Shiba Inu Price Prediction As Shibarium Public Beta Launch Approaches – Is A SHIB Pump Coming?
The Shiba Inu price has fallen 1.5% in the past 24 hours, dragged down by a cryptocurrency market that has reacted negatively to the expectation of another Fed rate hike.
At $0.00001092, it’s down 9% in the past week and 24% in the past 30 days, though it’s still up 35% year-to-date.
Despite today’s fall, there is now a very high chance that SHIB may rise later in the week.
This is due to the announcement that Shibarium, the layer-two network for Shiba Inu, will launch its public beta this week, helping to inaugurate an era where the meme token begins to offer some real utility.
Shiba Inu Price Prediction As Shibarium Public Beta Launch Approaches – Is A SHIB Pump Coming?
SHIB’s indicators continue to suggest that the meme token is not too far from reaching a bottom, at which point it could enjoy a healthy pullback.
The token’s relative strength index (purple) has almost reached 30, at which point it will be “officially” oversold, signaling an impending rally.
Similarly, SHIB’s 30-day moving average (red) has started to fall sharply and is likely a week or so away from falling below its 200-day average (blue).
At this point, traders can expect SHIB to start rising again, which will be helped by the aforementioned Shibarium news.
The launch of Shibarium will make SHIB transactions faster and cheaper while doing the same for the modest number of apps, including ShibaSwap, that litter the Shiba Inu ecosystem.
As such, the attractiveness of this ecosystem for DeFi and other parts of the crypto-economy will increase, bringing more users and adopters to SHIB.
In turn, this will increase demand for SHIB, while the launch of Shibarium will also see an increase in SHIB burning via destruction of transaction fees.
This comes at just the right time for SHIB, as the meme token has fallen a bit harder in recent days than other major tokens.
For example, a significant number of whales have been rid of their SHIB holdings in recent weeks.
Back on February 8, the largest 500 ERC-20 addresses held about $694 million in SHIBbut this has now fallen by 12.5% to $606 million.
However, even with this reduction, whale SHIB stocks are still significantly higher than they were in mid-January then they stood at just $84.5 million.
This suggests that many whales bought SHIB at relatively high prices, which should prevent them from selling at a loss, which in turn suggests that the coin may hold the $0.0000105 support level.
And in the longer term, the eventual launch of SHIB: The Metaverse will also increase the market’s bullishness for SHIB.
This metaverse is a Shiba Inu-themed virtual world where 100,595 plots of land will be usable or purchasable by users, with each divided into four different districts: the Growth District, the Defense District, the Technology District, and the Currency District.
While details surrounding SHIB: Metaverse are still general, there is no doubt that its launch will increase demand for SHIB, which will serve utility purposes within the platform.
As such, it is reasonable to expect that the long-term picture for SHIB looks very good.
Not only will there be a pump when Shibarium launches this week, but it will likely rise steadily as the year progresses.
Recent data from Changelly suggests an average yearly high prediction of $0.0000162484, which represents a 48% increase from the current price.
However, SHIB holders expect even bigger increases than this sooner or later, with some holding out for such ambitious targets as $0.1 or even $1.
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Shiba Inu Alternatives?
Although SHIB is expected to rebound this week, it may not experience a strong rally until later in the year. If you are looking for high potential coins that can increase faster, consider exploring other options.
To help you with your research Crypto news The Industry Talk team has analyzed and compiled a list of the top 15 cryptocurrencies for 2023.
This list is regularly updated 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.
