Following an unimpressive end to the 2022 trading year, the proposed launch of the much-awaited layer-2 blockchain Shibarium and the uptrend in the general market have culminated in a growth in SHIB's value since 1 January.

Currently trading at $0.000012, SHIB's price has increased by 42%. For the most part, market sentiment has been mostly positive, indicating that the market is convinced of a continued rally in the alt's price as long as macro-factors remain favorable.

However, the recent rally has failed to result in gains for many holders due to the ongoing effects of the turbulent trading period in 2022. This is indicated by SHIB's MVRV remaining in the undervalued range.