The Shiba Inu price declined by 0.5% over the past 24-hours to drop to $0.00001054, with the overall market barely changing on the day.
Its current price represents an 8% increase from its 30-day low of $0.00000973, while the meme coin is also up an impressive 30% since the start of the year.
With the beta launch of the Shiberium layer-2 network completed earlier this month, SHIB is set to build on its earlier developments in the coming weeks, especially when L2 is fully launched to the public.
And when the long-awaited SHIB: The Metaverse finally makes its appearance (likely towards the end of the year),
Shiba Inu Price Prediction As SHIB Jumps 8% From Recent Bottom – Where’s The Next SHIB Target?
SHIB’s indicators suggest that it could start rallying again in the not too distant future, with both its 30-day moving average (red) and Relative Strength Index (purple) taking a dive in recent days.
Its RSI has moved up to 40 after touching 30 earlier in the month, when it reached oversold levels.
Similarly, its 30-day average is very close to breaking below its 200-day average (blue), at which point altcoins will be due to rally.
A major resistance level for SHIB at the moment is $0.000011, which it has failed to pass on a few occasions in the past few weeks.
If it can break decisively through this level, further upside is likely, although SHIB will need the broader market (and investor sentiment) to mount a recovery at the same time.
That said, the ongoing rollout of Shiberium – which is now live in beta form – could mean further gains for Token Witness in the near future, especially when the layer-two network does its full public launch.
There are two things that are particularly excited about Shiberium, one technical and the other economic.
First, the layer-two network will reduce transaction fees and increase capacity for Shiba Inu, as well as improve security and increase decentralization.
Secondly, the launch of L2 will also result in an increase in the Shiba Inu’s burn rate, with 70% of base transaction fees being lost.
In other words, Shiberium will result in a reduced supply of SHIB, which in turn will boost relative demand and the coin’s price.
Such an effect would be amplified by the fact that the efficiency gains of Shibarium would attract more users to the Shiba Inu ecosystem and its apps (such as Shibaswap), meaning more to burn and a greater positive impact on the price of SHIB.
So we could see a gradual ascent in terms of SHIB’s price over the course of the year (and beyond), a process that will be helped along by the above launches Shib: The Metaverse,
The latter is a Shiba Inu-themed virtual world where users will be able to buy, explore and trade 100,595 NFT-based lands, as well as a vast number of in-game items.
Its team has big ambitions for the platform, with its official website describing it as “…The future of entertainment, business and gaming all rolled into one,
Together with Shiberium, this could indeed herald a massive surge in demand for SHIB, which could move through gears and reach new levels.
In fact, it is likely that Shiberium alone will push SHIB to $0.000015 and $0.00002, while SHIB’s Final Arrival: Metaverse could see it rise even further to $0.00005 or perhaps $0.0001 by the end of 2023.
Other High Potential Tokens
SHIB is definitely undervalued right now and could be due for a rally in the near future, yet it will not see substantial gains until after the full launch of Shiberium and then SHIB: The Metaverse.
Thus, traders may prefer to look elsewhere for big gains at the moment, with some of the newer altcoins and presale tokens showing some real potential.
cryptonews The Industry Talk team has studied such coins and put together 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.