Shiba Inu Price Prediction As SHIB Becomes Top 15 Crypto by Market Cap – Can SHIB Get to 1 Cent?

Source: TradingView

The Shiba Inu price is down 1% in the last 24 hours, dipping to $0.00001087 while the broader cryptocurrency market is up 2% today.

SHIB is also up a modest 0.5% in the last week, and is actually down 17.5% in the last 30 days, at a time when Bitcoin (BTC) is up 28% and 15% in the same time periods.

Despite this relatively poor performance, SHIB has recently become one of the top 15 cryptocurrencies by market capitalization, with a total value of $6.4 billion, making it the 14th largest coin overall.

And with the release of the layer-two network Shibarium beta last week, the groundwork has been laid for SHIB to see some sizable gains in the coming months, particularly with the highly anticipated SHIB: The Metaverse also revealing some new updates.

Shiba Inu Price Prediction As SHIB Becomes Top 15 Crypto By Market Cap – Can SHIB Hit 1 Cent?

SHIB indicators look like a rally may be imminent, as both its Relative Strength Index (purple) and its 30-day moving average (red) are in depressed positions due for a positive correction.

Source: TradingView

For example, its RSI fell as low as 30 at the beginning of the month, which means the coin has been oversold, and with the indicator now climbing steadily towards 50, it may not be long before a rally begins.

Similarly, the 30-day SHIB has been falling for several days, getting closer and closer to an inevitable rebound rally.

It is entirely debatable that because SHIB has not seen the large gains that BTC, ETH and other major coins enjoy in the past week, it will rally significantly before long.

And there are several fundamental reasons to believe such an assumption, with the beta release of Shiba Inu's layer-two network Shibarium being the most obvious.

It went live on March 11, and the full public launch of the network is likely to take place in the coming months.

Once fully launched, Shibarium will allow people to use Shiba Inu and the various apps in its ecosystem much more cheaply, with accelerated and extended transaction times.

As such, adoption and usage of the Shiba Inu ecosystem is expected to increase, while demand for SHIBs increases as a result.

Admittedly, the launch of its beta version was not without its problems, as some observers claimed that it had stolen its chain ID from Rinia, an upcoming blockchain that is also currently in the testing phase.

However, the Shibarium developers were quick to respond to these accusations: Kaal Dhairya tweeted that they had chosen a "random" ID string for the Shibarium beta network, and that no duplication was intentional at all.

Dhairya also explained that his team would be redeploying a new Shibarium beta network with a different chain ID, which would help dismiss any suggestions that the layer two team is just copying other networks.

Despite this rebuttal, the SHIB price has actually not recovered much from the slide it took after the earlier allegations surfaced and is still underperforming many other major tokens.

Nonetheless, SHIB has moved up the rankings in terms of market capitalization this month, rising from 15th place at the beginning of March to 14th place about a week ago.

This highlights the steady growth it is enjoying, something that can continue once SHIB: The Metaverse He has launched.

While there's no specific release date for this Shiba Inu-themed virtual world, there's a general expectation that it could arrive before the end of the year.

His team recently shared a few updates, including sharing early images of one of several areas of the metaverse.

According to the developers, the world of SHIB: The Metaverse will comprise 100,595 purchasable lands, which will be unlocked over time.

This includes 36,431 pieces of land that will be revealed during its launch phase, which in turn will include 32,124 that will be available for purchase.

These will be categorized into different districts, each with their own particular flavor and graphic style, with the metaverse positioning themselves as "the future of entertainment, business and gaming all rolled into one."

Given the focus of this platform, it remains credible to say that SHIB will witness some substantial price gains as the year progresses.

While it is only around $0.0000108 right now, it could easily post returns of $0.000015 and $0.00002 in the coming months.

In fact, many supporters expect even bigger gains, with some aiming for $0.1 (or even higher).

This is very ambitious, but if the planned Shiba Inu releases go according to plan, there is no doubt that SHIB will see some enviable returns sooner or later.

Buy Shiba Inu now

Alternatives to Shiba Inu

While SHIB has good fundamentals, you may not see big rallies for a few weeks or months.

As such, traders may prefer to look elsewhere for big profits at the moment, with quite a few new altcoins and pre-sale tokens showing real potential.

He cryptonews The Industry Talk team has studied such coins and created a list of the top 15 cryptocurrencies for 2023, each with good short- and long-term prospects.

This list is regularly updated with new altcoins and ICO projects.

Disclaimer: The Industry Talk section presents information from crypto industry players and is not part of the editorial content of Cryptonews.com.


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