The Shiba Inu price has dipped a little this morning, falling by 0.5% in 24 hours as the wider cryptocurrency market gains by the same percentage.
SHIB is at the $0.00000821 level, marking a 2.5% gain in a week and a 13% increase in a month, as the market becomes more bullish.
SHIB has also benefitted from the launch of the Shiba Inu Name Service, another new feature that aims to make the cryptocurrency more than a meme token.
So in conjunction with Shibarium and the much-anticipated SHIB: The Metaverse, such innovations could help boost SHIB further very soon.
Shiba Inu Price Prediction as SHIB Whales Keep Accumulating at $0.000008 – Big Bounce Incoming?
SHIB’s indicators continue to look good, even with today’s misstep.
Its RSI (purple) is actually rising above 60 and towards 70, indicating strong buying pressure.
Source: TradingView
The coin’s 30-day average (yellow) is also climbing steadily, providing another bullish signal as it looks to cross over the 200-day average (blue), something which could signal a breakout.
It’s in this context that SHIB’s 24-hour trading volume remains relatively high, at more than $200 million, compared to $50-60 million during much of October.
It therefore seems that SHIB’s market remains active and could yield further big movements, especially with whales recently transferring large sums of the meme token.
4,419,530,677,374 #SHIB (36,162,625 USD) transferred from unknown wallet to unknown wallethttps://t.co/nPxEXOwXhT
— Whale Alert (@whale_alert) November 6, 2023
Given that SHIB had occupied oversold territory for so long, it’s likely that it will rebound soon.
Yet the coin’s fundamentals also suggest that it should enjoy some sustained increases sooner or later, with last week bringing another big step in its evolution.
In particular, Shiba Inu launched its very own name service, enabling users to convert large alphanumeric addresses into more memorable names.
This may be a relatively modest update, yet it paves the way for a more fully fledged decentralized identity scheme on Shiba Inu, while also making crypto a little more accessible to lay users.
The moment you’ve been waiting for is here! Shib Name Service (SNS) on Shibarium is now live, Don’t wait! Secure your exclusive name at https://t.co/wIWsTbik3Z With SNS, say farewell to those complex addresses like 0xCD4(…) and say hello to friendly names like John.shib.… pic.twitter.com/zwFXcE9Uju
— Shib (@Shibtoken) October 31, 2023
As such, it joins with the recently launched Shibarium in providing Shiba Inu with more utility as an ecosystem.
In time, such utility should increase demand for SHIB, resulting in a consistently rising Shiba Inu price in the longer term.
The coin therefore reach $0.000010 in the next few weeks, while rising to $0.000020 in the first few months of 2024.
New Meme Tokens For New Rallies
Yet because SHIB has had a relatively slow year, some traders may prefer to look towards newer meme tokens, which can often rally harder than others as part of their initial growth spurts.
One coin likely to enjoy such a spurt soon is Meme Kombat (MK), an ERC-20 cryptocurrency that has already raised more than $1.25 million in its presale.
Just a picture of the #MemeKombat community absolutely demolishing the $1.2 million milestone pic.twitter.com/YQQMgzSfza
— Meme Kombat (@Meme_Kombat) November 5, 2023
This rapidly rising figure is a testament to the growing appeal of Meme Kombat, which will enable its users to bet on AI-generated meme battles.
Set for launch in the next few weeks, Meme Kombat’s battles will be randomized and visualized in real-time for users to watch, providing an entertaining twist to online gambling.
Users will also be able to bet against each other or against the game itself, with the platform paying out winnings in MK tokens.
Not only that, but users will be able to stake MK tokens to earn a passive income, so those who get really involved in the platform could end up making plenty of profits.
As a token, MK will have a hard cap of 120 million, and with 50% of this going to the presale and another 30% to staking and battle rewards.
New buyers can join the sale by checking out Meme Kombat’s official website, where 1 MK now costs $0.183.
Such a price is likely to seem very cheap once MK lists on exchanges, with Meme Kombat already well on its way to becoming one of the biggest new meme coins of the year.
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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