• Shiba Inu’s 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.
• Recent developments within the Shiba Inu ecosystem suggest that a breakout may be closer than some think, with the Shibarium Network due to launch its beta in the coming weeks.
• Crypto experts are predicting that Shiba Inu could be one of the major coins to watch this year, with significant rallies potentially in sight.
Shiba Inu, a meme token, has seen its price rise in the past 24 hours, reaching $0.00000845. This was in response to anticipation of the upcoming launch of the Shibarium layer-two scaling network. The current price represents a 6% increase in a week, although the token remains down by 10% in the month, with the excitement surrounding Shibarium not quite enough to fully offset weeks of market negativity.
The 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. Crypto experts are predicting that Shiba Inu could be one of the major coins to watch this year, with significant rallies potentially in sight.
The Shibarium Network is due to launch its beta in the coming weeks, although the team hasn’t provided a specific date or window. The team has previously stated that the network will be using a multi-chain architecture, which is expected to increase the throughput of the SHIB token and make the network more secure and scalable.
In addition, the team has also been working on a series of upgrades to the Shiba Inu blockchain, including the implementation of a reward system, a new staking system, and a liquidity pool. These new features are expected to increase the functionality of the SHIB token and make it more attractive as a currency.
Looking at the SHIB 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 break out and rise again in the near future.
As such, the launch of the Shibarium Network and other upgrades to the Shiba Inu blockchain could be the catalyst for a strong surge in the SHIB token’s price. This could be the start of a significant rally that could potentially see the price reach levels even higher than its all-time high of $0.0000919.
Overall, Shiba Inu is a meme token that is showing signs of real potential and could be one of the major coins to watch this year. Its upcoming launch of the Shibarium Network, along with other upgrades to the blockchain, could be the catalyst for a strong surge in the SHIB price. As such, crypto experts are predicting that Shiba Inu could be one of the major coins to watch this year, with significant rallies potentially in sight.