As Shiba Inu (SHIB) continues to capture attention, gaining more than 55% since the year’s turn, cryptocurrency traders and investors are closely monitoring both current and future developments surrounding the ERC-20 dog meme token, trying to get a feeling of what could influence its further growth.
Indeed, there are a couple of key events set to take place in March that will potentially exercise some effect on the price of Shiba Inu, potentially pushing it upward, unless they are counteracted by negative sentiment on the cryptocurrency market and macroeconomic landscape.
Shibarium Beta
One of these potentially influential events is the launch of the beta version of Shiba Inu’s long-awaited Layer 2 ecosystem called Shibarium, which will use the Bone ShibaSwap (BONE) token and is set to be released in early March, according to the official BONE Twitter account.
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In preparation for the beta, the SHIB team has launched Shibarium Portal, reminding users that “all tokens and products on the beta network are for testing purposes ONLY” and warning them not to “buy anything you’ll find on Shibarium until the Shibarium main net launch.”
2023 SXSW festival
On top of that, the Shiba Inu team announced in January that it was invited to feature an exclusive exhibit of its Shiba Inu-themed metaverse experience called SHIB: The Metaverse at the 2023 SXSW festival that will be held in Austin, Texas, between March 10 and 19.
Attendees will get an exclusive preview of WAGMI Temple, which is the first of the 11 hubs in Shiba Inu’s metaverse. The SHIB team called the event “a major milestone that shows SHIB is much more than a memecoin,” stating that “SXSW is among the world’s best-known tech and culture conferences.”
Price increase in cards?
The announced developments for March 2023 have a strong chance to influence the price of Shiba Inu as they unfold, demonstrated by the bullish sentiment on the finance tracking platform TradingView, suggesting a ‘buy’ for SHIB on both its 1-week and 1-month summary gauges.
All things considered, it will be interesting to observe just how much of an effect these events will exercise on the token, which is currently trading at $0.00001262, as the majority of the crypto community votes at CoinMarketCap expect it to drop and the algorithms at PricePredictions suggest only a minor improvement.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
