Shiba Inu Price Prediction as $200 Million Trading Volume Rushes In, Investors Also Bullish on Love Hate Inu
The Shiba Inu price has dipped very slightly to $0.00001059 today, representing a 0.2% fall in the past 24 hours and a 3% loss in the past week.
SHIB is also down by 12% in the last 30 days, although it remains up by 30% since the beginning of the year.
Despite its losses today, there are signs that its trading volume is rising again, with the latter's move up to $200 million potentially signaling an incoming rally.
This suspicion is supported by just how oversold and undervalued SHIB has been in recent weeks, with the development of Shibarium and also SHIB: The Metaverse likely to provide two major events this year which will boost the meme token's price.
And while major rallies may take some time to arrive for SHIB, another meme token, Love Hate Inu (LHINU), is drawing in investors with promises of big gains, with its presale now having raised an impressive $2.25 million.
Shiba Inu Price Prediction as $200 Million Trading Volume Rushes In
SHIB's indicators continue to show a lack of momentum and the ongoing existence of selling pressure, with both its 30-day moving average (red) and its relative strength index (purple) not too far from oversold territory.
While it rose from 30 up to 45 in the past week, SHIB's RSI has apparently stalled, with the lack of buying momentum potentially setting it up for further falls.
Likewise, the coin's 30-day moving average is about to fall below its 200-day average (blue), forming a 'death cross' that can predict more losses.
As such, traders may prefer to hold off a while so that SHIB can bottom, at which point the market is likely to see a recovery of some kind.
Indeed, with layer-two network Shibarium set to witness a full public launch next month, April could end up being kinder to SHIB than March.
The L2 is already live in beta form, with its network seeing a spike in transactions in recent days, as more testers join and contribute.
This indicates the general interest in Shibarium, which will make Shiba Inu transactions faster and cheaper when its mainnet does go live.
And more importantly for traders, its launch will see more SHIB being burned, something which will be positive for its price action.
Another positive development is the arrival of SHIB: The Metaverse, a Shiba Inu-themed virtual world that is likely to launch by the end of 2023.
SHIB: The Metaverse will enable users to purchase, explore, and trade 100,595 NFT-based lands, as well as a big number of in-game items.
Its native cryptocurrency will be SHIB (along with LEASH and BONE), meaning that demand for the meme token is likely to rise steadily once it launches.
While further details are scarce at this point, the team describe it as "the future of entertainment, business, and gaming all rolled into one," indicating just how big they want it to be.
Of course, this isn't likely to materialize for some time yet, meaning that SHIB's price may not move substantially from its current level of $0.000011-ish for several months yet.
Investors Also Bullish on Love Hate Inu
As an alternative to SHIB, investors may prefer to look at Love Hate Inu, which has seen the presale for its LHINU token raises more than $2.25 million.
What's impressive about this total is that it has been reached in only a couple of weeks, with Love Hate Inu's sale being one of the newest in the market.
Looking at the project's fundamentals, it's not hard to see why investors have taken to it, with its platform set to give users the opportunity to earn rewards for voting in polls and surveys.
It's attempting to corner a slice of the global online surveys market, which is forecast to grow to a value of $5.69 billion by 2027, according to data from the Business Research Company.
What gives Love Hate Inu a potential edge over other survey companies is that it taps into two popular cultural currents, with the first being social media-based polls (as seen on Twitter) and the second being meme tokens.
Taken together, it hopes that these two threads will enable it to garner a big following of users.
That these are realistic aims is suggested by the fact that, in addition to raising $2.25 million, it has already attracted 32,000 followers on Twitter.
Given that it hasn't even launched yet, this offers some indication of how it big it could become when it launches its blockchain-based polling platform in the second half of the year.
Investors can participate in the LHINU presale by heading over to the official Love Hate Inu website.
They can purchase LHINU using either crypto (USDT or ETH) or fiat (via a credit card), making it more accessible than many other similar presales.
At the moment, the sale is in its third stage, with one LHINU token costing $0.000095.
Its fourth stage is due to start in just over four days, pushing this price up to $0.0000105.
As such, traders will need to act quickly if they want to buy coins at a discount, with the sale set to end with LHINU at a price of $0.0000145.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.