The altcoin is trending higher due to anticipation surrounding the launch of the Shiba Inu (SHIB) second layer network, Shibarium.
SHIB increased with launch
Shiba Inu price dropped to $0.00001232 in the last 24 hours, representing a 7.5% drop, according to cryptokoin.com data. On the other hand, the altcoin is holding high due to the anticipation surrounding the launch of the Shiba Inu second-layer network Shibarium, gaining 1% in a week and 33% in the last 30 days.
Given that Shibarium will help make the Shiba Inu network faster and cheaper, many observers and analysts expect SHIB to increase significantly after launch. And while yesterday’s news about Kraken’s deal with the SEC suggests the market may still have a bumpy road ahead this year, SHIB is well positioned to make some solid gains as 2023 matures.
Crypto experts give their SHIB price predictions
SHIB’s chart is in an uncertain position as its indicators can currently go either way. The 30-day moving average (red) has slowed its rise above the 200-day (blue) and may start to decline again, especially after today’s sell-off. Similarly, SHIB’s relative strength index (purple) has dropped to 50 over the past few days. It seems like it could drop further especially if the $0.000012 support level is surpassed.
However, it can be argued that today’s losses will be short-lived and the altcoin will soon return to growth. This seems to be the opinion of a large number of cryptocurrency analysts and SHIB supporters, all of whom are predicting significant gains for the altcoin this year.
Needless to say, some SHIB fans expect big wins. One such target is $0.1, which would require a massive increase of more than 800,000%. Considering that SHIB is up over 20,000,000% in November 2020 compared to its all-time low of $0.000000000056366, this is highly unlikely.
The main driver of SHIB gains in the near future will be the launch of the aforementioned second layer Shibarium network. According to an update from its developers on January 15, the sidechain is ‘about to be released’ in beta form, which suggests it could be very close to livestream. Analysts say that while SHIB will rally moderately in the coming days, Shibarium and SHIB are unlikely to increase significantly until The Metaverse launches.
Shibarium will run on the Ethereum blockchain
According to a recent blog on Shibarium, the second layer solution will run on the Ethereum blockchain that SHIB currently uses. The network will reportedly provide ‘benefits of scalability, faster transaction times, lower fees and an expanded development framework’ by focusing primarily on areas such as ‘metaverse, web3 innovation and gaming’.
The arrival of Shibarium is arguably a turning point for the Shiba Inu, allowing it to move from being just a meme token to a platform that brings real benefits to users. That impression is also reinforced by the development of SHIB, The Metaverse, which will be released later this year.
https://twitter.com/DefiIgnas/status/1615345208719441920
As the name suggests, SHIB, The Metaverse, will be a Shiba Inu-themed virtual world consisting of 100,595 acres that will eventually be available for purchase, for users to explore and own.
These plots will be phased out, with the metaverse opening up 36,431 plots in four different regions: a growth region, a defense region, a tech region, and a currency region. From there, Shiba Inu’s metaverse will witness regular development and growth, adding new features and areas that should potentially attract more users. This, in turn, will expand the Shiba Inu’s ecosystem. This ecosystem has already experienced growth in recent years with the launch of the ShibaSwap DEX in July 2021.
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