Shiba Inu Price Prediction as Market Cap Nears $6 Billion – Can SHIB Overtake DOGE?

Simon Chandler
Last updated: | 3 min read

Shiba Inu Price Prediction as Market Cap Nears $6 Billion – Can SHIB Overtake DOGE?

The Shiba Inu price has dipped by 3% in the past 24 hours, slipping to $0.00000970 today as the wider market also falls by 3%.

SHIB has now gained by 4% in a week and by 16% in the past fortnight, with today’s misstep doing little to alter its overriding trajectory at the moment.

Indeed, SHIB’s market cap has risen from $4.2 billion in the middle of September to $6 billion today, with the meme token now the 17th-biggest coin in the market.

And with its momentum remaining strong, it may only be a matter of time before SHIB overtakes Dogecoin (DOGE).

Shiba Inu Price Prediction as Market Cap Nears $6 Billion – Can SHIB Overtake DOGE?

SHIB may have lost a little of momentum in the past day, yet its general outlook still remains fairly bullish.

Its 30-day average (yellow) continues to reach further beyond its 200-day average (blue), a sign that the coin remains in a growth phase and probably shouldn’t see a medium- or long-term decline for quite some time yet.

Shiba Inu price chart.
Source: TradingView

Similarly, SHIB’s RSI (purple) is still clinging to the 60 level despite taking a dive in the past few days, meaning that buying pressure continues to prevail against selling pressure.

It’s also encouraging that the coin’s support level (green) has been gaining steadily ever since the middle of October, a fact which suggests that any dips are likely to brief.

Another key point of interest is that the meme token’s trading level is elevated, ranging from $400 million to $900 million in the past few days, in contrast to levels under $100 million a couple of months ago.

A big reason for this is that whales appear to taking an interest in SHIB, with several large transfers happening in the past few days.

It’s hard to determine whether such transfers represent accumulation or selling on the part of whales.

Either way, larger transfers indicate elevated interest, and with SHIB’s fundamentals improving in the past few months, it should start rising again.

For instance, 2023 saw Shiba Inu launch its long-awaited layer two network Shibarium, which has enjoyed a big spike in transactions in the past few weeks.

It’s also notable that SHIB burning has also taken off since Shibarium launched, with last week also bringing a one-off burn of around 8 billion SHIB.

Taken together, such factors point to a rising Shiba Inu price, which should reach $0.000020 by the first few weeks of 2024.

Alternative Meme Tokens For Big Gains

SHIB could potentially continue climbing up the rankings in terms of market cap, yet it isn’t the only altcoin or meme token in the market right that looks set to rally strongly in the next few weeks.

Another strong candidate in this respect is Meme Kombat (MK), an ERC-20 cryptocurrency that has raised more than $2.8 million in its ongoing presale.

There’s a simple reason why Meme Kombat’s presale has done so well so quickly, which is that the coin offers something unique.

That is, it’s developing a platform which will enable users to bet on AI-generated battles between meme characters, with its platform visualizing said battles in real-time for users to watch.

Such battles will be randomized, with the use of the Ethereum blockchain ensuring transparency in terms of how the platform processes battles.

The use of smart contracts will also ensure reliability and immediacy in terms of how the platform pays out winnings, which will come in the form of native token MK.

Sweetening the deal further is the fact that holders of MK will be able to stake the token, thereby earning themselves a passive income.

To join the presale, investors can simply go to the Meme Kombat official website, where 1 MK costs $0235.

This will rise to $0.246 in just over two days, yet the coin’s listing could see its price rise much, much higher soon enough.

Visit Meme Kombat NowDisclaimer: 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.