With the Shibarium launch on the horizon, Shiba Inu (SHIB) is precariously close to its 200-Day MA. Analysts are confident that SHIB is poised to reach $1 and beyond, given its strong market sentiment seen earlier in January 2023. SHIB touched a high of 0.0000151 USD and made significant advances as the Shibarium launch neared.
SHIB price action in the last quarter of 2022 saw the meme token surge continuously, from a low of $0.000007914 to a high of $0.00001551. Cryptocurrency markets have been showing a positive trend since the beginning of 2023.
Shiba Inu’s price is mainly driven by hype spread through social media. As a result, swift drops in value are as frequent as bull runs. Meanwhile, whale activity has increased significantly, with SHIB topping the top 100 most traded tokens list.
Shiba Inu was created in August 2020 by an anonymous ‘Ryoshi’ and started as a joke. Data from Coinmarketcap show the coin first listed at $0.000000000145.Shiba Inu has since had two notable pumps characterized by high trading volumes. The first happened on 4 May 2021. Shiba Inu surged by over 1000%.
The second pump started on 3 October 2021. Major endorsements fueled the pump from big celebrities like Elon Musk. Shiba Inu would reach its all-time high of $0.00008845 on 28 October 2021. The pump would have Shiba Inu dubbed the ‘Dogecoin Killer’ after it almost toppled Doge as the top meme coin by market capitalization. Shiba Inu today boasts a return on investment of 653,481%.
If the bear market of 2022 ends in 2023, then the SHIB coin is expected to have a good year. The 30-day moving average (red) recently halted after surpassing the 200-day (blue), making it vulnerable if today’s selling activity continues. In this case, a pullback to the long-term average makes sense.
As the Shibarium side-chain nears its launch, it is anticipated that SHIB tokens will experience a significant increase in value. The network’s development team revealed that the beta version of their layer-two platform is about to be released and available for public use shortly after. Fundamental developments have been driving the price of the SHIB token’s astronomical growth over the last few days.