Shiba Inu price is down 0.8% in the last 24 hours to trade at $0.00001082. SHIB has increased by 4% in the last 1 week, despite falling 20% in the last 30 days due to the continued problems the market has faced in recent weeks.
The most recent of the events that has shaken the market is news that the SEC is likely to take legal action against Coinbase , even though the exchange has indicated that it will stand behind it if necessary.
While SHIB is resisting further declines today, it is in a good position to rebound, especially with Shibarium’s recent beta launch and the long-awaited launch of SHIB: The Metaverse later in the year.
Shiba Inu Price Forecast Holds Solid Despite SHIB Market Correction – Time to Buy?
SHIB’s indicators are mixed with a rising relative strength index (purple) and a falling 30-day moving average (red).
Despite this mix, it’s arguable that SHIB is currently likely to rise rather than fall again, as the RSI has been clearly oversold for much of this month.
Likewise, the fact that the price remains below the 30-day and 200-day moving averages indicates that it should rise again in the near future. Despite celebrating the beta launch of the Shibarium layer-2 network last week, SHIB could not get wind of it.
This is largely due to accusations that Shibarium developers stole code from another blockchain , but such allegations were quickly dismissed by developer Kaal Dhairya . The important thing to note here is that SHIB remains in a very undervalued position due to these claims, meaning it could see bigger gains when it eventually starts to rise.
Another reason Shibarium was unable to raise the price of SHIB is that important technical documentation required to enable contributors to open test nodes was not released with the beta launch. However, according to Shiba Inu ‘s technical Discord server, these documents are now available, meaning that activity on the testnet version of Shibarium will increase very soon.
More importantly, this version of the docs will help ensure that the full release of Shibarium isn’t pushed back too far. When Shibarium launches, it will bring more speed and efficiency to the Shiba Inu ecosystem, making its apps (e.g. ShibaSwap) cheaper to use.
Therefore, it could lead to greater adoption and use of the Shiba Inu ecosystem, while also increasing the demand for SHIB. What encourages investors is that SHIB is already one of the most in-demand coins on the market, and WhaleStats data shows that whales hold more meme tokens (in dollars) than any other ERC-20 token.
This shows that whales have been holding SHIB for a long time and are waiting for the time when its price will increase significantly. Given the progressive approach of SHIB: The Metaverse, such a time may not be too far off. As the name suggests, this will be a Shiba Inu-themed sandbox world where users can purchase, explore and trade a variety of in-game items alongside 100,595 NFT-based terrains.
The team recently shared a few updates, including sharing early images of one of the different areas of the metaverse. Not only do these images look impressive, but in line with the platform team’s lofty goals, they describe it as “the future of fun, business and play combined”. The native token SHIB can also be expected to rise consistently after its launch. While we could easily see returns to $0.000015 and $0.00002 in the next few months, big news like the launch of SHIB: The Metaverse could break even the decimal places.
When Is The Best Moment To Buy A Shiba Inu?
Now is a very good time to buy the SHIB as its fundamentals are getting stronger day by day and it’s undervalued. However, Shibarium and SHIB: The Metaverse are unlikely to see any major returns until fully released, so traders may prefer to look elsewhere for big returns right now, with many new altcoins and presale tokens showing some real potential.
The Cryptonews Industry Talk team has studied such cryptocurrencies and compiled a list of the 18 best cryptocurrencies for 2023, each with good short-term and long-term prospects. This list is regularly updated with new altcoins and ICO projects.