ETH - Will Shiba Inu Benefit More From Ethereum's Upcoming Merge or Shibarium?
The meme token Shiba Inu (CRYPTO: SHIB) has not fared well this year, and the price has fallen about 65% this year. It's not just Shiba Inu; the entire crypto market has been hit hard amid high inflation, which has triggered the Federal Reserve to aggressively raise interest rates. But now there are some potential catalysts that could drive the price of Shiba Inu higher, namely Ethereum 's (CRYPTO: ETH) highly anticipated Merge and the future launch of an initiative called Shibarium. Let's take a look at how each could affect Shiba Inu and which one might be the bigger catalyst.
If you follow crypto, then you've undoubtedly heard about Ethereum's upcoming Merge, which is expected to happen next week. The Merge will officially transition the Ethereum network from one that used a proof-of-work (PoW) mechanism to validate transactions, create new blocks, and mine new tokens to a proof-of-stake (PoS) mechanism.
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Will Shiba Inu Benefit More From Ethereum's Upcoming Merge or Shibarium?