Shiba Inu (SHIB), the world’s second most popular and largest crypto meme token by market capitalization that lives as an ERC-20 token on Ethereum, has been range bound in the $0.00000850-0.0000090 area over the last few days.
The bears have been catching their breath after sending the cryptocurrency cascading lower earlier this month.
But near-term price predictions remain bearish.
At current levels in the $0.0000086s, SHIB was trading with losses of around 14% this month and is down around 45% versus its earlier yearly highs in the $0.000016 area.
SHIB is still up around 8% on the year.
But that pales in comparison to the gains seen in major cryptocurrencies such as Bitcoin, which is currently up in the region of 65%.
Is SHIB Adoption on the Rise?
But the price action belies the fact that recent developments within the Shiba Inu (SHIB) web3 ecosystem have been largely positive.
For example, the beta version of Shiba Inu’s layer-2 Ethereum scaling solution Shibarium continues to perform exceptionally well and will soon hit 10 million transactions, as per puppyscan.shib.io.
Indeed, the number of daily transactions taking place on the network recent surged to around 400,000, suggesting that there is a lot of interest in Shibarium, implying the Shibarium mainnet launch should be a big success.
Shiba Inu community members and supporters hope that the launch of Shibarium will be the beginning of a new era of growth for the Shiba Inu web3 ecosystem and could lead to a rise in adoption.
The layer-2 scaling solution should mean much lower transaction fees, which act as a deterrent for SHIB trading and Decentralized Finance (DeFi) activity on the Ethereum blockchain.
According to comments made recently by Shiba Inu marketing specialist LucieSHIB, the Shibarium mainnet launch could come in the second half of 2023.
Shiba Inu developers also hope to release SHIB: The Metaverse before the end of this year as well.
If the project remains on track and delivers these two major milestones this year, 2024 could be a year of explosive growth and rising adoption for SHIB.
Price Prediction – Where Next for Shiba Inu (SHIB)?
Shiba Inu (SHIB) remains on course to retest its late-2022 lows under $0.000008, given the current still dire technical outlook.
Sell pressure unsurprisingly remains elevated in wake of SHIB’s bearish breakout from a descending triangle structure earlier this month.
And with SHIB below all of its major moving averages and having just experienced a death cross (when the 50DMA goes below the 200DMA), price momentum remains decisively negative.
With Shiba Inu trading well below recent and historic highs, it certainly isn’t too late to buy SHIB for those betting on a longer-term recovery
Shiba Inu (SHIB) Alternatives to Consider
Investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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