Shiba Inu is hoping to become more than just a Dogecoin (DOGE<\/a>)-inspired memecoin as it comes closer to launching its layer-2 network<\/a>\u00a0called, Shibarium. Meanwhile, the Shiba Inu (SHIB<\/a>)\u00a0token has emerged as one of the best performers so far in 2023.<\/p>\n SHIB\u2019s price has rallied nearly 60% year-to-date (YTD) to $0.00001294, its highest since early November 2022. <\/p>\n The gains started appearing mainly due to favorable macro conditions that prompted similar rallies elsewhere in the crypto market. Nonetheless, the SHIB price rally picked up momentum as investors assessed its announcement of the upcoming beta release of Shibarium<\/a>.<\/p>\n Shibarium is reportedly a layer-2 network that would run atop the Ethereum blockchain mainnet<\/a>. In other words, it would enable developers to build and launch decentralized applications while aiming for lower transactional costs and improved network scalability.<\/p>\n The SHIB price is up 25% since Jan. 16, when the Shiba Inu team teased its audience with the Shibarium launch announcement.<\/p>\n Introduction to Shibarium: Shiba Inu’s Layer 2 Network \u2014 Rejoice #ShibArmy<\/a>! Shibarium Beta is about to be launched, and through this article we want to introduce some basic concepts in order to provide clarity to the community.<\/p>\n Read more: https:\/\/t.co\/xWyPaVlQQ4<\/a><\/p>\n \u2014 Shib (@Shibtoken) January 15, 2023<\/a><\/p><\/blockquote>\n Shiba Inu’s rally has made it an excessively bought asset on a daily timeframe, according to its relative strength index (RSI) reading at almost 86 on Jan. 18 \u2014 sixteen points above the overbought threshold of 70.<\/p>\n Related:\u00a0What is ShibaSwap and how does it work?<\/a><\/em><\/strong><\/p>\n Ideally, an overbought RSI prompts investors to unload their positions, leading to a price correction. In other words, SHIB risks dropping toward its 200-day exponential moving average, represented by the blue line in the chart below, near $0.00001120.<\/p>\n However, on a long-term basis, SHIB\u2019s price rally is likely to continue if the bullish reversal pattern on the weekly chart is to be believed.<\/p>\nSHIB price jumps 60% in 2023<\/h2>\n
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Shiba Inu price: Another 75% boom ahead?<\/h2>\n
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