• Shiba Inu (SHIB) is range bound in the $0.00000850-0.0000090 area over the last few days and is down around 45% versus its earlier yearly highs in the $0.000016 area.
• Recent developments within the Shiba Inu (SHIB) web3 ecosystem have been largely positive, such as the beta version of their layer-2 Ethereum scaling solution Shibarium soon hitting 10 million transactions.
• Shiba Inu developers hope to release SHIB: The Metaverse before the end of this year and if successful, 2024 could be a year of explosive growth and rising adoption for SHIB.
Shiba Inu Price Action
Shiba Inu (SHIB), the world’s second most popular and largest crypto meme token by market capitalization that lives as an ERC-20 token on Ethereum, has been range bound in the $0.00000850-0.0000090 area over the last few days.The bears have been catching their breath after sending the cryptocurrency cascading lower earlier this month.But near-term price predictions remain bearish with SHIB currently trading with losses of around 14% this month and is down around 45% versus its earlier yearly highs in the $0.000016 area. SHIB is still up around 8% on the year compared to gains seen in major cryptocurrencies such as Bitcoin, which is currently up in the region of 65%.
Positive Developments Within SHIB Web3 Ecosystem
Recent developments within the Shiba Inu (SHIB) web3 ecosystem have been largely positive such as their layer-2 Ethereum scaling solution Shibarium soon hitting 10 million transactions with daily transactions taking place on network recent surged to around 400,000 suggesting there is a lot of interest in Shibarium implying mainnet launch should be a big success when it arrives later this year or early 2023.
Metaverse & Mainnet Launch
Shibarium mainnet launch could come in second half of 2023 while Shiba Inu developers also hope to release SHIB: The Metaverse before end of this year as well which should mean much lower transaction fees, acting as a deterrent for SHIB trading and Decentralized Finance activity on Ethereum blockchain.. If project remains on track and delivers these two milestones this year, 2024 could be a year of explosive growth and rising adoption for SHIB .
Bullish Factors For Increased Adoption
The launch of Shibarium should lead to increased adoption due to its low transaction fees for DeFi activities making it attractive for more users while having The Metaverse released will give users more means to interact with each other via NFTs , games etc thus leading to increase usage over time contributing towards higher prices .
Conclusion
If successful , Shiba Inu’s development milestones are expected bring massive potential both from technological standpoint allowing scalability while increasing user base too , leading to higher prices potentially .