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Shiba Inu’s price has increased by 5% over the previous day to $0.00001088 as the cryptocurrency market bounces back from earlier this week’s selloff.
The meme coin has increased by 34% since the beginning of the year, but at its present price, SHIB has dropped by 1% over the past week and 15% over the past 30 days.
Its recent losses may have put it in a position for an above-average upwards correction, a prospect made more likely by the impending launch of the Shibarium layer-two network, which is scheduled for next month.
In addition, the long-awaited SHIB: The Metaverse may debut by the end of 2023, which would significantly increase demand for SHIB and drive up its price.
The fact that SHIB’s indicators are currently in a positive position and suggest a rebound rally is one benefit of the stock’s recent losses.
One sign is that the coin’s relative strength index (purple) is getting close to 50 after previously being oversold in early March.
Furthermore, a bounce could be expected when the 30-day moving average bottoms out because it is almost at the bottom compared to the 200-day moving average (blue).
The larger market is still in an uneasy, unsure position as a result of the CFTC filing a lawsuit against Binance (and the SEC threatening Coinbase), therefore it is difficult to forecast if SHIB can surpass its present resistance level of $0.000011.
The currency has consistently failed to achieve a clean break from this price this month, indicating that additional gains should be forthcoming if it can decisively move upward towards $0.0000115 or higher.
Shibarium’s continuous deployment, which is now live in beta form and is anticipated to fully debut at some point next month, may be helpful in this regard.
Shibarium finds it promising that after updating its code guidelines, more testers have joined its beta network, indicating significant interest in the layer-two network.
After going live, Shibarium will significantly improve Shiba Inu’s network efficiency by lowering transaction costs and enhancing throughput.
Additionally, Shiba Inu’s burn rate will rise as a result of its debut, resulting in the destruction of 70% of the base transaction fee.
This is particularly positive for SHIB since it will see pressure on its available supply, which might amplify price gains.
While SHIB is now underperforming, it is realistic to anticipate that it will rise to $0.000015, $0.00002, or perhaps higher in the weeks after Shibarium’s official debut.
The release of SHIB: The Metaverse later in the year may also raise the price of the meme token.
SHIB: The Metaverse, as its name indicates, is a virtual world with Shiba Inu themes where players may buy, explore, and exchange 100,595 NFT-based territories as well as a large variety of in-game products.
Although this may be hyperbole, the team’s description of it as “the future of entertainment, business, and gaming all rolled into one” highlights the goals driving it.
The price of the native token SHIB may rise to $0.00005 once it is operational and may even lose a decimal point by the end of the year due to the increasing demand for the token.
This will obviously depend on the market stabilizing, and recent regulatory measures indicate that the next several months might be difficult for cryptocurrency.
Even if SHIB is overdue for a rebound, significant gains might not come until after the complete debuts of Shibarium and SHIB: The Metaverse.
With several new cryptocurrencies and presale tokens showing some actual potential at the present, traders may opt to search elsewhere for large returns.
