Simon Chandler
Last updated: | 3 min read
SHIB has gained by as much as 12% in the past day, with the Shiba Inu price reaching a 24-hour high of $0.0000351 today.
The meme token’s movements have pushed its market cap back to $20 billion, as the wider crypto market enjoys a 2% gain amid ongoing ETF-related growth and bullishnesses.
SHIB has now gained by 26% in a week and by 267% in the last 30 days, with the meme token also up by 240% in a year.
And with the market likely to continue rising at least until the next Bitcoin halving (happening next month), SHIB could easily reach new peaks in the near future.
Shiba Inu Price Prediction as SHIB Reaches $20 Billion Market Cap – $10 SHIB Possible?
SHIB’s chart continues to signal plenty of momentum, momentum which isn’t likely to decline in the very near future.
For example, despite surging beyond 90 a week ago, the coin’s relative strength index (purple) remains above 75, a clear sign that buying pressure remains solid.
SHIB’s 30-day average (yellow) is also very bullish right now, given that it continues to rise rapidly beyond its 200-day (blue), another indicator that it remains within an expansionary phase.
And because the market had neglected and oversold SHIB for so long, it can stand to continue rising for the next few weeks or months, without fearing of becoming too overbought.
Its 24-hour trading volume also remains strong at $2.5 billion, up from $125 million a month ago.
It’s therefore clear that retail and larger investors alike still have plenty of demand for SHIB, which has witnessed several big transfers in recent weeks.
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
Of course, some of these involves whales sending SHIBtoexchanges, so traders should be prepared for dips along the way, even if the overarching mood remains positive.
Indeed, the market continues to be extraordinarily buoyant, with the possibility of spot-based Ethereum (ETH) ETFs also stoking the fire.
If the latter does come to pass, then a proper alt season could begin, one which would undoubtedly boost SHIB (along with many other alts).
And what’s particularly bullish about SHIB is that it boasts the best fundamentals of any meme token.
This is particularly because of pre-existing infrastructure, such as ShibaSwap, but also particularly because Shiba Inu is still growing as an ecosystem, as witnessed by last year’s Shibarium launch.
BILLIONS OF DOLLARS EXPECTED TO FLOW TO $SHIB
CONSIDERED BY FORBES AS TOP 1O CRYPTO TO INVEST 🙀
THIS BULL MARKET
THE 1ST TIME #ShibaInu LISTED ON ROBINHOOD$HOOD EXPECTED 2B INSTRUMENTAL FOR #SHIB GOING PARABOLIC DELETING MORE ZEROS JUST LIKE WHAT HAPPENED TO DOGE ATH $0.70 pic.twitter.com/ZygDPRWlYU— SHIB Bezos (@BezosCrypto) March 11, 2024
As such, the Shiba Inu price is likely to continue rising over the coming months, potentially reaching $0.000040 by the end of March.
Alternative Meme Tokens for Big Rallies
SHIB’s prospects certainly look good, but it isn’t the only high-potential meme coin in the market right now, with several small-cap meme tokens looking good.
One of these is Smog (SMOG), an Ethereum- and Solana-based token that has risen by 8% in the past 24 hours and by more than 15,000% since listing on the Birdeye and Jupiter DEXes last month.
SMOG has outlasted and outpaced most other new meme coins, and it’s largely down to its unique airdrop system.
With the coin holding a series of drops over the coming weeks, it will distribute a higher number of coins to holders with the biggest pre-existing SMOG holdings.
Doing things this way encourages investors to hold onto more SMOG for longer, something which will take rising quantities of the coin out of circulation.
In turn, this should boost SMOG’s price over time, with the coin’s staking system – awarding a yield of 42% APY – also likely to squeeze supply.
#Dragons, can $SMOG reach $1 after an outstanding 60% surge overnight?
1. Yes! 🚀🌕
2. No, but close!😅
3. Probably by tomorrow!💼Vote now and share your prediction! #Solana #ATH #Memecoin #SMOGSOAR
— SMOG (@SMOGToken) March 7, 2024
What’s also bullish about SMOG is that it’s steadily accumulating a strong online community, given thatits Twitter account now has over 37,000 followers.
Such followers are likely to help boost the coin once it lists on additional exchanges, with investors already able to buy it now at the official Smog website.
They can also trade it on Jupiter or Birdeye, where it continues to rally and take advantage of the ongoing bull market.
Buy SMOG Here
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.
