Is it too late to buy a Shiba Inu? Crypto experts give their SHIB price predictions

The Shiba Inu price has fallen to $0.00001232 in the last 24 hours, representing a 7.5% drop. On the other hand, it remains up by 1% in a week and by 33% in the last 30 days, with the altcoin value high due to expectations surrounding the upcoming launch of the Shiba Inu layer-two network Shibarium.

Given that Shibarium will help the Shiba Inu network become faster and cheaper, many observers and analysts expect SHIB to rise significantly after its launch. And while yesterday’s news of Kraken’s settlement with the SEC suggests the market may still have a bumpy road ahead this year, SHIB is in a good position to post some solid gains as 2023 rolls around.

Is it too late to buy a Shiba Inu? Crypto experts give their SHIB price predictions

SHIB’s chart is in an ambiguous position, in that the indicators can go either way right now. Its 30-day moving average (red) has slowed its climb above the 200-day (blue), and may start to fall again, especially after today’s selloff.

Similarly, SHIB’s relative strength index (purple) has fallen to 50 in recent days. It looks like it could fall further, especially if the $0.000012 support level is breached.

However, it can be argued that today’s losses will be short-lived and that the altcoin will return to growth soon enough. This seems to be the opinion of many cryptocurrency analysts and SHIB followers, all of whom are predicting significant gains for the altcoin this year.

Almost needless to say, some SHIB fans are predicting huge gains. One such goal is $0.1, which would represent a massive increase of more than 800,000%.

This is unlikely, given that SHIB has already risen by over 20,000,000% compared to its record low of $0.000000000056366, set back in November 2020. However, there is little doubt that the coin will experience some notable gains this year.

And the main driver of SHIB gains in the near future will be the aforementioned launch of the layer-two Shibarium network. According to a January 15 update from the developers, the sidechain is “about to launch” in beta form, suggesting it could be very close to going live.

According to a recent blog on Shibarium, the layer-two solution will operate over the Ethereum blockchain, which is what SHIB currently uses. It will reportedly bring “the benefits of scalability, faster transaction times, lower fees, and an expanded development framework,” with the network primarily focusing on areas such as “metaverse, web3 innovation, and gaming.”

The arrival of Shibarium arguably marks a turning point for Shiba Inu, enabling it to move from being just a meme token to a platform that offers real utility to its users. This impression is also reinforced by the development of SHIB: The Metaverse, which will arrive at some point later this year.

As the name suggests, SHIB: The Metaverse will be a Shiba Inu-themed virtual world for users to explore and own, consisting of 100,595 plots of land that will eventually be open for purchase.

These plots will be released in phases, with the metaverse’s introductory phase opening up 36,431 plots, spread over four different districts: a growth district, a defense district, a technology district, and currency district. From there, Shiba Inu’s metaverse will witness regular development and growth, adding new features and areas that should potentially draw in more users.

This in turn will expand the Shiba Inu’s ecosystem. This ecosystem has already experienced growth in recent years, with the launch of the ShibaSwap DEX in July 2021.

However, it is now clear that the Shiba Inu is going to grow even bigger. By extension, so will SHIB, with the coin likely to recover the $0.000016 level in the coming months before potentially rising back above $0.00002 by the end of the year.

Buy Shiba Inu now

Is now a good time to buy a Shiba Inu?

While SHIB may be due for a modest rally in the coming days, it is not likely to rise significantly until after the launch of Shibarium and SHIB: The Metaverse.

As a result, traders looking for faster gains may prefer to consider other tokens with high potential. We have reviewed such tokens in this list of the 15 best cryptocurrencies for 2023, as analyzed by CryptoNews Industry Talk team.

The list is updated weekly with new altcoins and ICO projects.

^{Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.}