The Shiba Inu price has risen to $0.00000810 today, marking a 2% gain in 24 hours as the market recovers from Binance’s settlement with the DoJ.
However, SHIB remains down by 11% in a week and by 5.5% in a fortnight, although the meme token holds onto 7% increase in the last 30 days.
Given how much traders have oversold SHIB in recent weeks, it remains in a good position for some compensatory rallies in the next few weeks.
And with Japanese exchange BitTrade expanding its support for SHIB to include lending, the token could rally very soon.
Shiba Inu Price Prediction as Japanese Exchange Adds SHIB – Can SHIB Reach $1?
SHIB’s indicators remain fairly subdued at the moment, undermining any claim that a rally is imminent for the altcoin.
In particular, its RSI (purple) currently sits below 50, a sign that the coin is leaning more towards selling than buying pressure right now.
Source: TradingView
Likewise, SHIB’s 30-day average (yellow) has stalled and now sits very close to its 200-day (blue), which it could fall below anytime soon.
Another discouraging sign is the fact that the coin’s support level (green) has dropped below $0.0000080 in the past few days.
This is troubling insofar as SHIB began the year at $0.00000810, so any drop below this support indicates long-term decline.
However, the coin has lifted in the past day, with its 24-hour trading volume remaining at $135 million, which is notably higher than some of the levels it fell to in earlier months.
SHIB has also witnessed positive news in the past month or so, with BitTrade listing the token for the first time in October.
And now, the Japanese exchange has expanded this support to include lending services for SHIB, something which could increase demand for the token in the longer term.
#貸暗号資産 定期募集スタート
本日12：00より #貸暗号資産 2銘柄の定期募集を開始いたしました
人気銘柄のため募集総額に達し第終了となります。
ぜひお見逃しなく
詳細はこちら：https://t.co/avTZpo7VUc#BitTrade#貸して増やす#XRP#SHIB pic.twitter.com/1QF9IRwixF
— BitTrade（ビットトレード）公式 (@BitTrade_jp) November 21, 2023
Such positive news combines with other recent developments, such as the launch of the Shibarium layer-two network in August, as well as the similar launch of the Shiba Inu name service last month.
Based on such developments, Shiba Inu is likely to move away from its reputation as a mere meme coin and experience some real adoption in the coming months and years.
This could push the Shiba Inu price to $0.000010 in the next few weeks, with a bull market in 2024 potentially seeing it rise to $0.000020 or $0.000030.
Other High-Potential Meme Tokens
SHIB’s recurrently disappointing performance may lead some traders to look to alternatives, with various newer meme tokens looking as though they could rally strongly soon.
The strongest example of this comes from Meme Kombat (MK), an ERC-20 cryptocurrency that has raised $2 million in its token offering.
We did it fighters!!!
We passed $2 million raised in presale for $MK
Now to find out who wins the 10,000 USDT pic.twitter.com/qEGeDTnwWP
— Meme Kombat (@Meme_Kombat) November 22, 2023
Raising $2 million is an impressive achievement for a presale that has been open for just over a month, and it’s a testament to how strongly investors believe in Meme Kombat.
And the reason for their belief is that Meme Kombat is offering something quite innovative within the crypto sector: a platform which enables users to bet on the outcomes of AI-generated battles between meme characters.
Users can watch such battles unfold in real-time, while they can place bets either against each other or against the platform itself.
The platform will pay out winnings in MK, which users can also stake for a passive income.
In fact, Meme Kombat has already launched its staking feature, with over 1 million MK paid in rewards already.
Over 1,000,000 $MK paid in rewards already
Staking has been a great addition to the Meme Kombat community already pic.twitter.com/a6yI86cEG1
— Meme Kombat (@Meme_Kombat) November 22, 2023
Such features serve to make Meme Kombat a promising project, and when you add its use of viral memes to the equation, it looks as though it has the ingredients to be a success.
Investors can get involved by going to the Meme Kombat official website, where they can buy 1 MK for $0.205.
This price will rise to $0.214 in only a few hours, so interested parties are advised to act sooner rather than later.
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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