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Shiba Inu Price Prediction as SHIB Jumps 8% from Recent Bottom – Where is the Next SHIB Target?

Simon Chandler
Last updated: | 3 min read
Source: TradingView

The Shiba Inu price has dropped by 0.5% in the past 24 hours, with its dip to $0.00001054 coming on a day when the overall market has barely moved.

Its current price represents an 8% rise compared to its 30-day low of $0.00000973, while the meme token has also gained by an impressive 30% since the start of the year.

With the beta launch of the Shibarium layer-two network having been completed earlier this month, SHIB looks set to build on its earlier growth in the coming weeks, particularly when the L2 has its full public launch.

And when the long-awaited SHIB: The Metaverse finally makes its appearance (potentially towards the end of the year), 

Shiba Inu Price Prediction as SHIB Jumps 8% from Recent Bottom – Where is the Next SHIB Target?

SHIB’s indicators suggest it could begin rallying again in the not-too-distant future, with both its 30-day moving average (red) and relative strength index (purple) having taken dives in recent days.

Its RSI has risen up to 40, after touching 30 earlier in the month, when it reached oversold levels.

Similarly, its 30-day average is very close to falling underneath its 200-day average (blue), at which point the altcoin will be due for a rebound.

A key resistance level for SHIB at the moment is $0.000011, which it has failed to pass on a few occasions in the past couple of weeks.

If it can break conclusively through this level then more rises are likely to come, although SHIB will probably require the wider market (and investor sentiment) to also mount a recovery at the same time.

That said, the ongoing rollout of Shibarium, which is now live in beta form, could mean that the token witnesses further gains in the near future, particularly when the layer-two network makes its full public launch.

Two things are particularly bullish about Shibarium, with one being technical and the other economic.

Firstly, the layer-two network will lower transaction fees and increases capacity for Shiba Inu, while also improving security and enhancing decentralization.

Secondly, the launch of the L2 will also result in an increase in Shiba Inu’s burn rate, with 70% of the base transaction fee being destroyed.

In other words, Shibarium will result in a squeeze on SHIB’s supply, which in turn will boost relative demand and the coin’s price.

Such an effect will be magnified by the fact that Shibarium’s efficiency gains will attract more users to the Shiba Inu ecosystem and its apps (e.g. ShibaSwap), meaning more burns and more of a positive impact on SHIB’s price.

We could therefore witness a gradual climb in terms of SHIB’s price over the course of the year (and beyond), a process which will be helped along by the aforementioned launch of SHIB: The Metaverse.

The latter is a Shiba Inu-themed virtual world where users will be able to purchase, explore, and trade 100,595 NFT-based lands, as well as a big number of in-game items.

Its team has big ambitions for the platform, with its official website describing it as “the future of entertainment, business, and gaming all rolled into one.”

Combined with Shibarium, it could really herald a massive uptake in demand for SHIB, which could move through the gears and reach new levels.

Indeed, it’s likely that Shibarium alone will push SHIB up to $0.000015 and $0.00002, while the eventual arrival of SHIB: The Metaverse could see it rise even higher, to $0.00005 or perhaps $0.0001 by the end of 2023.

Buy Shiba Inu Now

Other High-Potential Tokens

SHIB certainly looks undervalued right now and could be due for a rally in the near future.

Although, it likely won’t see substantial gains until after the full launches of Shibarium and then SHIB: The Metaverse.

As such, traders may prefer to look elsewhere for big gains at the moment, with quite a few new altcoins and presale tokens showing some real potential.

The Cryptonews Industry Talk team has studied such coins and created a list of the top 15 cryptocurrencies for 2023, each with good short-term as well as long-term prospects.

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.