The Shiba Inu price has dropped by 3% in the past 24 hours, slipping to $0.00000895 on a day when the market has pared back some of its gains from earlier in the week.
Yet this loss comes at a time when transactions on Shibarium have reached a record high, topping 32 million only a couple of months after the layer-two network launched.
Shibarium has helped feed demand for SHIB, which is now up by 10% in a week and by 8% in the last 30 days.
And with the layer-two network likely to continue driving demand for the meme token, and with the wider market set to have an end-of-year really, it will continue to rally in the coming weeks.
Shiba Inu Price Prediction as Shibarium Daily Transactions Hit Record Highs – Is SHIB Set for a Major Rally?
SHIB’s chart is currently painting a mixed picture, with its two main indicators pointing in opposing directions.
For one, its RSI (purple) has just dropped to 60 and looks like it could fall further, meaning that SHIB may suffer further losses before correcting itself.
Source: TradingView
On the other hand, the coin’s 30-day average (yellow) is still rising beyond its 200-day average (blue), and even if its rise isn’t quite as steep as it was a few days ago, it’s still pointing upwards.
It’s also encouraging that SHIB’s support level (green) continues to rise and hold up, indicating that any incoming losses are likely to be slight.
Not only that, but the meme token’s trading volume now stands at around $400 million, which is much higher than the levels – between $50 million and $100 million – recorded in September and early October.
Much of this extra volume has arisen because larger traders have returned to SHIB, with the past couple of days seeing one whale withdraw around $5.7 million of the token off Binance.
A fresh whale wallet withdrew 600B $SHIB($5.7M) from #Binance in the past 30 minutes.
Another wallet of this whale also withdrew 250B $SHIB($2.3M) from #Binance 9 days ago.https://t.co/mnZCbJne7khttps://t.co/DaUz1VaLAL pic.twitter.com/Hr5yE8ltKc
— Lookonchain (@lookonchain) December 4, 2023
On top of this, Shiba Inu has been prudently improving its fundamentals this year, with August’s launch of the Shibarium layer-two network being its most notable event.
Perhaps even more notably, Shibarium has now processed close to 34 million transactions since launching, a sign of growing demand for faster and cheaper transactions within the SHIB ecosystem.
Some notes from 32M+ transactions on Shibarium
1. Not spam transactions- Although would love to learn more about SRC-20 and how can Shibarium team support them from the devs.
2. Even with gas fees rising 1000% the normal operations were still tenth of a penny and complex…
— Kaal (@kaaldhairya) December 4, 2023
Such growth is indicative of how Shiba Inu is increasingly becoming more than a mere meme token.
This is also evident in the growth of Shiba Inu-based apps, such as ShibaSwap, a DEX which now has a 24-hour trading volume of around $1.3 billion.
Based on such developments, the Shiba Inu price is likely to continue rising over time, potentially reaching $0.000020 within the first few weeks of 2024.
Other High-Potential Altcoins
But SHIB isn’t the only promising alt in the market right now, with various newer coins also looking to rally big in the next few weeks.
One of the hottest of these right now is Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised $4.8 million in its incredibly successful presale.
#BitcoinMinetrix reaches another significant achievement!
Raising over $4,800,000. pic.twitter.com/b0UC32XoL8
— Bitcoinminetrix (@bitcoinminetrix) December 5, 2023
Bitcoin Minetrix is one of the most interesting new projects in crypto, with its platform ready to enable users to mine actual Bitcoin (BTC) simply by staking its native token.
By staking BTCMTX, users receive tokenized mining credits, which they can use to purchase Bitcoin hashing power.
In turn, buying enough hashing power will earn users newly mined BTC, while staking will also earn them freshly issued BTCMTX.
This means that Bitcoin Minetrix could end up a substantially lucrative platform as far as passive income goes, while demand for BTCMTX could see its price rises considerably.
The presale has received 1.4 billion of the coin’s max supply (of 4 billion), with investors able to join proceedings by heading over to the Bitcoin Minetrix official website.
They can buy BTCMTX at a price of $0.012 per token, yet they may be able to sell it for much more once it lists on exchanges.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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