The Shiba Inu price has inched up to $0.00001237 today, representing a 0.5% rise in the past 24 hours. This also represents a 5% loss in a week and a 2% gain in the last 30 days, with SHIB up by 53% since the beginning of the year.
However, with the meme token seeing its 24-hour trading volume climb back up to $200 million in the past few days, bigger movements could be on the horizon. This is made likelier by Shibarium, the layer-two network for Shiba Inu that’s due to launch this month.
Shiba Inu Price Prediction as $200 Million Trading Volume Comes In – Here’s the Next SHIB Price Target
SHIB’s indicators look as though they point to losses rather than more gains at the moment. For instance, its relative strength index (purple) has dropped down from 70-plus to just under 50 in the past few weeks, and could continue falling, bringing down its price.
Additionally, SHIB’s 30-day moving average (red) has slowed its rise above its 200-day average (blue), and could begin a reversal downwards in the next few days. Of course, good news could push it further beyond the longer term average, yet if nothing happens for a while, you’d expect SHIB to cool down.
Indeed, SHIB has fallen through a few support levels in the past couple of weeks, breaching $0.000013 and then $0.0000125. At the moment, there’s nothing to stop it from falling below $0.000012, assuming that the aforementioned launched of Shibarium continues to be delayed.
However, when Shibarium does launch its beta this month, there’s little doubt that SHIB will experience a significant rally. This is not only because it will ultimately boost usage of Shiba Inu, but also because it will introduce the burning of SHIB tokens on a regular basis.
This will come in the form of the burning of transaction fees, with a portion of the BONE collected as fees being converted into SHIB, which will then be sent to unusable wallets. Because of this, if Shibarium experiences a high level of adoption and usage, a significant quantity of SHIB could be burned.
This could mean that SHIB reaches new heights this year, with the coin still 85% down from its all-time high of $0.00008616, set in October 2021. The launch of Shibarium could see it lose a decimal place and rise to $0.0001 in the following months, although diehard SHIB holders are predicting much bigger increases.
A rise to whole numbers is probably unlikely, seeing as how moving to $1 would necessitate an increase of 8,000,000%. Still, there remains a very strong probability that SHIB will see good returns nonetheless, potentially beating market averages.
Indeed, there have been reports of SHIB whales boosting their holdings in the meme token, pointing to further rallies. Not only that, but 2023 will also see the launch of SHIB: The Metaverse, a Shiba Inu-themed virtual world in which users can explore and own NFT-based plots of land.
Along with Shibarium, the launch of this metaverse will see Shiba Inu become more than just another meme token. Instead, it could easily grow into a thriving and dynamic ecosystem, one in which SHIB, as the native token, will witness more demand than it has ever seen before.
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Shiba Inu Alternatives
While SHIB is likely to rally big this year, it’s still waiting on a couple of launches before it can move significantly. However, there are other high-potential tokens in the market that are likelier to see rallies in the shorter (as well as longer) term. We’ve compiled such tokens into a list of the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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