Shiba Inu (SHIB) is preparing for a massive price surge as the team behind the meme-inspired cryptocurrency announced plans to launch a Layer-2 blockchain network called Shibarium. Following the news, the price has rallied nearly 60% year-to-date (YTD) to $0.00001294, its highest since early November 2022.
The Inu team is looking to build on the success of Dogecoin (DOGE) and become more than just a meme coin. The launch of the network will enable users to make faster and cheaper transactions. To support the launch, large transactions on the network suddenly rose 300% as whales swooped into action following the most recent market declines.
SHIB Expecting Growth This Year
Analysts have speculated that the price could see a further 75% increase in the near future. This comes following a 25% surge since Jan. 16 when the Inu team teased its audience with the launch announcement. Crypto traders are now keeping an eye on the SHIB/USDT daily price chart and the weekly price chart featuring a falling wedge pattern.
Overall, it is making its mark in the cryptocurrency world and is showing no signs of slowing down. With the network set to launch soon, many traders are expecting the price to break through new highs and continue its trajectory as one of the best performing coins of 2023.
For those interested in tracking the latest news on Shi ba Inu, we provide a great resource for up-to-date cryptocurrency news, including the SHIB price preps for 75% boom as Shi ba Inu teases L2 blockchain launch.