The Shiba Inu price has risen by 3% in the past 24 hours, reaching $0.00000855 on a day when the cryptocurrency market as a whole makes a similar gain.
SHIB is now up by nearly 10% in a week and by 24% in the last 30 days, thanks to the market-wide rally that has followed growing Bitcoin ETF excitement.
Yet the coin has had a relatively disappointing 2023, having risen by only 5.5% since the beginning of the year, in contrast to many other major tokens (e.g. BTC, ETH, XRP, SOL) with double-digit percentage gains.
However, this potentially means it’s in a position where it could over-compensate for earlier underperformance, with more gains likely in the coming weeks.
Shiba Inu Price Prediction as 7-Day Gain Nears 10% – Breakout Imminent?
SHIB’s indicators reflect growing interest in the meme token, with its relative strength index (purple) rising back towards 70 as buying pressure mounts.
Source: TradingView
Likewise, the coin’s 30-day average (yellow) is climbing steadily towards its 200-day average (blue), with its actual price already having overtaken the longer term average.
This would suggest that SHIB may be close to breaking out, with rising trading volume also support this view.
For instance, SHIB’s 24-hour volume stood at around $60 million as recently as the middle of October, yet now it reads at over $200 million.
This signals growing demand and buying pressure, and while SHIB has dipped a little in the past week or so, its rising support level (green) has prevented it from dropping back too far.
It’s worth remembering that SHIB remains the most widely traded token among ERC-20 whales, who look like they’ve re-entered an accumulation phase as far as the meme token is concerned.
2,481,402,022,140 #SHIB (20,914,496 USD) transferred from #Paribu to unknown wallethttps://t.co/6tkYz9XTWJ
— Whale Alert (@whale_alert) November 6, 2023
And if and when the SEC approves one or more Bitcoin ETFs (which it could do as early as this week), SHIB will rise further, along with the rest of the market.
SHIB also has increasingly strong fundamentals in its favor, having launched the Shibarium layer-two network in August and then its own name service a couple of weeks ago.
For this reason, demand for is likely to grow, which could mean a Shiba Inu price of $0.000010 in the next few weeks, before reaching $0.000020 in the first few months of 2024.
Other High-Potential Meme Tokens
However, it’s arguable that, as a well-established meme token, SHIB may not longer make the stratospheric gains it saw closer to its launch.
Traders eager for such market-beating gains may therefore have to look towards newer meme coins, with Meme Kombat (MK) being one of the most promising such coins in the market right now.
An ERC-20 crypto, Meme Kombat opened its presale around a month ago and has already raised over $1.3 million.
We did it fighters!
The $1.3 million milestone did not last long in kombat pic.twitter.com/S9uxItETaT
— Meme Kombat (@Meme_Kombat) November 8, 2023
What’s interesting about Meme Kombat is that it offers some unique within the crypto ecosystem, namely the ability to place bets on AI-generated meme battles.
These battles are randomized and also visualized in real-time, providing users with an engaging twist on standard online gambling.
The use of popular memes has likely already helped Meme Kombat attract new investors to its presale, yet another attraction is MK’s tokenomics.
4 HOURS FIGHTERS! $MK will go from $0.183 to $0.189 Act fast! pic.twitter.com/EseeBBxoIt
— Meme Kombat (@Meme_Kombat) November 9, 2023
The coin 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.
This means that the coin could be profitable in three signs, providing not only price gains but staking rewards and winnings for correct bets.
This helps to explain why the sale has raised so much so quickly, with new investors able to join by going to Meme Kombat’s official website.
1 MK is selling at $0.183, yet this is going to rise to $0.189 in a few more hours, giving traders not much time to buy it at the cheapest possible price.
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.
The post Shiba Inu Price Prediction as 7-Day Gain Nears 10% – Breakout Imminent? appeared first on Cryptonews.
