The Shiba Inu price rose 2% in the last 24 hours, climbing to $0.000009365 after spending nearly two months on the decline.
His gain comes on a day when the cryptocurrency market as a whole is up 3%, with SHIB up 3.5% in the past week and 5.5% in the past two weeks.
However, the still-popular meme token has actually fallen 2% in a month and 30% in the past year, languishing at a time when many major tokens have made significant gains.
Still, it’s arguable that this underperformance is setting SHIB up for above-average rallies in the coming weeks and months, especially if crypto enters a bull market this year.
Shiba Inu Price Forecast If SHIB Breaks 2-Month Downtrend – New Highs Ahead?
What’s interesting about SHIB’s chart is that, after weeks of stagnation, it’s starting to gain some momentum.
Its relative strength index (press) has risen from 40 to nearly 55 over the past few days, indicating a major increase in buying pressure.
At the same time, the coin’s 30-day moving average (yellow) flattened 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 $130 million, but it has almost doubled since the start of the week.
There has been a sign in recent weeks that whales have renewed their interest in SHIB, with a small number of transfers from exchanges.
🚨 766,478,691,679 #SHIB (6,733,898 USD) transferred from #Bitvavo to unknown wallethttps://t.co/arIDkhRkhN
— Whale Alert (@whale_alert) January 25, 2024
This suggests that some traders expect the Shiba Inu price to recover in the next few weeks, perhaps in parallel with a general rally for the market as a whole.
There is an expectation that the next Bitcoin halving could boost prices when it happens in the spring, while gradually rising volumes for Bitcoin ETFs could also increase confidence and demand over time.
It’s also worth remembering that Shiba Inu boasts some solid fundamentals for a meme token, with layer-two network Shibarium improving the coin’s usability since its launch in August.
BREAKING NEWS‼️$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 the hotly anticipated release of SHIB: The Metaverse is added to the mix, the Shiba Inu price could really rise by the end of 2024.
From its current level, it could reach $0.000020 by summer.
High-potential meme tokens
It appears SHIB is suffering somewhat as a well-established meme coin, with the days of its stratospheric rallies likely over.
However, there are several exciting new alts and meme coins in the market right now, capable of making triple-digit percentage profits as they list on new platforms.
One of these is Smog (SMOG), a Solana-based meme token that was listed on the Jupiter DEX aggregator this week.
After rising aggressively when it listed on Wednesday, SMOG actually consolidated its initial gains, rising 134% in the past 24 hours.
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 going for it more 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 spur ownership, which in turn should help push up its price in the longer term.
It will come with a maximum supply of 1.4 billion SMOG, of which 35% is earmarked for airdrops, with 15% to liquidity and 50% to marketing.
One #Memecoin to rule them all! 🚀
Get ready for the biggest #Airdrop in history, spreading on #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
In addition, he will also introduce a strike mechanism in the coming months, which will further squeeze his supply and possibly push up his price.
And while the coin will list on other exchanges in the near future, investors can currently buy the coin either on its official website or via Jupiter.
Buy SMOG here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and is not investment advice. You can lose all your capital.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
UnCirculars – Cutting through the noise, delivering unbiased crypto news
