Shiba Inu is a cryptocurrency based on the ERC-20 token standard introduced in August 2020. Initially, it was designed to capitalize on the rising popularity of Dogecoin. However, it soon became one of the top-performing cryptocurrencies, achieving a price increase of over 48,000,000% by the end of 2021.
However, it is considered a risky investment due to its potential for high rewards and high losses. The coin's success largely depends on its meme staying relevant and the hype surrounding it. But, over the years, it has proven to be a true underdog within the crypto scene and has managed to keep turning heads.
In fact, in the last 24 hours, the value of Shiba Inu has increased by about 4%, thanks to a recovery in the cryptocurrency market after the weekend's selloff. Concerns over the banking system have fueled this surge.
Despite a 35% increase since the start of the year, the meme token SHIB has experienced a 1.5% drop over the past week and a 15% drop over the last 30 days, leaving it at a value of $0.00001099.
The latest data from WhaleStats shows that SHIB remains highly traded among ERC-20 tokens in the market and is also held in the largest quantities (measured in dollars) by significant investors.
As the launch of the Shibarium layer-two network is still pending, there is reason to believe that more price surges are on the way, particularly if the current banking crisis prompts investors to shift toward cryptocurrency.
Shiba Inu Price Prediction as SHIB Spikes Up 4% – Is a New Rally Starting?
Based on its indicators, the ongoing rally of SHIB could persist for a few additional days, as evidenced by its relative strength index (represented in purple), which has increased from 30 to slightly above 40.
The rise in RSI from an oversold state implies that the current rally of SHIB price may continue for the rest of the week, especially since the token's price has not yet exceeded its 30-day moving average (represented by red), further substantiating this hypothesis.
Should SHIB successfully surpass the $0.000015 resistance level, it will continue to climb, aiming to reach the $0.00001250 mark it achieved at the start of March.
SHIB may achieve this milestone before the end of the month, as the ongoing banking crisis in the US (and in other parts of the world) is compelling more individuals to turn to the cryptocurrency market. The primary catalyst for today's surge in SHIB, as well as the overall market rally, is the current short-term trigger.
In light of multiple bank failures, such as SVB, Signature, and Silvergate, and steep declines in stock prices of various financial institutions, including Credit Suisse, many individuals are seeking alternative investment options beyond traditional banking systems.
Although the Federal Reserve and other organizations have attempted to alleviate concerns, it is uncertain whether the situation will stabilize shortly, which could favor SHIB and other cryptocurrencies.
Furthermore, SHIB is also expected to reap the rewards from introducing Shibarium, which was launched in beta over the past weekend.
SHIBARIUM EARLY BETA TEST IS LIVE!— Shib (@Shibtoken) March 11, 2023
Today, more than ever, we see the need for a truly decentralized L2 network that powers the projects of a large, global, decentralized community.
Over time, establishing a layer-two network exclusively for Shiba Inu will undoubtedly boost the adoption of its ecosystem, which has been broadening in recent years to incorporate ShibaSwap and other decentralized applications (dApps). Shibarium will simplify, expedite, and reduce the costs associated with utilizing Shiba Inu, which will, in turn, fuel demand for SHIB.
The most encouraging aspect of all of this is that there is already a significant demand for SHIB, which is currently one of the most frequently acquired and retained ERC-20 coins among large investors. As previously mentioned, SHIB is still the fourth most extensively held ERC-20 token in terms of dollars among large investors, with ETH, USDC, and USDT occupying the top three spots. Currently, SHIB is the twelfth most acquired token among large investors, trailing behind an assortment of stablecoins such as USDC and USDT, as well as a few other alternative cryptocurrencies, including MATIC and SNX.
Most purchased ERC-20 tokens today. Source: WhaleStats
The growing popularity of SHIB is expected to continue over time, especially with the impending launch of SHIB: The Metaverse, a virtual world with a Shiba Inu theme that may become available by the end of the year. The platform will consist of around 100k plots of land that can be acquired and explored by users, and SHIB is expected to be one of its native tokens once it is launched.
Similar to Shibarium, the release of Shiba Inu's metaverse is expected to increase the demand for SHIB token in the future, thus painting a positive long-term outlook for the coin. Changelly's data predicts that SHIB may reach an average year-high of $0.0000154485, which would represent approximately a 40% increase from its current price and is a promising short-to-medium-term outlook.
Are you going to hold your $SHIB if it goes to $0.1? 💫— SHIB POSSESSOR (@SHIBpossessor) March 14, 2023
YES YES YES
👇 👇 👇
Some SHIB holders have set their sights on a much higher target of $0.1, although this may be considered an ambitious goal by some members of the Shiba Inu community. Investing in Shiba Inu comes with considerable risk and is not recommended for those without a healthy risk appetite. However, with a favorable market and sufficient liquidity, the potential for substantial gains is present. Additionally, the anticipated return of a bull market could create new opportunities for Shiba Inu to reach new heights.