Shiba Inu Price Prediction as SHIB Sees $1.7 Billion Trading Volume in 24 Hours – Are Bears Buying?
SHIB has gained by 5% in the 24 hours, with the Shiba Inu price moving to $0.00002694 in reaction to the Federal Reserve’s decision yesterday to keep rates unchanged.
The meme token remains down by 19% in a week, although it still holds onto an impressive 175% increase in the last 30 days.
Its trading volume has also risen encouragingly, moving up to $1.7 billion in a sign that traders continue to have interest in the token.
Its price should continue recovering in the very near future, with the positive medium-term trajectory of the wider market helping to push it up.
Shiba Inu Price Prediction as SHIB Sees $1.7 Billion Trading Volume in 24 Hours – Are Bears Buying?
SHIB’s chart and indicators continue to look indecisive, caught between further losses and a possible recovery.
For instance, the coin’s relative strength index (purple) is sliding down towards 50 again after rising to almost 70 yesterday, signalling a quick loss of momentum.
This has happened while SHIB’s 30-day average (yellow) is climbing steadily back towards the 200-day (blue), albeit without any real impetus.
If it can manage to lift over the longer term average, this could signal a strong recovery rally, with SHIB potentially returning to $0.000030 in the next couple of weeks.
Supporting this possibility is SHIB’s trading volume, which is up by more than 450% in a month.
This suggests that demand in the token remains strong, even if isn’t quite as strong as it was in early March.
In other words, there’s enough volume and interest to help the token recover well in the near term, with SHIB still popular among whales.
This trader spent only 1.51 $ETH($2,521) to buy 49.8B $SHIB($1.93M currently) in 2021!
After 2.6 years of staking, he withdrew all 40.5B $SHIB($1.58M) and deposited it into #Coinbase 30 mins ago.
If he sells, he will make ~$1.58M, a gain of 628x!https://t.co/oE4sETZwa4 pic.twitter.com/4O7cxM6PRB
— Lookonchain (@lookonchain) March 5, 2024
For example, the whale in the tweet above has actually withdrawn the 40.5 billion SHIB he deposited to Coinbase a couple of weeks, indicating a desire among whales to hold onto their tokens.
This signals an expectation that prices will rise again, with the overall buoyancy of the market likely to help the Shiba Inu price rise to higher levels.
There are various reasons to be optimistic about the direction of the overall market, including the aforementioned FOMC rate decision, with the Fed indicating that it will make rate cuts this year.
On top of this, the Bitcoin halving is likely to increase bullishness, as are Bitcoin ETF volumes.
And with Shiba Inu having some of the strongest fundamentals of any meme token, it could rise to $0.00004 by the summer.
Alternative Meme Tokens for Big tallies
While SHIB continues to recover, it may be worth investing in newer meme tokens, of the kind that will soon list on exchanges and potentially surge.
Probably the most interesting new meme token out now is Dogecoin20 (DOGE20), an Ethereum-based currency that improves on the formula laid down by the original Dogecoin.
Its presale has already raised just over $4.5 million, despite opening only last week.
LFG!!! 🚀
Another insane milestone for #DOGE20! 💥🐕
Raising over $4.5 Million! 💰
Can this day get any better? 🤔
Hmm… Only if we hit $5M! 😊 pic.twitter.com/kGIpWkHYqj
— Dogecoin20 (@DOGE_COIN20) March 21, 2024
This is a strong sign that investors believe in DOGE20’s potential, with the coin offering several bullish features.
Firstly, its use of the proof-of-stake Ethereum blockchain makes it much less energy-intensive than Dogecoin, which is still a proof-of-work cryptocurrency.
Holders can also stake DOGE20, with the coin prioritizing greater rewards for holders who stake earlier and for longer periods.
Perhaps most bullishly of all, DOGE20 boasts a hard-capped supply of 140 billion tokens, unlike the infinitely inflationary Dogecoin.
Given its fixed supply and its staking system, DOGE20 could witness a supply squeeze that pushes its price up steadily over the long run.
And the icing on the cake is that, in an effort to ‘Do Only Good Everyday’, Dogecoin20 will support charitable causes and community projects via its treasury, which equals 25% of its total supply.
Together, such features have quickly helped Dogecoin20 win over converts and build its community, with new investors able to join its presale at the official Dogecoin20 website.
They can buy DOGE20 at $0.000204 per token, although this will rise to $0.000206 in just under three days.
And when it lists on trading platforms (starting with Uniswap), this price could rise dramatically.
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.
