Shiba Inu, a memecoin that has become a major competitor to Dogecoin, is currently gaining attention from investors due to updates in its ecosystem, Shibarium, which will be launched this year.
Previously, Shibarium was expected to launch in the fourth quarter of 2022. However, it experienced a delay because the developers wanted Shibarium to be launched without any flaws.
Cryptonews reports that, over the past 24 hours, there has been a 3% increase in the price of shiba inu, possibly due to anticipation of the beta launch of Shibarium, Shiba Inu's layer-two network, which could take place by the end of the week. Despite being down by 3% in the past week, SHIB has experienced a 10% rise in the last 30 days.
The introduction of Shibarium may represent a new chapter for Shiba Inu, as it transitions from a meme cryptocurrency to a platform with practical applications. When coupled with the potential launch of SHIB: The Metaverse later this year, Shibarium's launch could potentially propel SHIB to unprecedented record highs.
The chart for SHIB currently shows a mixed outlook and it is uncertain which direction it may take in the future. However, there are some positive indications such as the relative strength index (shown in purple), which had dropped to around 50 in recent days but has since started to rise again. This suggests a possible recovery in momentum that was observed towards the end of February.
Meanwhile, SHIB's 30-day moving average (shown in red) is gradually increasing above its 200-day average (shown in blue). This implies that the ongoing rally may still have room to continue before the coin becomes overbought.
Regarding resistance levels, if SHIB breaks cleanly above $0.0000135, it could indicate a more sustained rally for the altcoin. With SHIB's 24-hour trading volume surpassing $400 million today, it appears that there is sufficient liquidity and interest to support such a rally.
Moreover, the launch of Shibarium in beta could potentially contribute to SHIB's continued rise. While not confirmed, the coin's Crypto Twitter community has reported that Shytoshi Kusama, one of the lead developers behind the layer-two network, has stated that the beta launch will occur "This Week".
This could be the reason why SHIB is experiencing a rise that is higher than average today. Nevertheless, even if Shibarium's beta version is not released by the end of this week, its upcoming launch in the near future is expected to be a significant driver for further increases in SHIB value.
Regarding the potential trajectory of SHIB, there are supporters who anticipate that it will surpass its current all-time high this year (presently at $0.00008616). Moreover, there are predictions that SHIB could eventually reach $1.
Although there have been reports of SHIB whales increasing their holdings in the meme token, it may be difficult to envision a rally that would push SHIB to a price of $1. This is because a $1 value would imply an increase of roughly 7,500,000% from its current value, and SHIB has already risen by approximately 23,600,000% from its all-time low of $0.000000000056366 in November 2020.
Moreover, the total maximum supply of SHIB is 999.99 trillion, which further complicates the possibility of such a rally. Nonetheless, the increase in SHIB holdings by whales suggests that further rallies may occur.
The launch of Shibarium, along with SHIB: The Metaverse, a virtual world with a Shiba Inu theme where users can explore and own NFT-based plots of land and other items, is expected to further amplify the impact of Shibarium. SHIB: The Metaverse is scheduled to be launched later this year and is likely to help Shiba Inu transform into a fully-fledged platform, as opposed to just a meme token. [pc]
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