The Shiba Inu price has fallen by 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 has declined by 9% in the past week and by 24% in the last 30 days, although it still remains up by 35% since the beginning of the year.
Despite today’s fall, there’s now a very strong chance that SHIB may rally later in the week.
This is due to the announcement that Shibarium, the layer-two network for Shiba Inu, is to launch its public beta this week, helping to inaugurate an era in which the meme token begins to offer some genuine 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 isn’t too far from reaching a bottom, at which point it may enjoy a healthy rebound.
The token’s relative strength index (purple) has almost reached 30, at which point it will ‘officially’ become oversold, signaling an impending rally.
Likewise, SHIB’s 30-day moving average (red) has begun falling steeply and is probably a week or so away from falling under its 200-day average (blue).
At this point, traders may expect SHIB to begin rising again, something which will be helped by the aforementioned Shibarium news.
The launch of Shibarium will make SHIB transactions faster and cheaper while also 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 the destruction of transaction fees.
This will all come at just the right time for SHIB, seeing as how the meme token has fallen a little harder in recent days than other major tokens.
For instance, a significant number of whales have been getting rid of their SHIB holdings in recent weeks.
Back on February 8, the biggest 500 ERC-20 addresses held some $694 million in SHIB, yet this has now dropped by 12.5% to $606 million.
However, even with this reduction, whale SHIB holdings are still notably higher than they were in the middle of January when they stood at only $84.5 million.
This suggests that many whales bought SHIB at relatively high prices, something which should prevent them from selling at a loss, which in turn suggests that the coin may hold to its $0.0000105 support level.
And in the longer term, the eventual launch of SHIB: The Metaverse will also increase market bullishness for SHIB.
This metaverse is a Shiba Inu-themed virtual world in which 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 Currencies District.
While details surrounding SHIB: The Metaverse still remain general, there’s no doubt that its launch will increase demand for SHIB, which will serve utility purposes within the platform.
As such, it’s reasonable to expect that the longer-term picture for SHIB looks very good.
Not only will there be a pump once Shibarium launches this week, but it’s likely to rise steadily as the year progresses.
Recent data from Changelly suggests an average year-high prediction of $0.0000162484, representing a rise of 48% over its current price.
However, SHIB holders expect even bigger rises than this sooner or later, with some holding out for such ambitious targets as $0.1 or even $1.
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’re looking for high-potential coins that could rally sooner, consider exploring other options.
To help you with your research, the Cryptonews 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 features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
