The price of Shiba Inu (SHIB) has risen by 2% in the past 24 hours, reaching $0.00001129 as the cryptocurrency market as a whole gains by 3.5%.
SHIB’s price action today means that it has increased by 3% in a week and by 6.5% in the past fortnight, with the meme token seeing a 39% since the beginning of 2023.
Its increase today follows the news that Twitter is now offering cryptocurrency (and stock) trading on its network in partnership with eToro, with the social investing platform already listing SHIB on its own website.
And with Shiba Inu also looking forward to the launches of Shibarium and SHIB: The Metaverse, its native token could be in line for several notable rallies in the coming months.
SHIB’s indicators suggest that it could be in line for further price increases over the weekend, with its relative strength index rising steadily above 50 and beyond.
Likewise, SHIB’s 30-day moving average (yellow) has begun rising above its 200-day average (blue), while its price has shot above both in the past week.
The key resistance level here is $0.0000113 – if SHIB can break through this price (something which it has failed to do on repeated occasions since March), then it could likely see further consolidated gains in the next few days.
Rises could be helped by the fact that Twitter has begun rolling out a stock and crypto trading feature on its network, doing so in partnership with eToro.
The social network will integrate with eToro so that its users can see real-time cryptocurrency prices on its site/app, while users will also be able to trade crypto on Twitter (but using the eToro backend).
Given that SHIB is among the various cryptocurrencies that eToro presently lists, it could therefore see a boost in trading and, by extension, a boost in price.
SHIB’s price will also be helped by the arrival of layer-two network Shibarium, which is due a full public rollout in the next few weeks following the launch of its beta last month.
The latest available data reveals that the layer-two network has processed over three million transactions to date, testifying to how widely it’s being tested by developers and to how popular it could become once publicly launched.
Promisingly, Shibarium’s official launchpad has also revealed it’s receiving thousands of applications from projects to launch apps on its network, something which also suggests that the layer two could help cause an explosion in the size of Shiba Inu’s ecosystem.
It should also be pointed out that Shibarium will result in more SHIB being burned, with its development team confirming that each transaction on the layer two will burn a portion of its overall value.
Even though the specific rate at which SHIB will be burned hasn’t been confirmed, this is very bullish for the meme token, and the market can expect it to rise gradually in price over the coming months.
From its current price of around $0.00001129, traders could expect it to reach $0.000015 following the launch of Shibarium, with the coin potentially rising up to $0.00002 in the latter half of 2023.
And if Shiba Inu also witness the launch of SHIB: The Metaverse by the end of 2023, SHIB’s price could even lose a decimal place by the time 2024 rolls around.
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