Shibarium's New Rival Is Here — ShibChain: 'Shiba Inu Is Set For A Galactic Journey' Says SHIB Expert
Portfolio Pulse from Khyathi Dalal
ShibChain, a new Layer-2 scaling solution for the Shiba Inu ecosystem, has been launched on Polygon's CDK framework. It competes with Shibarium and will use SHIB as its gas fee, unlike Shibarium which uses BONE. ShibChain aims to increase the utility of SHIB by allowing its use in games, NFTs, and DeFi, with low transaction costs and high efficiency. Shiba Inu's price has seen a 3% increase in the last 24 hours and a 29.3% gain over the past month.
December 21, 2023 | 11:36 pm
News sentiment analysis
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POSITIVE IMPACT
ShibChain's launch, utilizing SHIB for gas fees, could increase the demand and utility of Shiba Inu tokens, potentially leading to a positive impact on SHIB's price in the short term.
The introduction of ShibChain is directly related to the utility of SHIB, as it will be used for transaction fees on the network. This could lead to increased demand for SHIB, especially if the network gains popularity. The recent price increase of SHIB and the positive sentiment from the community could be further bolstered by this development.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
ShibChain's choice to use SHIB instead of BONE for gas fees might negatively impact the demand for BONE, as it competes with Shibarium which uses BONE for its transactions.
ShibChain's decision to use SHIB as its gas fee could divert some of the demand away from BONE, which is used by Shibarium. This could have a short-term negative impact on BONE's price as it may reduce its utility and demand within the Shiba Inu ecosystem.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70