Is it Too Late to Buy Shiba Inu? Crypto Experts Give their SHIB Price Predictions for 2023
The Shiba Inu price has risen by 3% in the past 24 hours, reaching $0.00000845 amid anticipation of the upcoming launch of the Shibarium layer-two scaling network. Its current price represents a 6% increase in a week, although the meme token remains down by 10% in a month, with excitement regarding Shibarium still not doing quite enough to fully offset weeks of market negativity.
However, the imminent launch of the layer-two scaling solution shows that Shiba Inu is serious about being more than just another gimmicky meme coin, something also indicated by its long-awaited metaverse. As such, SHIB really could be one of the major coins to watch this year, with significant rallies potentially in sight.
Based on SHIB's price chart, it has long been due a rebound to correct months of selling. Its relative strength index (purple) has spent months below 50 (or lower), although its recent ascent signals that we may be at the start of a rally.
Similarly, its 30-day moving average (red) has remained below its 200-day average (blue) for pretty much all of the past 12 months, again indicating that it really should breakout and rise again in the near future.
Recent develops within the Shiba Inu ecosystem suggest that such a breakout may be closer than some think. As mentioned above, the Shibarium Network is due to launch its beta in the coming weeks, although its team haven't provided a specific date or window.
This is a major development for Shiba Inu, since up until now the Ethereum-based cryptocurrency has suffered (like many other platforms) from relatively high Ethereum gas fees. However, with the launch of Shibarium, it will become much faster and much more affordable, something which should facilitate further uptake and use of
Read more on cryptonews.com
