Thus far, 2023 has been a year to forget for Shiba Inu (CRYPTO: SHIB) investors. The popular meme coin is down 7% for the year, and has shown little sign of participating in a broader crypto rally that has seen Bitcoin soar 83% year to date.
Nonetheless, there's still talk of a potential end-of-summer rally for Shiba Inu. A big catalyst could be the imminent launch of Shibarium, a blockchain scaling solution that could unlock a tremendous amount of value and prepare Shiba Inu for its next stage of growth. With that in mind, here's a closer look at both the bull and bear cases for Shiba Inu.
There is growing anticipation for the official public launch of Shibarium, which has been in test mode since March. Shibarium is a Layer 2 blockchain, meaning that it is a blockchain that essentially sits on top of the existing Shiba Inu blockchain. Conceptually, Shibarium is similar to the growing number of Layer 2 blockchains that sit on top of the main Ethereum blockchain, helping it to run faster and more efficiently.
Source Fool.com