The trading price of Shiba Inu (SHIB) has recorded a 2.5% dip in the recent session, which translates to 24-hours. Due to the recent dip, SHIB’s trading price has fallen to a low of $0.00001331.
This has happened because the wider market has started to move in the bearish zone since yesterday. Despite the dip in the past 24-hours, the weekly performance is still a success for SHIB.
7% Weekly Gain for SHIB
Despite the recent loss, the weekly performance of SHIB has remained quite promising for investors. Investors have witnessed a significant surge in the trading price of the meme coin in a 7-day period.
It shows that in the past 7 days, the price of SHIB has recorded a 7% gain and the situation gets even better in the past 30-day analysis. It shows that the price of the meme coin surged by 12%.
Two Major Factors Supporting SHIB’s Rallies
Despite the recent dip, investors and analysts are confident that the meme coin would move into the higher positive zone in near future.
This is because the asset is two major positive factors coming in for its support. These factors include the upcoming launch of the layer-two network for Shiba Inu and the positive sentiments of the investors.
Surprisingly, both positive factors are interconnected with each other, making it a significant combination that is helping to push SHIB’s price higher.
The latest developments around Shiba Inu suggest that the network is working tirelessly to finalize its work for its layer-two network, Shibarium.
The network has boasted so much about the network and as a result, so much hype has been created for the particular asset.
The network has made several claims about the launch of the Shibarium protocol, which has excited the entire Shiba Inu community.
This is where the second factor kicks in as it has excited every investor in the SHIB as well as other communities.
Many investors from the cryptocurrency industry are eager to invest in SHIB and potentially, the new token. This is why a great improvement has been witnessed in the sentiments of the investors.
They are excited to invest in the asset and that is what is going to set SHIB on the right track in near future.
High Expectations from Shibarium
According to the teams working on the development of Shibarium, they have very high hopes for the layer-2 protocol.
They are hoping to achieve so much with the launch of Shibarium, as it promises a cheaper and faster network. As the new network goes live, it will make the Shiba Inu blockchain more compatible with mainstream projects.
This would eventually increase the utility of the Shiba Inu blockchain where SHIB would be viewed as a useful token. This would give a strong ground for SHIB to shine and turn it into a mainstream token.
Shiba Inu to Enter Metaverse
Shiba Inu has also started calling shots to become a token of the future by entering the metaverse. It is trying to enter many segments within the metaverse, which promises a high utility and adoption rate for the native token “SHIB”.
Overall, Shiba Inu is hoping that the year 2023 would be a successful year for the network and its expansion. It may set the network on the right track to success and bring it to the very front in the first row with other major networks.
SHIB’s Price Prediction
Based on the recent developments, it is no surprise that SHIB’s price has continued pumping. The past 24-hour dip could indicate a slight exhaustion from the bulls’ side.
They may be catching up their breath and once they are done, they will go all out again to push SHIB’s price higher.
Given the fact that the sentiments of the investors are high, they may try and push SHIB beyond the $0.00001373 mark, which is the key resistance level.
If things become promising for SHIB with the launch of Shibarium, it may end up hitting $0.00008616.