Shiba Inu is a type of digital currency that was launched in August 2020. It relies on the Ethereum blockchain, and the Shiba Inu dog breed largely inspires its logo and name. Unlike most popular cryptos, Shiba Inu is notoriously known for being a meme token and is currently one of the most popular among meme coins. It is a decentralized currency that functions autonomously without the involvement of governments or financial organizations.
As of recent, Shiba Inu has been experiencing an uptrend after its initial downtrend, indicating a possible breakthrough for the coin in terms of value. So, what does this price hike mean for the crypto? Let's dive into it.
The value of the memecoin has gone up by 5% within the last 24 hours (at the time of writing) and has now reached approximately $0.00001088. This price increase occurred as the crypto market rebounded from the decline it experienced earlier in the week.
The present value of SHIB indicates a decrease of 1% within the last seven days and a 15% drop in the previous 30 days. However, it has increased by about 34% since the beginning of the year despite being a meme token.
Due to its recent losses over the past month or so, there is an argument that it may be in a position to experience a higher-than-average increase in value. This possibility is supported by the impending full public launch of the Shibarium layer-two network, which is set to occur next month.
Furthermore, there is a possibility that SHIB: The Metaverse, which has been eagerly anticipated for a while, might be launched by the end of 2023. This launch could lead to a significant surge in demand for SHIB, resulting in a corresponding increase in its value.
Shiba Inu Price Prediction: SHIB Increases by 5% in the last 24 Hours – Will the Uptrend Continue?
A positive aspect of SHIB's recent decline is that its indicators are currently positioned favorably, indicating a potential recovery rally.
To begin with, the coin's relative strength index (RSI), represented by the color purple, is approaching the value of 50. This is noteworthy since it was in an oversold position in early March.
Moreover, its 30-day moving average (represented by the color red) is approaching a bottom when compared to its 200-day average (represented by the color blue). Once it reaches the bottom, it would be reasonable to expect a rebound in the coin's value.
Naturally, given that the CFTC has taken legal action against Binance and the SEC is warning Coinbase, the overall cryptocurrency market is unsteady and uncertain. Consequently, it is difficult to forecast whether SHIB will surpass its current resistance level of around $0.000011.
The coin has made several unsuccessful attempts to surpass this price level on multiple occasions this month. This suggests that if it can ascend convincingly to $0.0000115 or more, it would be likely to experience further increases in value.
The rollout of Shibarium, which is currently available in beta form, may assist in this regard. It is expected to launch fully sometime next month. There is a positive indication that more testers have joined its beta network after an update in its coding documentation. This suggests that there is significant interest in the layer-two network.
When it is officially launched, Shibarium is expected to substantially enhance the efficiency of the Shiba Inu network by reducing its transaction fees and increasing its throughput. In addition, the launch will also lead to a rise in Shiba Inu's burn rate, with 70% of the base transaction fee being eliminated.
This is a positive development for SHIB, as its circulating supply will decrease. This has the potential to amplify increases in its price. Although SHIB is currently underperforming, it is reasonable to anticipate that it could reach around $0.000015 to $0.00002, or even higher in the weeks that follow Shibarium's full release.
Later in the year, the launch of SHIB: The Metaverse can potentially drive up the price of the meme token even further. SHIB: The Metaverse is a virtual world based on the Shiba Inu theme. It will enable users to buy, explore, and trade around 100,595 lands based on NFTs, as well as a significant number of in-game items. Given the increased popularity of NFTs and the metaverse in general, this launch could lead to a favorable outcome.
The team behind the project is promoting it as the combination of the future of business, gaming, and entertainment. Although this might be an exaggeration, it shows their ambitious vision. When SHIB: The Metaverse is launched, there could be a surge in demand for the SHIB token, which may cause its price to reach $0.00005 or even go down a decimal point by the end of the year. The achievement of this price target is subject to market stability, which seems uncertain given recent regulatory actions that may result in a volatile few months for the cryptocurrency market.
SHIB Coin: Is it a Good Time to Buy or Pass?
Although SHIB is expected to experience a rally, its significant gains might not occur after Shibarium's full launch and the introduction of SHIB: The Metaverse.
Under such circumstances, traders may consider exploring other options for generating significant returns. Many new altcoins and presale tokens demonstrate considerable potential in the current market.