as SHIB is now down 13% in a monthly timeframe and has slipped down to 17th in the market cap rankings. In response to this waning enthusiasm, Lucie employed the SHIB Army ecosystem to stay focused on SHIB’s upcoming bull run.
“$SHIB is strategically positioning itself for the upcoming bull run,” the tweet said. “Bone will recover once Shibarium is established, and we’ll focus on serious projects, not quick pumps and dumps.”
What’s Next For The Shiba Inu Ecosystem?
Things are calm at the moment for Shiba Inu in terms of price action. At the time of writing, SHIB is trading at $0.00000726. However, updates from Shiba Inu’s development team have hinted at constant workings behind the scenes and a few ongoing projects.
According to data from Shibariumscan, Shibarium is also living up to expectations. The layer-2 solution is now at 1.24 million wallet addresses and edging close to three million total transactions.
Shibarium also recently marked a new milestone as it is now home to an Italy-based fast food franchise Welly which recently launched on the Shibarium blockchain. The move hopes to leverage Shibarium’s blockchain technology to manage the restaurant’s operations, customer loyalty, and food-based incentives.
The Web3 restaurant will operate in Naples, Italy, and hopes to expand its operations with the backing of the SHIB community and the Shibarium blockchain.
SHIB price trending at $0.00000728 | Source: SHIBUSD on Tradingview.com
Featured image from iStock, chart from Tradingview.com