In the past 24 hours, the price of Shiba Inu has gone up by 4%. This is because the cryptocurrency market is recovering from a big sell-off over the weekend and is getting a boost from fears about the banking system.
At $0.00001099, SHIB is still down 1.5% in the last week and 15% in the last 30 days, but it has been up 35% since the beginning of the year.
According to the most recent data from WhaleStats, SHIB is still one of the most traded ERC-20 tokens on the market. Large investors also hold the most SHIB in terms of dollars.
And since Shiba Inu is still waiting for the launch of the Shibarium layer-two network, there are plenty of reasons to think that more rallies are coming, especially if the apparent banking crisis ends up making investors turn to crypto.
The fact that SHIB’s relative strength index (in purple) went from 30 to just over 40 shows that its current rally could go on for a few more days.
The fact that the RSI went from being oversold to overbought suggests that today’s rally could last all week. This idea is backed up by the fact that SHIB’s price hasn’t gone above its 30-day moving average yet (red).
If SHIB can break through the $0.000015 resistance level, it’s likely to go up even more, with the coin aiming for the $0.00001250 level it had at the start of March.
There’s a good chance it could reach that level before the end of the month. The banking crisis in the US (and other places) is pushing people into the cryptocurrency market.
In fact, this is the short-term reason why SHIB’s price is going up today, as well as the main reason why the market as a whole is going up.
With banks like Silvergate, SVB, and Signature already failing and others like Credit Suisse seeing huge drops in their stock prices, it seems like some people are looking for other places to put their money besides a bank.
Even though the Federal Reserve and other groups have stepped in to calm nerves, it’s hard to say if things will get back to normal right away. If they don’t, it could help SHIB and other cryptocurrencies.
At the same time, Shibarium, which launched in beta over the weekend, is likely to help SHIB as well.
Over time, having a layer-two network for Shiba Inu will only increase the number of people using its ecosystem, which has been growing over the past couple of years to include ShibaSwap and other decentralized applications (dapps).
Shibarium will make using Shiba Inu easier, faster, and cheaper, which will increase demand for SHIB.
The most encouraging thing about all of this is that there is already a lot of demand for SHIB, which is one of the ERC-20 coins that whales hold and buy the most.
As was said above, it is still the fourth most common ERC-20 token held by whales in terms of dollars, after ETH, USDC, and USDT.
In fact, SHIB is the 12th most-bought token by whales right now, after a number of stablecoins (like USDC and USDT) and a few other altcoins (e.g., MATIC, SNX).
Shiba Inu is also looking forward to the release of SHIB: The Metaverse, a Shiba Inu-themed virtual world that could come out by the end of the year.
Once it’s up and running, this platform will have 100,595 pieces of land that users can buy and explore. SHIB will be one of its native tokens.
As with Shibarium, the release of Shiba Inu’s own metaverse can only increase demand for SHIB in the future, so the coin’s long-term outlook is very good.
As for the short and medium term, data from Changelly shows that the average prediction for the year-high price is $0.0000154485, which is a very nice 40% gain over its current price.
Some SHIB holders have a much higher goal in mind. For many in the Shiba Inu community, $0.1 is still popular, if not entirely realistic, goal.
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