Shiba Inu Price Prediction as SHIB Bounces 2% – Time to Buy?
SHIB has gained by 2.5% in the past 24 hours, with the Shiba Inu price reaching $0.00001852 on a day when the crypto market rises by only 0.5%.
Despite this lift, the meme token sits on a 16.5% loss in a week and a 28% fall in a fortnight, although it does hold onto a nice 155% increase in a year.
Given its recent losses, its underlying long-term momentum leaves traders in a good position to buy the dip just as it begins to rise again.
And with Shiba Inu one of the strongest major meme coins in terms of its fundamentals, it could witness some solid gains very soon.
Shiba Inu Price Bounces 2% – Time to Buy?
As with many other coins right now, SHIB is showing some signs of life again after spending more than two weeks taking some steady punishment.
Its gains today means that its relative strength index (purple) has risen from under 20 on Monday to just over 50 today, a clear sign of returning momentum.
It’s a similar story with SHIB’s 30-day moving average (orange), which fell to a new low in relation to its 200-day (blue) yesterday, but which looks to have begun a process of recovery.
Indeed, SHIB had basically bottomed out as far as its recent losses are concerned, so it seems almost inevitable that it should enjoy some good returns over the next few days.
Its 24-hour trading volume has also risen encouragingly, from less than $200 million at the start of the week to $500 million today.
This indicates that buyers are returning to SHIB, which is due a good period insofar as it has suffered more than many other major tokens recently.
It’s also due a lift to the extent that it boasts some of the strongest fundamentals of any meme token.
This is because it has spent the past few years building an ecosystem around itself that provides actual utility, from its ShibaSwap DEX to its Shibarium layer-two network.
Couldn't be better timing. Walking into a meeting now to close exactly this. Well, almost exactly- we are thinking much bigger than this and on a massive scale. I'll show this to the team for validation. Thanks Woofmeister. 🙂 @VitalikButerin https://t.co/Y4luBnR1OE
— Shytoshi Kusama™ (@ShytoshiKusama) June 5, 2024
It’s planning to release a privacy-enhancing layer-three network in the coming months, with developer Shytoshi Kusama also recently teasing a celebrity-related product.
This points to a bright future for Shiba Inu, with its ecosystem likely to continue growing over the longer term.
By extension, it also points to a rising Shiba Inu price, particularly when the wider market recovers more vigorously.
We could see SHIB hit $0.000020 in the next few weeks and $0.0001 by the end of the year.
New Meme Tokens May Rally Harder
SHIB is likely to remain a fixture for a long time to come, but traders looking for the biggest meme token-derived gains may prefer to investigate newer coins.
Presales are a particularly lucrative source of returns at the moment, with several promising new meme tokens holding their sales as they prepare to list.
For instance, Base Dawgz (DAWGZ) is a multi-chain cryptocurrency that has already raised over $1.8 million in its popular token offering.
The market looking down?$DAWGZ is just keeps going up up up🛩️ pic.twitter.com/CgyFIG7yxQ
— Base Dawgz (@BaseDawgz) June 18, 2024
DAWGZ sets itself apart from the crowd by begins multi-chain meme token, running on Ethereum, Base, Solana, Avalanche and BNB Chain.
By opening itself up to multiple networks, it potentially widen its user and investor base, which by extension should boost its price over time.
It also helps that DAWGZ has chosen for itself a familiar yet unique meme, with the token using a base-jumping Shiba Inu dog as its virtual face and mascot.
More importantly, it also has solid tokenomics, having a capped supply of 6.453 billion DAWGZ.
20% of this supply will go to the sale, while another 20% will be attached to staking, enabling holders to earn a passive income from the coin.
At the very least, the sale will run until it raises $8 million, with DAWGZ listing on decentralized and then centralized exchanges upon closure.
While there isn’t much time left, newcomers can join by visiting the official Base Dawgz website.
1 DAWGZ currently costs $0.00527, a price it may eclipse once the sale ends.
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.
