In the past twenty-four hours, the price of a Shiba Inu has gone down by 7.5% to $0.00001232. On the other hand, it is still up 1% in a week and 33% in the last 30 days. The altcoin is doing well because people are looking forward to the launch of the Shiba Inu layer-two network Shibarium.
Because Shibarium will make the Shiba Inu network faster and cheaper, many industry professionals and observers believe that the price of SHIB will increase substantially once it is initially released. SHIB is in a strong position to earn some substantial gains as 2023 comes to a close, despite the fact that the news from yesterday regarding Kraken’s settlement with the SEC signals that the market may still have a difficult year.
The chart for SHIB is not clear right now because its indicators could go either way. Its 30-day moving average (in red) has slowed its rise above its 200-day average (in blue) and could start falling again, especially after today’s drop.
In the same way, SHIB’s (purple) relative strength index has fallen to 50 in the last few days. It looks like it could go down even more, especially if the $0.000012 level of support is broken.
But it’s possible that the altcoin’s losses today won’t last long and that it will start to grow again soon. This seems to be the opinion of a lot of cryptocurrency experts and SHIB backers since they all think the altcoin will go up a lot this year.
Some SHIB fans are expecting huge gains, which is almost a given. One of these goals is $0.1, which would mean a huge increase of over 800,000%.
This is unlikely since SHIB had already gone up by more than 20,000,000% from its all-time low of $0.000000000056366 in November 2020, when it was at its lowest point. But it’s almost certain that the coin will go up in value in a big way this year.
And, as we’ve already said, the launch of the layer-two Shibarium network will be the main reason why SHIB will go up in the near future. According to an update from the sidechain’s developers on January 15, the beta version of the sidechain is “about to be launched.” This means that it could be very close to going live.
A recent blog post on Shibarium says that the layer-two solution will run on the Ethereum blockchain, which is what SHIB uses right now. It will reportedly offer “the advantages of scalability, faster transaction times, lower fees, and an expanded development framework.” The network will focus mainly on the “metaverse, web3 innovation, and gaming.”
The release of Shibarium could be seen as a turning point for Shiba Inu, allowing it to go from being just a “meme token” to a platform with a real use for users. This idea is also backed up by the fact that SHIB: The Metaverse is being made and will be ready later this year.
SHIB: The Metaverse, as its name suggests, will be a virtual world with a Shiba Inu theme that users can explore and own. It will have 100,595 plots of land that can be bought in the future.
In the first phase of the metaverse, 36,431 plots of land were made available in four different areas: the growth district, the defense district, the technology district, and the currencies district. From there, Shiba Inu’s metaverse will continue to grow and change with new features and areas that might attract more people.
As a consequence of this, the ecosystem of the Shiba Inu will expand. Over the course of the past years, this ecosystem has already grown thanks to the launch of the ShibaSwap DEX in July 2021.
But it’s clear now that Shiba Inu is going to get even bigger. So, too, will SHIB. The coin is likely to go back up to $0.000016 in the coming months, and it could go back up above $0.00002 by the end of the year.
10 hours ago
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