Shiba Inu Price Prediction as $100 Million Trading Volume Floods In – Can SHIB Reach $1?
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The price of Shiba Inu (SHIB) has lifted by 0.5% in the past 24 hours, reaching $0.00000891 as the wider crypto market sees as 1.5% gain as a whole.
This means that SHIB has dropped by 1.5% in a week and by 21% in the past 30 days, with the meme token up by 9.5% since the beginning of the year.
Its movement today comes as its 24-hour trading volume rises a little to pass $100 million, suggesting an increase in liquidity that could result in gains somewhere down the line.
And when it comes to the longer-term picture, the hotly anticipated launches of Shibarium and SHIB: The Metaverse could help SHIB enjoy a full renaissance towards the end of the year.
Shiba Inu Price Prediction as $100 Million Trading Volume Floods In – Can SHIB Reach $1?
SHIB’s indicators are in an interesting position, suggesting that the meme token may be in for rises in the coming days or weeks.
SHIB’s relative strength index (purple) has risen to 60 today, signaling buying momentum that’s pushing the coin upwards.
At the same time, its 30-day moving average (yellow) is rising up towards its 200-day (blue) after a relatively long period of being below it, again suggesting that further rises may be incoming.
The meme token’s support level (green) supports this claim, in that it has been steadily rising for the best part of a weak, indicating consolidation and strengthening momentum.
The fact that SHIB’s RSI had fallen below 30 over the weekend should alone hint towards rallies, yet adding the aforementioned increase in trading volume points even more strongly towards increases.
What’s encouraging for SHIB holders is that, even with its recent underperformance, Whale Stats data still shows that SHIB is the most widely held and traded cryptocurrency among ERC-20 whales.
Top 100 #ETH whale positions – its been #SHIB pic.twitter.com/6mK8Wsnka4
— Darth_Meme (@DarthMemeX) May 6, 2023
What this suggests is that whales are sitting on big SHIB holdings in wait for a future rally, and when whales expect something to happen in the cryptocurrency market, it usually does.
Adding to the likelihood of a future SHIB rally is the ongoing development of Layer 2 network Shibarium, which launched in beta form back in March and should see a full public mainnet launch in the next couple of months.
It continues to undergo steady development, with a number of important features tested in the past few weeks, as well as the launch of the beta’s second version last week.
https://www.twitter.com/ShytoshiKusauma/status/1656769650397528064This suggests that the launch of Shibarium isn’t too far away, and when it does arrive, it will provide Shiba Inu users with faster and cheaper transactions, which help boost the platform/cryptocurrency’s ecosystem of apps.
Shibarium will also result in a significant uptick in SHIB burning, something which can only boost the meme token’s price over the longer term.
https://www.twitter.com/GemsShibarium/status/1656375832796098561When combined with the later arrival of SHIB: The Metaverse, these developments suggest that SHIB could receive a much-needed boost in the not-too-distant future.
It could easily return 0.00001 and higher in the next few weeks, and potentially even lose a decimal place if the deployment of Shibarium is a particular success.
SpongeBob Is the Hottest Meme Token Right Now
But with SHIB still waiting for the above-mentioned major rollouts, it may be a while before it sees real action.
Because of this, traders may prefer to look at newer, more trending meme tokens, and one of the most promising right now is SpongeBob (SPONGE), which has already seen gains of well over 2,500% since listing directly on Uniswap on May 4.
A new ERC-20 cryptocurrency, SPONGE has risen by 15% since May 11, buoyed by new listings on a variety of exchanges, including Gate.io, MEXC, LBANK, CoinW and Toobit.
It’s very likely that SPONGE will witness a few more big listings in the next few weeks, providing it with additional liquidity and demand.
🧽 #SPONGERS!!! 🧽
— $SPONGE (@spongeoneth) May 12, 2023
You can now get some $SPONGE on @gate_io! 🚀💰
Don't miss it!🔥
🔗 https://t.co/lDGSBf8kaO pic.twitter.com/wZo8AJK4rE
The meme token has a total maximum supply of 40.4 billion, while it also has more than 12,000 holders, which is a big number for a coin that launched just over a week ago.
Because of its strong recent growth, it could witness gains towards $0.0006 and $0.0007 in the next few weeks, and if a major exchange such as Binance lists it, it could very plausibly move to $0.001.
