Shiba Inu Price Prediction as SHIB Spikes Up 2% – Is the Sell Off Over?
SHIB has gained by a very modest 0.5% in the past 24 hours, with the Shiba Inu price moving to $0.00002764 and marking a 2.5% gain in a week.
Despite these increases, SHIB remains down by 5% in the last 30 days, although the popular meme token has gained by 145% in a year.
Given that its overarching trajectory remains positive, its recent declines have likely come to an end, with the coin looking ready to bounce back again.
And as arguably the strongest meme coin in terms of fundamentals, SHIB could see some big gains as and when the wider market enters a more bullish phase.
Shiba Inu Price Prediction as SHIB Spikes Up 2% – Is the Sell Off Over?
SHIB has actually declined a little in the past hour, with its chart and indicators signalling this loss of momentum.
Its relative strength index (purple) has dropped from around 55 earlier this morning to 45 as of writing, and it’s entirely possible that it falls further today, bringing the Shiba Inu price with it.
Source: TradingView
Its 30-day average (orange) also looks fairly weak, having fallen below the 200-day (blue) early yesterday, and with space to fall further before the coin gets into a decidedly oversold position.
It’s also discouraging that SHIB’s trading volume still looks weak, at $600 million today.
Given the lack of demand right now, SHIB may struggle to break through its resistance level (red), although the latter is converging with the coin’s support (green).
UPDATE: Unfortunately #SHIB whales have been disappearing the past two days.
Metrics show a significant drop in the number of large transactions typically associated with whales.
This trend is often a precursor to volatility or a downturn in price. pic.twitter.com/HZpuQzdgvO
— Shiba Inu News (@ShibalnuNews) April 11, 2024
In other words, a big move may be coming soon, although it’s not entirely clear whether this will be positive or negative.
It’s possible that the Bitcoin halving may provide the entire market with a catalyst for a big surge, although gains may come after an initial, short-term dip.
SHIB will benefit from such a market-wide rally, while its inherent strengths and fundamentals should help to it gain more than other comparable meme coins.
For instance, its burn rate has been rising ever since it launched the Shibarium layer-two network in August, with Shibburn recording a 48,500% increase in the past 24 hours alone.
In the past 24 hours, there have been a total of 87,760,994 $SHIB tokens burned and 2 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/ETXxgQy3Ew
— Shibburn (@shibburn) April 11, 2024
In total, Shiba Inu’s protocol has burned 410.7 trillion SHIB to date, with a circulating supply of 589.2 trillion.
Such a supply squeeze is likely to benefit the Shiba Inu price in the long run, with the coin potentially on course to reach $0.000040 by the summer.
Small-Cap Meme Tokens Bring High-Return Potential
Now that SHIB is one of the ‘elder statesmen’ of meme coin ecosystem, some traders may prefer to look to newer examples for bigger gains.
Picking winners can be hard, of course, given that the market is flooded with new meme tokens.
Yet there are ways of identifying tokens with better prospects, with successful presales being one key ingredient.
And one new meme token that has had a strong sale is Slothana (SLOTH), a Solana-based coin that has raised over $10 million in its token offering.
SLOTH has attracted investors for a couple of reasons, with the first being its team were also responsible for the successful Smog (SMOG) token.
SMOG listed a couple of months and made big gains over its presale price, something which has created the expectation that SLOTH will do much the same.
On top of this, Slothana is already proving effective in its deployment of contagious and sharable memes, with its official X account now boasting more than 16,000 followers.
This total is rising by roughly 1,000 followers per day, indicating how popular Slothana is proving already.
Investors can join its sale by visiting the Slothana website and connecting a compatible wallet, such as Phantom or Solflare.
SLOTH is purchasable at a rate of 1 SOL for 10,000 SLOTH, which translates at around $0.019393 per coin.
I’m going to make them a memecoin they can’t refuse Slothana’s making moves to dominate the crypto scene. “Keep your friends close and your memecoins closer” – The Slothfather #Slothana #SlothFather pic.twitter.com/RnPJEan2Bq
— Slothana (@SlothanaCoin) April 10, 2024
Such a price is likely to seem very cheap once SLOTH lists, especially when some Solana-based meme tokens have gone on rampages this year.
Investors should therefore act quickly if they want to get in on the ground floor, with the SLOTH presale set to end very soon.
Visit Slothana Now
The post Shiba Inu Price Prediction as SHIB Spikes Up 2% – Is the Sell Off Over? appeared first on Cryptonews.
