The dog breed Shiba Inu close up on green grass
Our prediction for Shiba Inu coin price (SHIB) depends on the bulls’ ability to reclaim the $0.00001812 level. SHIB-USD pair has shown a great recovery since its December 2022 low of $0.00000778. The price is 60% up since the start of 2023. The upcoming launch of the Shibarium layer can send SHIB price to stellar.
On Wednesday, Shiba Inu price tumbled as the Bitcoin price fell below $24,000. Most altcoins also showed similar price action as the top cryptocurrency BTC failed to break above $25,000. Many investors are waiting for the FOMC minutes to guess the upcoming rate hikes before taking positions.
As per the latest Shiba Inu news, the beta version of the much-awaited Shibarium layer 2 is scheduled to launch this week. There is no official confirmation yet. However, SHIB developer and community member Shytoshi Kusama’s tweets point towards a launch this week.
In other news, the burn rate of SHIB is also constantly increasing. As per the official burn website, the burn rate has surged above 700% in the past 24 hrs. The holders of the most popular dog coin have burned more than $7.2 million coins since yesterday.
The upcoming launch of Shibarium layer 2 is likely to put positive pressure on SHI/USD chart. Users will require BONE to transact on the new network. The launch is also expected to increase the burn rate of the Shiba Inu coin, which will put pressure on its price upwards.
Another reason for a sudden price increase can be a sudden tweet from Elon. Recently, the tech billionaire posted an image of a dog sitting on the Twitter CEO chair. The tweet pumped the popular dogcoin Floki Inu as it surged above 125%.
On daily chart, Shiba Inu price prediction can turn bullish only after reclaiming the $0.00001512 level. The price has already faced rejection from this level at the start of this month and now trading at $0.00001287. If BTC price remains above $21,300, then the Shibarium launch can propel the price to $0.00001812 level. This is the August 2022 high which hasn’t been retested since then. The market right now is quite intriguing, with lots of arguments as to whether we are in recovery mode or the calm before the storm. The Tesler App is a great tool that can help calm your nerves and trade more objectively and effectively.
This post was last modified on Feb 23, 2023, 10:00 GMT 10:00