Meme coins like Dogecoin and Shiba Inu Coin may experience a wild ride in 2023. What is the Shiba Inu price prediction, and is the SHIBA Inu on track to reach $1 soon? Let’s go over it in more detail.
How has the price of a Shiba Inu changed in recent weeks?
The price of Shiba Inu increased significantly at the end of October. The price of SHIB soared from 0.00001 to 0.000014 US dollars. This 40% increase was substantially greater than the rises noticed by other altcoins during this period. Even so, this sharp rise was overtaken by the latest doubling of the Dogecoin price.
However, the Shiba Inu coin was also negatively impacted by the FTX crash in the days that followed. The price dropped dramatically from $0.000014 to $0.000009. Following the massive drop, the price has gradually returned to normal. Nonetheless, the price has been reduced even further. The price has recently dropped to $0.0000082. The SHIB price is currently $0.000007949 at the time of writing.
Shiba Inu price prediction: What caused Shiba Inu’s price volatility?
In recent weeks, the Shiba Inu coin has seen significant price fluctuations. Several factors contributed to this. Bitcoin’s price had repeatedly broken out of a long sideways movement, resulting in a 40% increase. This sparked a cryptocurrency rally. Meme coins like Dogecoin and Shiba Inu Coin were particularly popular.
The FTX crash harmed the Shiba Inu coin at the beginning of November, and the Shiba Inu prediction became shaky. Meme coins, in particular, had to accept even greater losses. Because of the nature of these coins, this is the case. Overall, the Shiba Inu price was lower after the crash than it had been earlier.
Shiba Inu to Reach 1$ soon because of Shibarium?
Now, the Shibarium layer-2 blockchain will be launched soon, according to one of the project’s lead programmers on Twitter. This could drive the SHIB price to 1$. Shytoshi Kusama, the developer, tweeted on December 24 that Shibarium is nearly impossible to show up before the end of the year due to the holiday periods. Kusama told the Shiba folks that the Shibarium would come “very soon.”
Shibarium is being established as a layer-2 blockchain to improve the scalability of Shiba Inu’s host chain Ethereum. The following are the advantages:
- With the launch of Shibarium, just about all SHIB transactions that occurred previously on Ethereum will now take effect on Shibarium. This is a major development because the primary criticism directed at Ethereum is its increased gas fees and low latency functionality. Because Shiba Inu is constructed on Ethereum, these considerations have slowed significantly the SHIB network’s development.
- Shibarium will provide a strategy for burning SHIB tokens. SHIB can be transformed into a utility token by minimizing its supply in distribution.
- Shibarium developers want to make Shibarium one of the most desirable networks for dApps growth, particularly since dApps (decentralized applications) are among the most fiercely debated subjects in the cryptocurrency world.
- Shibarium envisions being an ecosystem from which potential Shiba Inu projects will come up. SHIB: The Metaverse and a blockchain edition of the Shiba Eternity game are two such examples of such initiatives.
- Shibarium will also use five utility tokens to meet its objectives SHIB, BONE, LEASH, TREAT, and SHI. Each offers distinct ways for stockholders to raise their investment return. Shibaswap, the ecosystem’s native DEX, can be utilized by stockholders to exchange tokens, take part in governance, create passive income, and buy NFTs.
While most crypto users are already aware of SHIB’s meme token, it is trying to expand beyond its preliminary public image, with a rising community that includes a DEX, NFT, and a game influenced by Shiba Inu. SHIB is determined to transform into a comprehensive ecosystem with a metaverse and blockchain games, with the incipient liftoff of Shibarium, a Layer 2 solution that will facilitate faster transactions and lower gas expenses. Moreover, it has extended to include tokens such as LEASH, BONE, TREAT, and SHI, which serve numerous purposes in the environment.
Despite Ethereum’s recent move to a PoS network, transaction speeds are still yet to drastically improve. As an outcome, one of Shibarium’s objectives is to use Ethereum’s secure network as a layer-2 solution to improve Shiba Inu’s scalability. This could really drive the SHIB price in 2023.
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