The Shiba Inu (SHIB) price has decreased by 0.8% in the last 24 hours, now trading at $0.00001082. Despite a 20% drop over the past month due to ongoing market challenges, SHIB has managed a 4% increase over the last week.
Recent market turbulence has been exacerbated by news that the SEC might pursue legal action against Coinbase, a situation the exchange has prepared to confront if necessary.
Despite today’s slight decline, SHIB remains well-positioned for potential recovery, buoyed by the recent beta launch of Shibarium and the highly anticipated debut of SHIB: The Metaverse later this year.
Shiba Inu Price Forecast Holds Solid Despite SHIB Market Correction – Time to Buy?
SHIB’s technical indicators present a mixed outlook, with a rising Relative Strength Index (RSI, depicted in purple) contrasting against a declining 30-day moving average (shown in red).
Despite these mixed signals, the prevailing sentiment suggests that SHIB is more likely to experience an upward trajectory than to decline further, especially given that the RSI has been in the oversold territory for much of the month.
Furthermore, SHIB’s current price position below both the 30-day and 200-day moving averages hints at a potential rebound in the near future. Although the beta launch of the Shibarium layer-2 network last week was a notable development, it failed to significantly impact SHIB’s price.
This subdued response can be attributed to allegations that Shibarium’s developers plagiarized code from another blockchain. However, these claims were swiftly refuted by developer Kaal Dhairya. It’s important to recognize that SHIB remains significantly undervalued due to these allegations, suggesting that it may achieve considerable gains once it begins its upward movement.
Another factor contributing to Shibarium’s inability to boost SHIB’s price was the absence of crucial technical documentation necessary for contributors to initiate test nodes at the time of the beta launch. However, according to updates from the Shiba Inu technical Discord server, this documentation has now been made available. This development indicates that activity on the testnet version of Shibarium is expected to escalate shortly.
Importantly, the availability of this documentation is expected to help prevent significant delays in the full launch of Shibarium. The release of Shibarium is anticipated to enhance the speed and efficiency of the Shiba Inu ecosystem, thereby reducing the cost of using its applications, such as ShibaSwap.
This improvement could lead to wider adoption and utilization of the Shiba Inu ecosystem and, consequently, increase the demand for SHIB. Encouragingly for investors, SHIB ranks as one of the most sought-after coins in the market, with WhaleStats data indicating that whales possess more meme tokens, measured in dollars, than any other ERC-20 token.
This trend suggests that whales have been maintaining their SHIB holdings for an extended period, in anticipation of a substantial price increase. With the innovative development of SHIB: The Metaverse, such a moment appears to be on the horizon. SHIB: The Metaverse will introduce a Shiba Inu-themed sandbox world, offering users the opportunity to buy, explore, and trade a wide array of in-game items and 100,595 NFT-based lands.
The team recently unveiled updates, including early visuals of one of the metaverse’s diverse areas. These images not only impress but also align with the platform team’s ambitious vision, described as “the future of fun, business, and play combined.” Following its launch, the native token, SHIB, is anticipated to experience consistent growth. It’s feasible that we could see its value returning to $0.000015 and $0.00002 in the coming months. Furthermore, significant developments, such as the launch of SHIB: The Metaverse, have the potential to surpass these expectations, possibly even breaking through the current price levels.
When Is The Best Moment To Buy A Shiba Inu?
Currently, it is considered an opportune time to invest in SHIB, as its fundamentals are strengthening daily, and it appears to be undervalued. However, significant returns from Shibarium and SHIB: The Metaverse may not materialize until their full release. Consequently, traders seeking immediate substantial gains might explore other options, with numerous new altcoins and presale tokens demonstrating considerable potential.
The Cryptonews Industry Talk team has conducted research on such cryptocurrencies, creating a list of the top 18 cryptocurrencies for 2023. These selections promise favorable short-term and long-term prospects. This list is continually updated to include new altcoins and ICO projects.
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