Source: Dall•E 3
The Shiba Inu price has slipped by 1% today, falling to $0.00000892 as the cryptocurrency market as a whole has a very quiet 24 hours.
SHIB is now up by 9% in the past week and by 28% in the last 30 days, with such momentum likely to carry the meme token into further gains in the coming days and weeks.
And with the Shiba Inu ecosystem introducing a number of significant upgrades in the past few months, organic growth in adoption could enable SHIB to have a very good 2024.
Shiba Inu Price Prediction as SHIB Falls 2% in 24 Hours – Time to Buy the Dip?
What’s promising about SHIB’s chart is that its indicators suggest it hasn’t reached full breakout mode just yet.
In other words, SHIB has more and bigger gains in store, with its 30-day average (yellow) getting closer to climbing over its 200-day average (blue).
Source: TradingView
It’s also notable that SHIB’s relative strength index (purple) has remained at or just under 70 over the past few weeks, meaning that it has not really entered overbought territory.
As such, there’s still plenty of room for the Shiba Inu price to rise further before things overheat, with the coin’s 24-hour trading volume continuing to rise over the past few days.
Such a rise would suggest that demand is only just beginning to rise for SHIB, which like many other alts has benefitted from the recent market-wide rallying.
One thing that could weigh in SHIB’s favor is that traders had heavily oversold it in recent months, with the meme token still 89% down from its all-time high of $0.00008616, set back in October 2021.
This means that SHIB could recover much of this lost value during the next bull market, which may have just begun in the past couple of weeks.
More fundamentally, Shiba Inu has an increasing number of things running in its favor, with the platform launching the Shibarium layer-two network in the summer.
Shibarium ecosystem coming close to some important milestones. #Shibarium #SHIB #SHIBARMY
30k adresses on network
Close to 4 million transactions executed on the netwerk pic.twitter.com/0Kn5Qzv0zT
— BlockSpace (@BlockSpaceNL) November 12, 2023
Shibarium has now processed nearly four million transactions since its launch, while it has also registered over one million wallet addresses.
Such figures point to growing adoption for Shiba Inu, as does the more recent launch of its own name service, which comes as part of a push for comprehensive decentralized identity features.
Taken together, such developments warrant further Shiba Inu price gains, with the meme token set to reach $0.00010 in the next few weeks.
Alternative Meme Tokens For Big Gains
The only issue with SHIB is that, as a well-established meme coin, the days of its biggest gains may be behind it.
For this reason, many traders may prefer to look towards newer meme tokens, with the best of these potentially capable of market-beating rallies.
Of course, identifying promising meme coins can be extremely difficult, but one way of pinpointing newer tokens with good potential is to look for successful presales, which signal market interest.
One of the best examples of this is Meme Kombat (MK), an ERC-20 cryptocurrency that has raised over $1.6 million in its token offering.
Meme Kombat just blasted past $1.6 million raised in presale
There’s no stopping it! pic.twitter.com/QM7dSxgsUd
— Meme Kombat (@Meme_Kombat) November 13, 2023
Investors are clearly attracted by the originality of Meme Kombat’s platform, which will enable users to bet on AI-generated meme battles.
It will visualize these battles in real-time, so that users can watch them, while results will be randomized and fully transparent.
As a betting platform, Meme Kombat will pay out winnings in its native MK token, which can also be staked to earn a passive income.
MK will have a hard cap of 120 million, with 50% of this going to the presale and another 30% to staking and battle rewards.
Such rewards are likely to make Meme Kombat highly profitable as a platform and token, with new investors able to buy some during the presale by visiting Meme Kombat’s official website.
1 MK currently costs $0.189, a price which could end up being very cheap once the token lists on trading platforms.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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