Shiba Inu (SHIB), the well-known meme cryptocurrency, has been soaring upward as anticipation for the impending introduction of Shibarium, a new layer 2 blockchain upgrade, grows among meme coin enthusiasts. 

This upgrade, which is scheduled to go live in August, aims to address the scalability and network congestion issues the Shiba Inu blockchain is now experiencing in order to advance the token to new heights.

A panel of financial professionals was engaged on August 3 to offer their professional opinions on SHIB's possible response after the Shibarium upgrade is finished as Shiba Inu investors eagerly await this significant event. 

Significance of the Shibarium upgrade

The importance of the Shibarium upgrade was described by Adam, CEO of The Stock Dork, as it is anticipated to address many scalability and network congestion issues encountered by the present blockchain.

SHIB investors in particular have been struggling with a variety of problems, such as ineffective transactions and high transaction costs. These problems are expected to be solved by the planned network upgrade.

Investors will therefore be closely following these developments in the hopes that the Shibarium upgrade will usher in a new phase of SHIB's growth. 

Shibarium could potentially turn SHIB’s $.01 fantasy into a reality, and propel the BONE token price from $1 to $1,000, Jon concluded.

Price analysis for SHIB

SHIB was trading at $0.000008241 at the time of writing, down 1.1% over the previous day. 

Over the previous week and over the past month, the meme cryptocurrency increased by more than 4.3% and more than 7.4%, respectively, adding $300 million to its market capitalization.

SHIB has only seen modest growth so far this year—just 2.2%, to be exact. The meme coin has significantly underperformed the overall cryptocurrency market since January 1, with Bitcoin (BTC) and other significant altcoins recording double-digit gains.

Shibarium was also mentioned by AI chatbot Google Bard as a potential driver of SHIB token pricing, according to Finbold on July 31. Additionally, the AI bot mentioned numerous sources of SHIB price forecasts. 

Notably, the shiba inu coin price prediction has been estimated by the cryptocurrency news website Coinpedia to be $0.0000259 by the end of 2023, while CryptoNewsZ predicts it will be $0.0000289 this year.