Shiba Inu Price Prediction as SHIB Breaks 2-Month Downtrend – New Peaks Ahead?
The Shiba Inu price has risen by 2% in the past 24 hours, climbing to $0.000009365 after spending nearly two months on the decline.
Its gain comes on a day when the cryptocurrency market as a whole has risen by 3%, with SHIB having increased by 3.5% in the past week and by 5.5% in the past fortnight.
However, the still-popular meme tokens has actually declined by 2% in a month and by 30% in the past year, languishing at a time when many major tokens have made considerable gains.
Yet it’s arguable that this underperformance sets SHIB up for above-average rallies in the coming weeks and months, particularly if crypto enters a bull market this year.
Shiba Inu Price Prediction as SHIB Breaks 2-Month Downtrend – New Peaks Ahead?
What’s interesting about SHIB’s chart is that, after weeks of stagnation, it’s beginning to gain some real momentum.
Its relative strength index (purple) has shot from 40 to nearly 55 in the past couple of days, indicating a big increase in buying pressure.
Source: TradingView
At the same time, the coin’s 30-day moving average (yellow) has levelled off after sliding consistently since the start of the year, another sign that it has bottomed out and is ready to recover.
Of course, its trading volume still remains low at $130 million, yet this has almost doubled since the start of the week.
There has been some sign of whales renewing their interest in SHIB in recent weeks, with a small number of transfers off exchanges.
766,478,691,679 #SHIB (6,733,898 USD) transferred from #Bitvavo to unknown wallethttps://t.co/arIDkhRkhN
— Whale Alert (@whale_alert) January 25, 2024
This indicates that some traders expect the Shiba Inu price to recover in the next few weeks, perhaps in parallel with a general rally for the market as a whole.
There is an expectation that the next Bitcoin halving could boost prices when it happens in the spring, while steadily rising volumes for Bitcoin ETFs may also boost confidence and demand over time.
It’s also worth remembering that Shiba Inu does boast some solid fundamentals for a meme token, with layer-two network Shibarium enhancing the usability of the coin since it launched in August.
BREAKING NEWS$SHIB, Shiba Inu’s layer 2 scaling solution #Shibarium
hits 3 million blocks
334 million transactions
1.35 million wallets
5-second block time and near-zero fees
Like&RT#ShibaInu #Crypto #blockchain #Bitcoin #Binance #NFT #cryptocurrency #Web3 pic.twitter.com/MbaJwe9UCO
— ShibariumGem (@Shibariumgem) February 9, 2024
And when adding the hotly anticipated release of SHIB: The Metaverse into the mix, the Shiba Inu price could really surge by the end of 2024.
From its current level, it could reach $0.000020 by the summer.
High-Potential Meme Tokens
It seems that SHIB suffers somewhat from being a well-established meme coin, with the days of its stratospheric rallies probably having ended.
However, there are several exciting new alts and meme coins in the market right now, capable of making triple-digit percentage gains as they list on new platforms.
One of these is Smog (SMOG), a Solana-based meme token that has listed on the Jupiter DEX aggregator this week.
After surging aggressively when it listed on Wednesday, SMOG has actually consolidated its initial gains, having risen by 134% in the past 24 hours.
Source: Birdeye/TradingView
Such consolidation is highly encouraging in a context where so many new Solana-based meme coins crash and burn in a matter of days or weeks, with SMOG having more going for it than some viral memes.
In particular, it features an interesting airdrop system, in that it will hold regular drops that will reward existing holders based on how many tokens they already hold and for how long.
As such, its tokenomics will incentivize holding, which in turn should help push up its price over the longer term.
It will come with a max supply of 1.4 billion SMOG, 35% of which it has earmarked for airdrops, with 15% going to liquidity and 50% to marketing.
One #Memecoin to rule them all!
Get ready for the greatest #Airdrop in history, distributed on #Solana.
Join #SMOG on Zealy!
Link in Bio pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
On top of this, it will also introduce a staking mechanism in the coming months, further squeezing its supply and potentially pushing up its price.
And while the coin is set to list on other exchanges in the very near future, investors can currently buy the coin either on its official website or via Jupiter.
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