Popular cryptocurrencies Shiba Inu (SHIB), Polygon (MATIC) and Cardano (ADA); attracts many investors. These investors are also wondering how their cryptocurrencies will perform in the coming period.
Will SHIB price go up?
Shiba Inu (SHIB), the second largest cryptocurrency, has wiped out FTX losses in the past three weeks. Fueled by Bitcoin whales, the rally continued in the days after the beta version of Shibarium was released. Most recently, the price of the Shiba Inu climbed as high as $0.000012 and has risen around 19 percent in the last 7 days. The rally, however, later cooled. The meme coin has gained parabolic value after increasing FOMO in recent weeks. However, popular crypto analyst Altcoin Sherpa believes that the current crypto cycle is coming to an end with a meme coin rally. With around 1,283,838 owners, Shiba Inu has attracted both novice and experienced investors, according to onchain data provided by ethplorer.io.
Shiba Inu’s increased by about 44 percent in 30 days. The huge demand drew attention when South Korea’s largest crypto exchange Upbit listed the Shiba Inu. Moreover cryptocoin.com As we reported, the layer 2 scaling solution called Shibarium is creating excitement. The Shibarium network aims to increase on-chain activity in the Shiba Inu ecosystem. As a result, the continuation of the Shiba Inu rally could cause the asset to retest last August’s high of around $0.000017. However, the rally may not signal a full-blown bull market as analysts wait for another correction to kick off a few weeks of consolidation.
What does the future look like for Cardano?
Another altcoin that has attracted attention recently is Cardano. According to the data, a total of 112 projects have been launched on the blockchain network, with 1,181 projects currently being built on the protocol. According to the update shared by IOHK, the protocol recorded a total of 59.4 million transactions per week. Overall, there were a total of 7.59 million native token transactions, with 68,641 tokens recorded. Within the scope of the weekly update shared by IOHK, some important updates such as Daedalus v.5.2.0 and Mithril 2302.0 distribution were also released.
It is normal for the ADA price to rise in parallel with the updates in the protocol. Token growth is an indicator of how much users buy cryptocurrency, and this only happens when there are multiple platforms that require ADA for one function or the other. The more protocols running on the Cardano Blockchain, the more users can gain access to use the cryptocurrency. An increasing number of real-world uses are making their way into the Cardano ecosystem, according to experts. In particular, the electric vehicle initiative called eTukTuk draws attention. Therefore, ADA is on track to retry its previous peaks in the near term. At the time of writing, ADA is at $0.38, up 1.5 percent.
There are important developments for MATIC
Polygon’s future is as bright as ever, according to analysts, with multiple partnerships and collaborations with globally recognized firms and a recent network upgrade poised to aid scalability. This week Polygon performed a major hard fork. The new mechanism will now allow network users to carry out more activities at lower gas prices.
Polygon’s native token MATIC is already starting to benefit from the network hard fork. The hard fork, in particular, caused a 20 percent price increase. The price of MATIC has seen a nearly 10% increase in value in the last 7 days. Polygon is also building network power with some of the biggest names in different industries. In November 2022, clothing giant Nike launched its Web3 platform Swoosh. Swoosh is ready to integrate with Polygon and give its users access to Polygon-based NFT products. Other notable companies such as Meta, Starbucks, Reddit, and DraftKings have chosen Polygon as their Blockchain of choice and have continued to launch several projects on the network.
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