The price of Shiba Inu has risen by 4% in the past 24 hours as the cryptocurrency market recovers from the weekend’s selloff and benefits from fears over the banking system.
At $0.00001099, SHIB remains down by 1.5% in a week and by 15% in the last 30 days, although the meme token has risen by 35% since the beginning of the year.
SHIB continues to be one of the most traded ERC-20 tokens in the market, according to the latest data from WhaleStats, while also accounting for the biggest holdings (in dollar terms) among large investors.
And with Shiba Inu still awaiting the launch of the Shibarium layer-two network, there are plenty of reasons to suspect that further rallies are incoming, especially if the apparent banking crisis ends up encouraging investors to turn to crypto.
Shiba Inu Price Prediction as SHIB Spikes Up 4% – Is a New Rally Starting?
SHIB’s indicators suggest that its current rally could last for a few more days, with its relative strength index (purple) jumping from 30 to just over 40.
That the RSI has risen from an oversold position suggests that today’s rally may continue throughout this week, a suspicion supported by the fact that SHIB’s price is yet to rise above its 30-day moving average (red).
It’s likely that if SHIB can break through the $0.000015 resistance level, it may rise even higher, with the coin eyeing the $0.00001250 level it had at the beginning of March.
There’s a good chance it could reach such a level before the month ends, with the banking crisis in the US (and elsewhere in the world) pushing people towards the cryptocurreny market.
Indeed, this is the short-term trigger for today’s SHIB rally, as well as the market-wide rally that’s largely responsible for boosting SHIB’s price.
With a number of banks already failing (e.g. Silvergate, SVB, Signature) and with several seeing massive stock price declines (e.g. Credit Suisse), it seems that some people are looking for somewhere else to put their money besides a bank.
While the Federal Reserve and other bodies have stepped in to calm nerves, it’s hard to say whether the situation will stabilize immediately, something which could play into the hands of SHIB and other cryptocurrencies.
At the same time, SHIB is also likely to benefit from the arrival of Shibarium, which launched in beta over the weekend.
In the long run, having a layer-two network specifically for Shiba Inu is only going to increase usage of the latter’s ecosystem, which has been expanding over the past couple of years to include ShibaSwap and other dApps.
Shibarium will make it easier, faster and cheaper to use Shiba Inu, something which, in turn, will boost demand for SHIB.
What’s particularly encouraging about all this is that there’s already plenty of demand for SHIB, which happens to be one of the most widely held and purchased ERC-20 coins among whales.
As noted above, it remains the fourth-most widely held ERC-20 token among whales in dollar terms, behind ETH, USDC and USDT.
In fact, SHIB is the 12th-most purchased token among whales today, behind a variety of stablecoins (e.g. USDC, USDT) and some other alts (e.g. MATIC, SNX).
Such popularity is likely to only increase with time, with Shiba Inu also looking forward to the eventual release of SHIB: The Metaverse, a Shiba Inu-themed virtual that could launch by the end of the year.
Once launched, this platform will consist in 100,595 plots of land that can be purchased and explored by users, with SHIB set to be one of its native tokens.
As with Shibarium, the launch of Shiba Inu’s own metaverse can only boost demand for SHIB going forward, so the long-term picture for the coin is very good.
As for a more short- and medium-term picture, data from Changelly suggests an average year-high prediction of $0.0000154485, which represents a very nice 40% gain over its current price.
Of course, some SHIB holders are looking at a much higher target, with $0.1 remaining a popular (if not entirely realistic) aim for much of the Shiba Inu community.
Buy Shiba Inu Now
Shiba Inu Alternatives
SHIB may be doing well at the moment, but it’s not the only high-potential coin in the market right now.
From newer altcoins to presale tokens, there are a variety of promising cryptocurrencies in the market, each presenting the possibility for decent gains.
Accordingly, the Cryptonews Industry Talk team has created a list of the top 15 cryptocurrencies for 2023, each with good short-term as well as long-term prospects.
This list is regularly updated with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
cryptonews.com
