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Shiba Inu Price is Up 12% in 7 Days – Should You Buy This Meme Coin Today?

John Isige
Last updated: | 6 min read
Shiba Inu Price Bullish

Shiba Inu price is on the verge of another bullish breakout as investors engage in song and dance following a New Year relief rally. SHIB currently boasts 6.6% in 24-hour gains, 16.1% in weekly cumulative gains and a 19% increase in two weeks.

Live price data reveals an 18% spike in daily trading volume to $364 million, meaning investors are focused on accumulating SHIB tokens ahead of another significant rally. Over the last couple of weeks, Shiba Inu has moved a few steps to become the 15th largest crypto asset, with a market cap of $5.3 billion.

Assessing Shiba Inu Price’s Potential to Stay Profitable in The Coming Days

Shiba Inu price is trading at $0.0000971 while bulls face off sellers at $0.00001. A break above this hurdle could blast SHIB to $0.000012 over the weekend and set the pace for gains to $0.000013 and $0.000014, respectively.

Over the last couple of weeks, investors have shifted attention to altcoins, focusing more on meme coins like Dogecoin and Shiba Inu. According to data recently released by WhaleStats, a crypto platform tracking large transactions, SHIB is once again one of the most used smart contracts among the top 500 Ethereum (ETH) whales.

Other smart contracts appearing alongside Shiba Inu are Decentraland (MANA), Numeraire (NMR), Fortress (FORT) and Basic Attention (BAT).

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That’s not all; on Friday, Shiba Inu also appeared among smart contracts for the top 1,000 biggest Ethereum whales. Shiba Inu was the seventh most used contract below WETH, BOBA, NMR, ETH, USDT and USDT. Shiba Inu is the most traded token among the top 5,000 Ethereum whales.

Shiba Inu Price Bullish
Whale Stats

The eight-hour chart reveals buyers have the upper hand, especially with the Moving Average Convergence Divergence (MACD) indicator. In addition to a buy signal, flashed when the MACD (line in blue) crossed above the signal line (in red), the momentum indicator sustained movement above the mean line (0.00).

Shiba Inu Price Bullish
SHIB/USD eight-hour chart

Investors betting on long positions in Shiba Inu price may continue to do so after the 50-day Exponential Moving Average (ETH) (in red) crosses above the 100-day EMA (in blue). The safest bet for Shiba Inu longs lies marginally above $0.00001, its immediate resistance.

Insights from blockchain data as presented by IntoTheBlock using the In/Out of the Money Around Price (IOMAP) model affirms the bullish outlook in Shiba Inu price, possibly until the massive seller congestion zone at $0.000011 has been tagged. Approximately 20,000 addresses purchased roughly 77 trillion in that zone.

Shiba Inu Price Bullish
Shiba Inu IOMAP

Traders should tread cautiously because, based on the IOMAP, Shiba Inu is not strongly supported. However, it would not be prudent to short SHIB, especially with the growing trading volume.

Shiba Inu Burn Rate Plunges By 92%

Shiba Inu’s supply has declined significantly since the token burn process was launched. Over 410 trillion coins have been obliterated from the supply, with 571 trillion left in circulation, although 18 trillion tokens have been staked on various platforms.

Shiba Inu Price Bullish
Shiba Inu Burn Rate

The burn rate will jump significantly with the launch of Shibarium, a new protocol currently in development – designed to improve SHIB’s scalability. Shibarium could go live in Q1 2023 and potentially ignite a rally in Shiba Inu price.

Altcoins to Consider for Portfolio Diversification

Investors interested in up-and-coming altcoins may consider the best presales in the market. The tokens listed here are carefully selected for possessing strong fundamentals that could see them rally upon listing on exchanges for the first time. Their presales are selling out fast, with some altcoins likely to go live on CEXs in the next few weeks.

Meta Masters (MEMAG)

The Meta Masters Guild (MMG) ecosystem is issuing the MEMAG coin to bring together a community of gamers and game developers who can participate in various projects and earn rewards.

The MMG aims to gather multiple games into one community, where each game operates independently and is open to all players. The MEMAG token serves as the currency for all games within the ecosystem, providing a way for players and developers to earn rewards for their contributions.

Currently, three games are available within the MMG ecosystem, with plans to add more to increase the value for players in the community. Kart Racers is a PVP racing game optimized for mobile devices. Raid NFT is a turn-based fighting game where players select warrior assets and engage in battles in various hostile environments.

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Another game, Meta Masters World, will cater to the metaverse and offer players the chance to explore an expansive virtual world. Investors can buy MEMAG in an ongoing presale that has already raised $130k, selling one token for 0.007 USDT.

Visit Meta Masters Guild Now.

FightOut (FGHT)

Fight Out is introducing a revolutionary move-to-earn (M2E) app and gym network in 2023, designed to enhance the fitness experience for enthusiasts. Using cutting-edge technology, users can earn rewards for their workouts and compete against other members to accumulate REPS tokens.

These tokens can redeem discounts on Fight Out’s membership plans, subscriptions, and merchandise, such as apparel, dietary supplements, and training equipment.

The app and gym locations will foster a supportive community atmosphere, providing opportunities for members to motivate and encourage one another as they strive to achieve their fitness goals together.

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The FightOut presale is currently in progress and has generated $2.9 million by selling 1 FGHT for 1 USDT. Investors can take advantage of a 50% bonus when buying FGHT, but this offer is only valid until the presale reaches the $5 million mark.

Visit FightOut Now.

Tamadoge (TAMA)

Tamadoge has recently released the beta version of its highly anticipated Arcade Games, inviting investors to test the games and provide feedback for improvement before the official launch. So far, users have spent 741 hours testing the platform’s games, and more engagement is expected post the major release.

Tamadoge is a play-to-earn Dogecoin game where players can buy and collect non-fungible tokens (NFTs) representing digital pets. These pets can be groomed and fought against other players, with the victors earning TAMA tokens as a reward.

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Upon entering the game, they are taken to the world of Tama, where they can explore various areas, play games, trade Tamadoge pets, and collect NFT items while searching for hidden surprises.

TAMA is the in-game currency for Tamadoge; in addition to participating in battles, players can also make money by selling their NFTs in the game’s marketplace.

Buy Tamadoge Now.

Calvaria (RIA)

Calvaria is one of the top ongoing crypto presales, but investors only have a little time left to participate. The token presale is nearing its fundraising goal, so this may be the last opportunity for investors to acquire it.

The game, Calvaria: Duels of Eternity, which centers around the theme of the afterlife, is poised to revolutionize the crypto-gaming industry, gaining momentum. With outstanding graphics and gameplay, the game is set to launch in Q2 2023 and will be a complete package for players.

The highly coveted RIA token, native to the game, can purchase NFT battle cards, generate passive income through staking, and give investors voting rights in the Calvaria DAO.

Visit Calvaria Now.

RobotEra (TARO)

RobotEra is a new cryptocurrency and metaverse project that aims to create an interactive world within the metaverse. Users will not only have the opportunity to acquire virtual real estate within the RobotEra metaverse, but they will also be able to create, play, and enjoy games without any prior coding knowledge.

The project aims to create a sandbox game based on open-world planet-building. Players will take on the role of a robot and be able to obtain planet resources, run their land, and develop robot allies.

Community members in the metaverse will be free to create anything they want and start a new age with other robots. RobotEra will also connect different worlds, allowing for the creation of theme parks, concerts, and museums. RobotEra presale is underway with $707k raised, so there is little time left before it closes.

Visit RobotEra Now.

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