The Shiba Inu price has risen by 2% in the past 24 hours, moving to $0.00000864 on a day when the cryptocurrency market as a whole makes a similar gain.
SHIB is now down by 2% in the past week, yet recent market gains have helped the meme token hold onto a 5% increase in a fortnight and a 23% rise in the last 30 days.
Yet with SHIB up by only 6.5% since the beginning of the year, it has plenty of making up to for lost gains, meaning that it could outperform the market during the next bull rally.
Shiba Inu Price Prediction as $100 Million Trading Volume Comes In – Is the Meme Coin Starting a New Bull Trend?
The market may have had an uneven few days, yet SHIB’s indicators look as though they’re pointing to an incoming rallies.
This is particularly the case with its 30-day average (yellow), which has just climbed over the 200-day average (blue) and formed a ‘golden cross.’
Source: TradingView
Such crosses can indicate an impending breakout, although the picture is confused slightly by SHIB’s RSI (purple).
This latter indicator is sticking just below 60 and doesn’t appear to be rising right now, implying that the meme token doesn’t currently have enough momentum or buying pressure to mount a really big rally.
It’s also interesting that the coin’s 24-hour trading volume has risen slightly to $100 million today.
This is not actually that much compared to bigger tokens, yet the relatively low depth potentially means that a big buy order from a whale could push the Shiba Inu price much higher.
It’s certainly overdue a big push, given that 2023 has been a more or less disappointing year for the token.
Yet this is despite Shiba Inu having increasingly laudable fundamentals, with the meme token witnessing several updates this year that provide it with real utility.
The first was the launch of the layer-two Shibarium network in August, which provides the formerly Ethereum-dependent token with faster and cheaper transactions.
Almost 4 million transactions on #Shibarium https://t.co/MRFHRL6IiQ pic.twitter.com/K4nV3PWxvY
— Digarch.shib | Shibarium is live (@Digarch) November 15, 2023
Shibarium has now processed nearly four million transactions since launching, while also registering around 1.25 million wallet addresses.
This points to how big it could become, with Shiba Inu also launching its own name service a few weeks ago, in another move towards greater utility.
Based on such developments, SHIB should continue rising in the coming weeks and months.
It’s likely to reach $0.000010 in the next few weeks, before opening the New Year at around $0.000020.
High-Potential New Meme Tokens
Given that SHIB’s immediate trajectory remains slightly uncertain, some traders may prefer to invest in newer alts and meme coins.
While the viability of new coins is often unpredictable, one way of identifying assets with promise is to look for successful presales, which can predict big listings and successful lifecycles.
And one of the most successful presales happening now belongs to Meme Kombat (MK) is an ERC-20 cryptocurrency that has raised over $1.9 million in around a month.
We have hit the $1.9 million milestone for our $MK presale
Memers never stop pic.twitter.com/j2jnmUW5u8
— Meme Kombat (@Meme_Kombat) November 19, 2023
The reason why investors are taking to Meme Kombat is that it’s more than a meme token, with its platform set to enable users to bet on AI-generated meme battles.
Its platform will randomize battles using AI and render them in real-time for users to watch, providing an entertaining and communal focus for bets.
At the heart of the platform is the MK token itself, which Meme Kombat will use to pay winnings and which users can also stake for a passive income.
And given that memes remain one of the most popular elements within the crypto ecosystem, Meme Kombat’s platform is likely to do well once it launches in the next few weeks.
New investors can join its sale by visiting Meme Kombat’s official website and connecting their wallets, such as MetaMask.
1 MK currently costs $0.205, yet this price could end up seeming very cheap when exchanges begin listing the token.
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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