The Shiba Inu price rose to $0.00001237 today, showing an increase of 0.5% over the past 24 hours. This also represents a 5% loss in one week and an increase of 2% over the last 30 days, giving SHIB a 53% gain since the beginning of the year.
However, a bigger movement could be on the horizon, with the 24-hour trading volume of Mem Token seeing a spike of up to $200 million over the past few days. This is supported by the likes of Shiberium, a layer-two network for Shiba Inu that is due to launch this month.
Shiba Inu Price Prediction As $200 Million Trading Volume Is Here – Here’s The Next SHIB Price Target
SHIB’s indicators look as though they point to losses rather than more gains at the moment. For example, its Relative Strength Index (purple) has dropped from 70-plus to below 50 over the past few weeks, and its price may continue to decline.
Additionally, SHIB’s 30-day moving average (red) has slowed its rise above its 200-day average (blue), and could start a downside reversal in the coming days. Of course, good news could push it above the long-term average, yet if nothing happens for a while, you’d expect SHIB to calm down.
Indeed, SHIB declined from a few supports in the past few weeks, crossing $0.000013 and then $0.0000125. At the moment, there is nothing to stop it from falling below $0.000012, assuming that the aforementioned Shiberium launch is delayed.
However, when Shiberium launches its beta this month, there is no doubt that SHIB will experience a significant rally. This is not only because it will eventually lead to the use of the Shiba Inu, but also because it will initiate the burning of SHIB tokens on a regular basis.
This will come in the form of transaction fee burning, a portion of the BONE collected as fees will be converted into SHIB, which will then be sent to an unused wallet. Because of this, if Shiberium experiences high levels of adoption and use, a significant amount of SHIB may be burned.
This could mean that SHIB has reached new highs this year, with the coin still down 85% from its all-time high of $0.00008616 set for October 2021. months, although hardcore SHIB holders are predicting huge growth.
The absolute number is hardly likely to increase, seeing as how moving to $1 would require an increase of 8,000,000%. Nevertheless, there remains a strong possibility that SHIB will still generate good returns, potentially beating the market average.
in fact, there There have been reports of SHIB whales increasing their stake in Mem Tokens., hinting at further rallies. Not only this, but 2023 will also see the launch of SHIB: The Metaverse, a Shiba Inu-themed virtual world in which users can explore and own NFT-based plots.
With Shiberium, the launch of this metaverse will make the Shiba Inu more than just another meme token. Instead, it could easily develop into a thriving and dynamic ecosystem in which SHIB as a native token would see more demand than ever.
Shiba Inu Alternatives
While SHIB has the potential to rally big this year, it still awaits a few launches before it can move significantly. However, there are other high potential tokens in the market that are likely to see rallies in the short (as well as long) term. We have compiled a list of the top 15 cryptocurrencies for 2023 for such coins, as analyzed. crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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