Shiba Inu Price Prediction as $100 Million Trading Volume Comes In – Next Rally Starting?
The Shiba Inu price has remained basically flat over 24 hours, sticking to $0.00000969 on a day when the wider market has recovered by nearly 1%.
This price puts SHIB up by 2.5% in the past week, although the meme token remains down by 10% in the last 30 days and by 7% in a year.
These are disconcerting losses, especially when most major tokens have celebrated big gains in recent months and across 2023 as a whole.
However, with SHIB’s trading volume returning to $100 million, it could be on the brink of an overdue recovery.
Shiba Inu Price Prediction as $100 Million Trading Volume Comes In – Next Rally Starting?
SHIB’s indicators have been pretty weak over the past month or so, something which many could take as a sign that a corrective rally is now on the cards.
Its relative strength index (purple), for example, has spent a few days below 50, a sign of weakness, yet it’s beginning to rise towards 50.
Source: TradingView
This early climb could be a sign that SHIB is slowly regathering strength, although the coin’s 30-day average (yellow) remains decidedly flat.
While SHIB’s volume has indeed increased slightly, to $100 million, this is still pretty modest, with the meme token attracting $350 million in volume last week and nearly $900 million in mid-December.
And compared to the current volumes of an Ethereum (ETH) or Solana (SOL), it’s almost minuscule, given that these two coins are pulling in $15 billion and $1.8 billion, respectively, today.
Still, continues to hold its position as a top-20 cryptocurrency, and many would argue that its underperformance in 2023 sets it up for an above-average 2024.
It certainly continues to attract recurring interest from larger investors, with data revealing several big SHIB buys in the past month or so.
2,283,700,000,000 #SHIB (23,578,060 USD) transferred from #Binance to unknown wallethttps://t.co/f5dxoJuuBm
— Whale Alert (@whale_alert) December 26, 2023
As such, it would be unwise to bet against SHIB, especially when Shiba Inu brought in several important updates last year.
This includes the layer-two Shibarium network, which has seen a big increase in transactions in recent weeks, as well as the beginnings of a Shiba Inu decentralized identity service.
So combined with an increasingly bullish market, you would expect the Shiba Inu price to rise steadily in the next few months.
It could hit $0.00002 by the spring, before testing $0.00003 by the latter half of the year.
New Altcoins for Big Rallies
For those who aren’t convinced by SHIB, there’s currently no shortage of promising new tokens in the market right now, including various strong presale tokens that could potentially rally big when they list.
One of the likeliest candidates to have a big opening is Meme Kombat (MK), an ERC-20 meme token that has raised $6.9 million in its ongoing sale.
$MK is on a meteoric rise, dominating the #memecoin space. Seize the opportunity and be part of the presale action: https://t.co/2x2FvsuR61
— Meme Kombat (@Meme_Kombat) January 16, 2024
The reason why Meme Kombat is one of the most hyped new alts at the moment is that its platform offers something very unique: the opportunity to bet on AI-generated battles between meme characters.
Meme Kombat’s use of AI will ensure that battles have randomized outcomes, while using blockchain (specifically, the Ethereum blockchain) will also provide complete transparency.
Users can place bets with the native MK token, which Meme Kombat will also use to pay out winnings.
On top of this, MK holders can stake the token, earning themselves a passive income, in addition to any winnings and price rises.
Major Update
The Meme Kombat Staking Dashboard is officially live and ready to be used by you!
Take a break from Kombat and visit the staking dashboard here: https://t.co/nNFEYESjPs pic.twitter.com/yswl0esb4G
— Meme Kombat (@Meme_Kombat) November 9, 2023
All of this helps to explain why Meme Kombat’s presale has been so successful, with its use of viral memes also helping.
Investors can still join its presale by going to the official Meme Kombat website, although they should act quickly, since the sale has entered its final stage.
MK is currently available at $0.279 per token, a price which is likely to offer a big discount against the level it will rise to once it lists.
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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