Introduction
Shiba Inu (SHIB) is a meme token that has gained a lot of attention in the cryptocurrency market. While its value has dropped in recent days, there is optimism for a rally with the upcoming launch of Shibarium’s public beta. This article discusses the impact of Shibarium on SHIB’s price and the potential for growth in the longer term.
Shibarium and SHIB Price
Shibarium is a layer-two network for Shiba Inu that aims to offer genuine utility to the meme token. With the launch of its public beta, SHIB transactions will become faster and cheaper, making it more attractive to DeFi and other parts of the crypto economy. This, in turn, will increase demand for SHIB, and the launch of Shibarium will also see an increase in SHIB burning via the destruction of transaction fees.
This is good news for SHIB, which has fallen a little harder in recent days than other major tokens. However, the indicators suggest that SHIB is not too far from reaching a bottom, and it may enjoy a healthy rebound soon. SHIB’s relative strength index (RSI) is almost at 30, at which point it will ‘officially’ become oversold, signaling an impending rally. Likewise, SHIB’s 30-day moving average has begun falling steeply and is probably a week or so away from falling under its 200-day average.
Whales and SHIB
Despite recent reductions in whale SHIB holdings, they are still notably higher than they were in the middle of January, suggesting that many whales bought SHIB at relatively high prices. This should prevent them from selling at a loss, which in turn suggests that the coin may hold to its $0.0000105 support level.
The Future of SHIB Price
In the longer term, the eventual launch of SHIB: The Metaverse will also increase market bullishness for SHIB. This Shiba Inu-themed virtual world will have 100,595 plots of land divided into four different districts. While details surrounding SHIB: The Metaverse still remain general, its launch will increase demand for SHIB, which will serve utility purposes within the platform.
Recent data from Changelly suggests an average year-high prediction of $0.0000162484 for SHIB, representing a rise of 48% over its current price. However, some SHIB holders expect even bigger rises than this, with some holding out for such ambitious targets as $0.1 or even $1.
Conclusion
The launch of Shibarium’s public beta marks a significant milestone for Shiba Inu (SHIB), offering genuine utility to the meme token. While its value has dropped in recent days, the indicators suggest that SHIB is not too far from reaching a bottom and may enjoy a healthy rebound soon. With the eventual launch of SHIB: The Metaverse, the longer-term picture for SHIB looks very good, with potential for growth and increased demand.