The Shiba Inu price has rocketed by 60% today, reaching $0.00004137 as the wider crypto market enjoys a 3% gain in the past 24 hours.
SHIB has now recorded a 300% increase in a week and a 362% rise in a month, with the meme token rising up to 11th place in the market in terms of cap.
Yet with the coin still 53% down from its current record high of $0.00008616, it would also seem that it can afford to rise even further before necessitating a correction.
Shiba Inu Price Prediction as SHIB Becomes 11th Largest Crypto in The World – $1 SHIB Incoming?
SHIB’s chart has basically gone stratospheric, with its current price far exceeding its 30-day average (yellow), which has in turn begun rising aggressively beyond the 200-day average.
It’s arguable that the market has now overbought SHIB already, given that its relative strength index (purple) is actually above 90 at the moment.
Source: TradingView
However, the chart also shows that the meme token had struggled to gain any kind of momentum for months, so it’s also arguable that a sustained period of strong growth is entirely possible.
Bullish demand for the meme coin is driving its rally at the moment.
1,250,318,249,876 #SHIB (41,329,269 USD) transferred from #Cumberland to unknown wallethttps://t.co/i7SYyYui4K
— Whale Alert (@whale_alert) March 4, 2024
And while the Shiba Inu price may certainly correct in the near term, its medium- and long-term trajectory looks highly bullish.
On the one hand, the market is in a position where it could continue rallying for the next few weeks, led by rising Bitcoin ETF volumes.
This will push up meme coins such as SHIB along with Bitcoin and other alts, with SHIB potentially benefitting more as a result of suffering too much last year.
On the other hand, SHIB arguably has stronger fundamentals than most other meme coins, given the steps its developers have taken to improve its utility.
For instance, last year saw the launch of the Shibarium layer-two network, which is now seeing around 2 million transactions per day and a total of roughly 400 million.
This growth highlights how SHIB is slowly becoming more than a meme coin, with the Shiba Inu price likely to benefit as a result.
It could reach $0.000050 in the next few weeks, before hitting 0.000060 by the summer.
Newer Meme Tokens for Newer Rallies
SHIB may be a little too hot at the moment, so many traders may opt to turn to alternatives while they wait for it to correct.
One of the most promising alternatives to SHIB right now is Scotty the AI (SCOTTY), a new Ethereum-based meme token that boasts plenty of utility.
It’s an AI-powered crypto-currency trading platform that last month launched its presale, which has now raised just over $2.3 million.
Presale Update!
ScottyTheAi #1 #memecoin (w/Ai utility) of 2024$SCOTTY has raised $2.3M
Well on our way to closing out presale and heading for that $100M marketcap.
Congratulation to all the early #Scottydogs in presale
Buy Now: https://t.co/zRmy4g8hfW#BITCOIN… pic.twitter.com/sA3Bh81MGU
— Scotty The Ai (@ScottyThe_Ai) March 5, 2024
This impressive total suggests that Scotty is already winning over investors, who are likely drawn towards the project’s AI-powered platform.
The latter will feature two central products, Scotty Swap and ScottyChat.
As its name suggests, Scotty Swap is a trading protocol on which traders can perform atomic token swaps, with AI providing a variety of tools that streamline the trading experience.
Correspondingly, ScottyChat is a generative AI-based bot that will provide traders with advice on market movements and cryptocurrency prices.
$SCOTTY # 1 #memecoin (w/Ai utility) of 2024
smart investors smashed out Stage 1-9 days ahead of time.
stage 10 is now live and on the move. Price will increase at stage 11
BUY $SCOTTY presale at https://t.co/zRmy4g8hfW#blockchains #memecoins #Binance #presale… pic.twitter.com/5pn2xIr4Lg
— Scotty The Ai (@ScottyThe_Ai) March 3, 2024
With SCOTTY the native utility token for these two features, the coin is likely to experience significant growing demand.
It will have a max supply of 1,234,567,890, with 30% of this going towards the sale, which is well on its way towards selling out.
Investors can participate by visiting the official Scotty the AI website, where they can buy SCOTTY at $0.0073 per token.
This price will rise in nine days, while the token’s listing in the next few weeks is likely to send it much higher.
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