The price of Shiba Inu rose 3% in the last 24 hours amid expectations that the beta launch of Shibarium’s second tier Shiba Inu network could take place by the end of the week. This helped limit SHIB’s 10% gain over the past 30 days, although the coin fell 3% last week.
The arrival of Shibarium potentially marks a new era for Shiba Inu, in which it moves from a mere meme cryptocurrency to a platform that offers real utility. And combined with the potential launch of SHIB: The Metaverse this year, its launch could help propel SHIB to new records.
Shiba Inu Price Forecast As SHIB Sees $400M Trading Volume – $1 SHIB Coming In?
The SHIB chart is in a mixed position and could potentially go either way from here. Its relative strength index (purple), for example, has started to rise again after falling to near 50 over the past few days, indicating a slight recovery of the momentum it had in late February.
At the same time, the SHIB 30-day moving average (red) continues to gradually rise above the 200-day average (blue). This suggests that its current rally may have room to continue before the coin becomes overbought.
In terms of resistance levels, a clean break above $0.0000135 could indicate more sustained growth for the altcoin. And with SHIB’s 24-hour trading volume exceeding $400 million today, it looks like it has the liquidity and interest to achieve such growth.
Indeed, one thing that could help SHIB continue to grow is the aforementioned Shibarium beta launch. Although not confirmed, the coin’s Crypto Twitter community reported that Shitoshi Kusama, one of the lead developers of the second tier network, said that the beta launch would happen “this week”.
This may explain SHIB’s above-average growth today. However, even if the beta version of Shibarium doesn’t go live until the end of this week, its arrival in the near future will surely help SHIB’s continued growth.
As for where exactly SHIB could go, some proponents predict that it will reach its all-time high this year (which currently stands at $0.00008616) and that it could eventually even reach $1.
However, a price of $1 would mean that SHIB is up about 7,500,000% from its current price. Given that the coin is already up about 23,600,000% from its all-time low of $0.000000000056366 (set in November 2020), it may be hard to imagine such a rise, especially when SHIB has a total cap supply of 999.99 trillion.
However, there were reports that SHIB whales were increasing their holdings in the meme token, pointing to further growth.
Similarly, Shibarium’s imminent launch will later be augmented by SHIB: The Metaverse, a Shiba Inu-themed virtual world where users can explore and own plots of land (and various other objects) based on NFTs. It’s set to launch later this year, and perhaps even more than Shibarium, it’ll help Shiba Inu become a more complete platform than just a meme token.
Given that SHIB will be the native token of its own metauniverse, the launch of the latter will lead to much greater demand for the altcoin. All other things being equal, its price should increase steadily over time after launch.
With all this in mind, SHIB could rise to $0.00002 by the end of the year or even higher if the above two launches do particularly well. This will lead to a 50% increase compared to the current price of the coin.
