SHIB has risen by 1.5% in the past 24 hours, with the Shiba Inu price reaching $0.00002713 on a day when the crypto market as a whole has gained by 1%.
The token has now increased by 21% in a week, with its returns coming as meme coins make a recovery across the board.
But with SHIB still down by 2.5% in the last 30 days, it still has plenty of space to recover further in the coming days.
This is particularly the case when Shiba Inu remains one of the strongest meme coins in terms of its fundamentals, with this week seeing the announcement of a $12 million raise for the coin’s new layer-three network.
Shiba Inu Price Prediction as Meme Coins Bounce Back – Can SHIB Overtake Ethereum?
It’s debatable as to what SHIB is going to do in the near term, with its indicators looking as though it may need to dip a little before we see more gains.
Its 30-day average (orange) has been above its 200-day (average) for a few days now, and while it may hang in there for a few days yet, it seems to have lost momentum.
Source: TradingView
Likewise, SHIB’s relative strength index (purple) is hovering around the 50 mark, having declined from 80 a few days ago and looking like it may drop towards 30 or 20 before picking up again.
What’s discouraging for SHIB is that its trading volume today is $700 million, in contrast to the $13 billion levels we saw in early March.
Clearly, major demand has not yet returned to Shiba Inu, which may seesaw between recovery and dips for as long as it struggles to attract new volume.
3,000,000,000,000 #SHIB (79,947,000 USD) transferred from unknown wallet to unknown wallethttps://t.co/V8B7aaSbae
— Whale Alert (@whale_alert) April 24, 2024
Having said that, the very early hours of this morning did see a SHIB transfer worth $79.9 million between two unknown wallets.
This suggests that some whales may have begun accumulating the token again, and that we may be at the beginning of an uptrend.
It’s arguable that such a trend began when Shiba Inu’s developers announced they had raised $12 million for its new privacy-focused layer-three network.
There’s no release date yet for this new network, although what is known is that it will have its own native TREAT token, which will be the final non-stablecoin Shiba Inu ecosystem coin.
This launch points to sustained future growth for Shiba Inu and the Shiba Inu price, which could reach $0.000040 by the summer.
New High-Potential Meme Tokens
While SHIB is undoubtedly one of the most solid meme coins in the market, there are other, smaller cap tokens that could be worth a look if traders wish to maximize their exposure to the potential upside.
In fact, there are several promising meme coins in the market right now that boast some very strong fundamentals, and that are also holding their presales and generating plenty of momentum.
One of the best of these is Dogeverse (DOGEVERSE), a multi-chain meme token that has raised over $10 million in its sale.
Let’s go! #DOGEVERSE raises over $10 Million!
Another incredible milestone ticked off!
Join #Cosmo on his multi-chain adventures! pic.twitter.com/wNIPuHhplr
— DogeVerse (@The_DogeVerse) April 24, 2024
As the first ever Doge-themed multi-chain cryptocurrency, DOGEVERSE will operate on Ethereum, BNB Chain, Solana, Avalanche and Base.
This will give it very wide application, with the token potentially finding usage on numerous apps within numerous ecosystems.
As such, it could experience strong demand, which in turn will boost its price over time, especially when it comes with a hard cap of 200 million tokens.
On top of this, holders will be able to stake the token, earning themselves a passive income while also taking much of the DOGEVERSE supply out of circulation.
In other words, DOGEVERSE could rise strongly in price, with investors able to buy it early and cheaply by going to the official Dogeverse website.
1 DOGEVERSE currently costs $0.000301, although this will rise in just under a day.
And given that meme coins have outperformed much of the market this year, this price could surge dramatically once the token lists on trading platforms.
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