Shiba Inu prices have crept up to $0.00001237, an increase of 0.5% over the previous 24 hours. SHIB has increased by 53% from the year’s beginning, therefore this also reflects a 5% loss in a week and a 2% gain in the past 30 days.
But, further changes may be imminent given that the 24-hour trading volume for the meme coin has recently climbed back up to $200 million. Shibarium, the layer-two network for Shiba Inu that is scheduled to start this month, makes this more likely.
Currently, it appears like SHIB’s signs are pointing less towards gains and more towards losses. For instance, its relative strength index (purple) has decreased over the last few weeks from 70 or higher to slightly under 50, and it may continue to decline, depressing its price.
Moreover, SHIB’s 30-day moving average (red) has begun to reverse lower during the past few days and has paused its ascent above its 200-day moving average (blue). Naturally, positive news could increase its distance from the longer-term average, but if nothing happens for a while, you’d anticipate a cooling in SHIB.
In actuality, SHIB has breached two support levels in the last two weeks: $0.000013 and then $0.0000125. If the aforementioned launch of Shibarium is postponed further, nothing is now stopping it from going below $0.000012.
Yet, there’s little question that SHIB will undergo a large rise when Shibarium does begin its beta this month. This is due to the fact that it will eventually increase the use of Shiba Inu as well as the regular introduction of SHIB token burning.
This will take the form of transaction fee burning, in which a portion of the BONE collected as fees is transformed into SHIB and then distributed to wallets that can no longer be used. Because of this, a sizeable amount of SHIB could be burned if Shibarium sees widespread adoption and usage.
Due to the fact that SHIB is still 85% below its all-time high of $0.00008616, which was reached in October 2021, this could indicate that the coin hits new heights this year. Shibarium’s introduction may cause it to lose a decimal place and increase to $0.0001 in the coming months, though ardent SHIB holders anticipate considerably higher rises.
It is probably doubtful that there would be a rise to whole numbers given that switching to $1 would require an increase of 8,000,000%. Yet, there is still a very high likelihood that SHIB will provide positive returns, perhaps outperforming market averages.
The fact that SHIB whales have reportedly increased their holdings in the meme token points to additional rallies. Moreover, SHIB: The Metaverse, a virtual world with a Shiba Inu theme where users can explore and own NFT-based plots of land, will debut in 2023.
With the advent of this metaverse, Shiba Inus will progress beyond their status as mere memetic tokens, joining Shibarium. Instead, it might quickly develop into a robust and active ecosystem where SHIB, the native coin, would play a central role.
