The price of a Shiba Inu had decreased by 0.5% over the course of the previous twenty-four hours, with the price having fallen to $0.00001054 on a day when the market as a whole hardly moved at all.
Its current price reflects an increase of 8% when compared to its low point during the past 30 days, which was $0.00000973, and the meme token’s value has increased by an astonishing 30% since the beginning of the year.
SHIB appears to be on track to build on its earlier growth in the coming weeks, particularly when the L2 has its full public launch. This is particularly likely to occur when the beta launch of the Shibarium layer-two network was finished earlier this month.
And when the much-anticipated SHIB: The Metaverse is out at last, you won’t want to miss it (potentially towards the end of the year),
Shiba Inu Price Prediction-What Next For SHIB?
Both the 30-day moving average (red) and the relative strength index (purple) for SHIB have dropped significantly in recent days, which is one of the signs that point to the possibility of it beginning to rally again in the not-too-distant future.
In a similar vein, its 30-day average is extremely near to dropping below its 200-day average (blue), which is when the alternative coin will be due for a rebound.
The price of $0.000011 is now acting as a critical resistance level for SHIB, and the cryptocurrency has been unable to break through this barrier on multiple occasions over the past couple of weeks.
If it is able to break decisively through this level, then further advances are likely to come; but, in order for SHIB to be successful, it is likely that the broader market (as well as investor mood) will also need to make a rebound at the same time.
Having said that, the continued rollout of Shibarium, which is already online in beta form, could indicate that the token will experience more increases in the near future. This is especially likely to occur when the layer-two network makes its full public launch.
There are two factors that are especially bullish about shibarium; one of these factors is technical, and the other is economic.
First and foremost, the layer-two network will bring about a reduction in transaction fees and an increase in capacity for Shiba Inu. Moreover, it will improve security and further decentralize the network.
Second, the launch of the L2 will cause an increase in the burn rate of the Shiba Inu cryptocurrency, which will result in the destruction of 70 percent of the base transaction fee.
In other words, Shibarium will lead to a decrease in the supply of SHIB, which will, in turn, lead to an increase in relative demand as well as the price of the coin.
This effect will be amplified due to the fact that Shibarium’s efficiency advantages will attract more users to the Shiba Inu ecosystem and its apps (for example, ShibaSwap), which will result in more burns and a greater positive influence on the price of SHIB.
Because of this, we might see a slow but steady increase in the price of SHIB over the course of the year (and beyond), a process that will be aided in its progression by the introduction of SHIB: The Metaverse, as was previously stated.
The latter is a virtual world with a Shiba Inu theme where users will be able to purchase, explore, and trade 100,595 NFT-based lands, as well as a large number of in-game things. The realm also features a large variety of Shiba Inu-themed items.
The company’s official website describes the platform as “the future of entertainment, business, and gaming all rolled into one,” indicating that the company has high hopes for the future of the platform.
When combined with shibarium, it has the potential to signal an enormous increase in demand for SHIB, which might cause it to go through the gears and reach new levels.
In point of fact, it is quite probable that the addition of Shibarium will cause SHIB to increase to between $0.000015 and $0.00002, but the introduction of SHIB: The Metaverse in the future may cause it to increase even further, possibly reaching $0.00005 or even $0.0001 by the end of 2023.
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