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Shiba Inu Price Prediction as SHIB Tumbles 5.1% Overnight – Time to Buy the Dip?

Simon Chandler
Last updated: | 3 min read

SHIB has dived by 5% today, with the Shiba Inu price sinking to $0.00002377 as the market as a whole takes a 0.8% cut in the past 24 hours.

The meme token is also down by 5% in a week, as well as by 7% in a fortnight.

However, it holds onto an impressive 170% gain in a year, and with the token having plenty of medium- and long-term momentum, it could easily bounce very soon.

This is particularly the case in view of its relatively strong fundamentals, which suggest that the market is undervaluing the token right now.

SHIB Tumbles 5.1% Overnight – Time to Buy the Dip?

Based purely on technicals, SHIB should rebound very soon, with the coin well into oversold territory.

Its RSI (purple) has crashed to 30 in the past few hours, following a very large sell order that you can see in the coin’s volume chart below.

Shiba Inu price chart.
Source: TradingView

Also depressed is SHIB’s 30-day average (orange) which is falling even further below its 200-day (blue), meaning that the coin is nearing the point where it should become attractive again to buyers.

What we’re also nearing is the point where the meme token’s support (green) and resistance (red) levels collide with each other, an occurrence which generally invites a big move.

What’s discouraging is that SHIB’s 24-hour volume is still ridiculously low, at about $500 million today, as opposed to $2 billion a week ago and nearly $15 billion back in March.

This indicates a distinct lack of interest in the token, although hopefully, its decline today will encourage some big traders to buy the dip.

It has seemingly been a long time since a whale bought a big chunk of SHIB, with Whale Alert’s last recorded buy coming two months ago now.

However, we may see the Shiba Inu price lift in the coming weeks, as a result of several factors, in addition to recent overselling.

For one, the return of Roaring Kitty to trading may help lift demand for meme tokens such as SHIB, as happened with the famous 2021 GameStop rally.

More significantly, there are signs of improving inflation data in the US, something which could bring rate cuts by September and therefore increased demand.

This will benefit SHIB, which also benefits from some of the strongest fundamentals of any meme token.

The Shiba Inu price could therefore reach $0.000040 by the end of the summer.

Alternative Meme Tokens for Big Returns

Because SHIB has underperformed in recent months, many traders may prefer to turn to newer meme tokens, which can often rise more dramatically.

Probably the best new meme coin in terms of fundamentals right now is WienerAI (WAI), a new Ethereum-based cryptocurrency that has raised in excess of $4 million in its presale.

What’s exciting about WienerAI is that it will launch an AI-based chatbot, which traders can ask questions regarding trending and promising tokens.

WienerAI will offer advice on trade timings and on which tokens may require selling, while it will also provide an atomic swap feature so that users can trade directly through its app.

There’s also an MEV protection feature, meaning that WienerAI will enable traders to make trades that avoid front-running bots.

As the native token of this platform, this all gives WAI plenty of utility, with the token also having a supply capped at 69 billion.

When combined with staking, this limited supply could help to squeeze its price upwards over time.

These ingredients all combine to make WienerAI one of the most interesting new meme coins of 2024, as signaled by its successful presale.

Investors can join the sale by visiting the official WienerAI website, with 1 WAI currently costing $0.000714.

This will rise incrementally with each new stage of the sale, which will end in the next few weeks, at which point WAI will list on trading platforms and potentially surge.

Buy WAI Today

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.