The Shiba Inu price has dropped by 9% in the last 24 hours Silvergate Bank liquidation newsas well as More aggressive stance from the Federal Reserve regarding further rate hikes,
At $0.0000099, SHIB is also down 17% in one week and 30% over the past 30 days, with today’s losses reducing year-to-date gains to 10%.
It is in the midst of this selloff that SHIB has become one of the most traded coins in the last 24 hours. WhaleStats ranked it 14th in “Top Bought Tokens” today,
The meme token also remains the most widely held cryptocurrency among whales (besides ETH, USDC and USDT), indicating that it still remains a favorite with large investors.
As such, with the launch of the layer-two network Shiberium imminent, SHIB could easily make a recovery with the launch of SHIB in the next few days: Metaverse could potentially outdo it in the longer term later in the year.
SHIB Becomes Top 20 Most Traded Coins in 24 Hours as Shiba Inu Price Prediction – Is a SHIB Pump Coming?
SHIB’s indicators suggest that it won’t be long before it reaches the bottom and invites a bigger rally.
Its Relative Strength Index (purple) has dropped below 30, while its price has dropped below its 30-day (red) and 200-day (blue) moving averages, indicating that it is now becoming oversold.
Thus, SHIB is arguably selling at a deep discount and should rise again in the not too distant future.
Of course, with the Silvergate fallout still reverberating throughout the industry, and with the Fed still signaling that it might raise interest rates than lower them, it could still be weeks before SHIB hits the market. Significant improvement can be seen.
Despite this, there are plenty of reasons to be optimistic about SHIB.
As mentioned above, it remains the fourth most widely held ERC-20 token among whales in dollar terms after ETH, USDC and USDT.
On top of that, it is still the 13th most bought ERC-20 token among whales today, even with (or perhaps because of) its loss.
All of this highlights how much confidence large investors continue to have in SHIB’s long-term future, and now that Shiberium’s beta launch is so close, it’s not hard to see why.
As a layer-two network, Shiberium will enable faster and cheaper transactions for the Shiba Inu ecosystem, which runs on Ethereum and has until now been at the mercy of sometimes high transaction fees.
The network’s beta is due to go live by the end of this week, according to its developers Its team is opening the registration for the wallet,
Once it goes live, there is a good chance that SHIB will see a boom, although this may be somewhat muted by the negative state of the cryptocurrency market.
Nevertheless, by making apps like Shibaswap more efficient, the launch of Shiberium should help attract more users to the Shiba Inu ecosystem, boosting the price of SHIB in the long term.
At the same time, the launch of layer-two will increase SHIB burning through the destruction of transaction fees, which will again increase the price of Mem tokens in the long run.
The picture is made even more encouraging by the prospect of Shib: The MetaverseA Shiba Inu-themed virtual one could launch by the end of the year.
As a metaverse, SHIB will consist of 100,595 plots of land that can be purchased by users, as well as searched and accessed like any other similar platform.
What is particularly bullish about its launch is that SHIB will experience a surge in demand, given that it will be usable to pay for plots of land and other in-game items.
The launch of Metaverse will help Shiba Inu shed its image as just another meme token, with the coin offering greater utility and a more diverse ecosystem.
For this reason, we can expect SHIB to grow faster as the year progresses and as the broader market improves.
latest data from changelly The average suggests a yearly high forecast of $0.0000154485, down from $0.0000162484 about a week ago.
This drop in expectations signals a negative turn in the market over the past few days, yet a string of positive developments for SHIB could help it outperform this forecast in the long term.
In fact, many SHIB holders continue to target $0.1, and while this is highly ambitious, a move to this level would not be the first time that SHIB has seen such huge gains.
Shiba Inu Alternatives
While SHIB is due for a major recovery rally sooner or later, this may not happen for several weeks or months.
Thus, traders may prefer to look at other high-potential coins that may rise in the short term.
For this, the cryptonews The Industry Talk team has analyzed and compiled a list of the top 15 cryptocurrencies for 2023, each with good short-term and long-term prospects.
This list is regularly updated 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.