Shiba Inu (SHIB), the second-largest crypto meme token by market cap, has seen quite a fluctuation in price recently. The token is currently range-bound in the $0.00000850-0.0000090 area, down about 14% this month and around 45% from its earlier yearly highs in the $0.000016 range. Despite this, SHIB has still managed to gain around 8% on the year, though this is far less than major cryptocurrencies such as Bitcoin.
While the near-term price predictions for SHIB remain bearish, recent developments within the Shiba Inu web3 ecosystem have been largely positive. The beta version of Shiba Inu’s layer-2 Ethereum scaling solution, Shibarium, continues to perform exceptionally well and is approaching 10 million transactions. With daily transactions recently surging to around 400,000, there seems to be a strong interest in Shibarium, which could mean a successful mainnet launch.
Supporters of Shiba Inu hope that the launch of Shibarium will usher in a new era of growth for the ecosystem, leading to increased adoption. Thanks to the layer-2 scaling solution, transaction fees should decrease, potentially encouraging more SHIB trading and decentralized finance (DeFi) activity on the Ethereum blockchain. Shiba Inu marketing specialist LucieSHIB recently suggested that the Shibarium mainnet launch might happen in the second half of 2023.
Additionally, Shiba Inu developers are working to release SHIB: The Metaverse before the end of this year. If both milestones are achieved in 2024, we could witness explosive growth and rising adoption for SHIB.
However, it’s hard to ignore Shiba Inu’s current technical outlook, which is still bearish. With SHIB trading below all major moving averages and a recent death cross, price momentum remains decisively negative. As a result, the token remains on track to retest late-2022 lows under $0.000008.
Despite the current outlook, it may not be too late for investors to consider buying SHIB for a potential long-term recovery. A high-risk-high-reward investment strategy some may want to explore is participating in crypto presales, which entail buying up tokens for new crypto projects in their initial stages. These tokens are often sold cheaply and have historically delivered significant gains to early investors. By identifying projects with strong teams and revolutionary applications, investors may find promising risk/reward opportunities in presales.
In conclusion, Shiba Inu faces both potential growth and challenges in the coming year. While its web3 ecosystem has seen positive developments and the upcoming milestones could lead to increased adoption, the token’s present technical outlook remains concerning. Investors looking for long-term recovery may want to keep an eye on SHIB and explore alternative investment strategies, such as participating in crypto presales.
Source: Cryptonews
