Shibarium, the layer-2 network of Shiba Inu (SHIB), successfully implemented a major hard fork on May 2. Thanks to this hard fork, the network will be upgraded, which in theory will allow it to process transactions much faster and transaction costs will be more predictable.

Can Shiba Inu break out thanks to this upgrade?

The question remains to what extent Shiba Inu can benefit from this. In theory, it is a good development for the price of the coin, because the upgrade facilitates, improves and makes the use of Shibarium cheaper.

However, we must not forget that the prices of altcoins, and certainly those of memecoins, depend on the Bitcoin price. In that regard, we should hope for good performance from Bitcoin.

It is striking that memecoins in particular managed to remain relatively strong during the downward trend that started for Bitcoin on March 14. Of course, they lost ground against the US dollar, but the losses were not as severe as you might expect.

Perhaps this upgrade for Shibarium can breathe new life into Shiba Inu, allowing it to catch up with the competition from Dogecoin.

Special tokens

Coins such as Shiba Inu and Dogecoin remain special tokens. Of course, seasoned Bitcoiners don’t like it and see it as a distraction from what really matters: Bitcoin.

That does not alter the fact that memecoins have managed to collect serious market caps. After all, we are currently talking about tens of billions of dollars in market cap for projects like Shiba Inu and Dogecoin.

Such amounts can hardly be dismissed as a joke anymore. Certainly not when you see how large the communities behind these types of projects are. There are people whose lives revolve around Shiba Inu and Dogecoin.

Although it remains to be seen whether this is the result of real passion for the projects in question, or the prospect of huge potential returns. Often it will be the second. Only with Elon Musk is this not the case, but he no longer has to earn his money, of course.

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