The Shiba Inu price has barely moved in the past 24 hours with its current level of $.00000850 representing a 2% drop over the past seven days amidst an uncertain period for the cryptocurrency market.
SHIB is also down 19% over the past month, but up 5% since the start of the year, a period that has provided huge gains for many major cryptocurrencies.
However, despite the inertia of the past day, SHIB is actually up 1% from yesterday’s record low, indicating that altcoins may be on the verge of recapturing some much-needed momentum.
And with the launch of the long-awaited Shiberium layer-two network, SHIB could indeed make some significant rallies in the coming weeks, with the coin looking as though it has bottomed out.
Shiba Inu Price Forecast: SHIB Shows Promising Bounce From Recent Lows – Is The Sell Off Over?
SHIB’s charts also show that it is slowly gaining some momentum, with its relative strength index (purple) rising to 50 after a day or so has been spent around (or just below) 30. , which indicates overselling.
On top of that, SHIB’s 30-day moving average (yellow) appears to have bottomed out, flattening out after several days of declines, suggesting a rebound to come.
Similarly, it is encouraging to note that the altcoin’s support level (green) is progressively rising, which means that SHIB’s position is getting stronger and stronger again after the recent decline.
As far as fundamentals go, there’s really nothing that explains SHIB’s modest recovery over the past few days, although it’s worth pointing out that the cryptocurrency market as a whole is up 1% over the past 24 hours. has been registered.
Such a fragile recovery could be wiped out if the US ends up defaulting on its debt, with the US Congress and the White House having a June 1 deadline to raise its debt limit, failing otherwise to make repayments. Will go
Such a default would have a major negative impact on the cryptocurrency market, including SHIB, which has seen a less vigorous recovery in the past months than other major tokens.
patience is a virtue
However, the medium and long-term picture for SHIB arguably looks pretty good considering it has the launch of Shiberium and then SHIB: The Metaverse to look forward to.
According to the developers working on Shiberium, layer two should see a full launch at some point “from now until the end of August.”
While this is a somewhat vague timeline, the arrival of Shiberium will make Shiba Inu even more attractive as a platform for Dapp and DeFi.
As a layer-two network, it will provide cheaper and faster transactions to the Shiba Inu, which as an ERC-20 token sometimes suffers from Ethereum’s notoriously high fees.
According to recent data, the Shiberium testnet has passed 10 million transactions, and at the latest count it was just over 12 million.
This indicates considerable interest in the layer-two network, suggesting that it could see significant expansion in Shiba Inu dapps and projects once it is fully launched.
just as fast, Shiberium will also result in increased burning of SHIBWhich means its supply will decrease and its price may increase parallelly.
All of this suggests that SHIB may be massively undervalued at the moment, and that the second half of the year could bring some big rallies for MEME Token.
If SHIB: The Metaverse also launches in late 2023, such rallies could be extended. Metaverse Platform Unveils Several Updates It has been developing steadily in recent weeks.
Upon launch, It will contain over 100,000 virtual plots of land The ownership of which can be in the form of NFTs as well as various districts and sports.
Despite the relative lack of details, anticipation for the platform remains sky high, with the eventual launch likely to result in major rallies for SHIB (as well as sister tokens, BONE and LEASH).
From its current price of $0.00000851, SHIB could easily rise back to $0.00001 or $0.00002 in the next few weeks, with the launch of Shiberium potentially taking it to $0.00005.