Shiba Inu Price Prediction as SHIB Jumps 8% from Recent Bottom – Where is the Next SHIB Target?
Shiba Inu’s price has decreased by 0.5% in the last day, falling to $0.00001054 on a day when the market as a whole has barely moved.
Compared to its 30-day low of $0.00000973, its current price has increased by 8%, and the meme coin has increased by a remarkable 30% since the year’s beginning.
Shibarium’s layer-two network finished its beta launch earlier this month, and it appears that SHIB will continue to grow in the coming weeks, especially once the L2 has its full public launch.
And when the eagerly anticipated SHIB: The Metaverse eventually appears (potentially towards the end of the year),
Shiba Inu Price Prediction as SHIB Jumps 8% from Recent Bottom – Where is the Next SHIB Target?
With recent declines in both its 30-day moving average (red) and relative strength index (purple), SHIB’s signs point to a potential start of a rally in the near future.
Its RSI reached a low of 30 earlier in the month when it neared oversold levels, but it has since risen to a high of 40.
Similar to this, the altcoin’s 30-day average is on the verge of dropping below its 200-day average (blue), at which time it will be due for a comeback.
Now, $0.000011 is a significant resistance level for SHIB, which it has struggled to break over several times over the previous few weeks.
Further increases are expected to occur if it can successfully break through this level, but SHIB will probably need the broader market (and investor mood) to also make a comeback at the same time.
Yet, Shibarium’s ongoing deployment, which is currently live in beta form, may result in significant gains for the token in the near future, especially when the layer-two network launches fully to the general public.
Regarding Shibarium, there are two factors that are very positive: one is technological, and the other is economic.
Secondly, the layer-two network will reduce transaction costs and boost Shiba Inu’s capacity while also enhancing decentralisation and security.
Second, the L2’s launch will cause Shiba Inu’s burn rate to rise, resulting in the destruction of 70% of the base transaction fee.
To put it another way, Shibarium will cause a shortage of SHIB, increasing relative demand and the coin’s price.
Shibarium’s efficiency improvements will draw more users to the Shiba Inu ecosystem and associated apps (such as ShibaSwap), resulting in more burns and a greater positive impact on SHIB’s price. As a result, this effect will be amplified.
Hence, throughout the course of the year (and beyond), we might see a progressive increase in the price of SHIB, a process that will be aided by the aforementioned release of SHIB: The Metaverse.
The latter is a virtual environment with a Shiba Inu motif where players can buy, explore, and exchange 100,595 NFT-based territories as well as a significant number of in-game products.
The platform’s creators have high hopes for it; according to the company’s official website, it is “the future of entertainment, business, and gaming all bundled into one.”
When Shibarium is added, the demand for SHIB might truly increase significantly, shifting up the gears and reaching new heights.
Shibarium alone is anticipated to raise SHIB to between $0.000015 and $0.00002, and the eventual release of SHIB: The Metaverse may cause it to increase even more to between $0.00005 and possibly $0.0001 by the end of 2023.
Other High-Potential Tokens
SHIB appears to be undervalued at the moment and may be due for a rally soon.
It won’t, however, probably see significant improvements until after the full debuts of Shibarium and SHIB: The Metaverse.
Due to the fact that a number of fresh altcoins and presale tokens are currently showing some actual promise, traders may want to search elsewhere for significant returns.
The top 15 cryptocurrencies for 2023 have been compiled by the Cryptonews Industry Talk team after research into these coins, each of which has promising short- and long-term potential.
The addition of new altcoins and ICO projects to this list occurs often.
