Shiba Inu, popularly known as the “Dogecoin Killer,” has been one cryptocurrency with a constant buzz around it in 2023.
According to data from CoinMarketCap, the second largest meme coin has gained a staggering 74.41% since the start of the new year as the crypto market continues its impressive recovery.
Much of the attention around Shiba Inu has been driven by the impending launch of Shibarium, a layer-2 network designed to reduce Shiba Inu’s reliance on the Ethereum blockchain by processing the larger portion of transactions involving all Shiba Inu-based tokens – SHIB, LEASH, and BONE – thus leading to higher throughput and lower fees.
In the latest development on Shiba Inu, the token has soared by 14% in the last 24 hours, outperforming every other coin in the top 40 crypto cryptocurrencies based on market cap values.
SHIB’s recent price rally occurred a day after the Unification Foundation, Shibarium co-developers, released an update on the layer-2 project, boosting the level of excitement among the “SHIB Army” – SHIB holders and loyal supporters.
At the time of writing, Shiba Inu is changing hands at $0.00001409, with a daily trading volume of $1,138,725,144. Based on more data from CoinMarketCap,SHIB is ranked as the 13th largest cryptocurrency in the market, with a market cap value of $7,735,163,773.
SHIB trading at $0.00001408 | Source: SHIBUSD chart on Tradingview.com
Shibarium Beta Launch Gets Closer
According to a medium blog post on Friday, the Unification Foundation gave a much-needed update on the Shibarium project, in which they stated the beta launch date is quickly approaching.
“Unification has always worked with projects we believe in, as architectural development support, and are proud to do so with our friends on this project. Given the scope, it’s foolish to rush, but work is progressing well, and although the public beta network is yet to be deployed, that day is rapidly moving ever closer,” read the statement.
Although the exact date of Shibarium’s launch date is yet to be mentioned by either the Unification Foundation or the Shiba Inu lead developer Shytoshi Kusama, many of the SHIB army predict it to be February 14.
Such speculations are rampant due to a cryptic tweet posted by Shytoshi, which is now deleted. The tweet read, “Quickly learning to play the flute before putting Shibarium in a heart shaped box with a bow.”
Another Shibarium update mentioned in Unification’s blog post is the successful testing exercise of the Oracle of Oracles (OoO) solution on the Shibarium alpha network.
Shiba Inu (SHIB) Price Prediction For 2023
According to PricePrediction.net, SHIB is expected to show an overall bullish trend in 2023. Based on their price forecasts, the meme coin could trade as high as $0.00001960, indicating a plausible 39.40% gain on the current market price.
Coincodex also predicts SHIB to maintain its current positive price pattern. By 2024, Coincodex anticipates SHIB could be trading with a market price of $0.00002005 if the token’s growth is similar to that of the projected internet evolution.
That said, these Shiba Inu price predictions should not be used for investment advice, as the crypto market movement remains subject to numerous forces which could result in heavy losses. However, considering its current market performance and the upcoming launch of Shibarium, Shiba Inu remains one of the most promising tokens of 2023.