Shiba Inu Price Prediction: SHIB is up 10%, can we expect more growth?


With the price of Shiba Inu (SHIB) up nearly 10% over the past 48 hours from recent lows reached last week below $0.0000085, many market watchers are beginning to wonder if the token has kicked off a more massive rally. The price of meme coin has seen an increase as the overall cryptocurrency market gains momentum. At the time of writing, Shiba Inu is trading near $0.0000008959 after today’s decline of 3.4%, which came in line with the overall market.

*Advertising article

Bitcoin (BTC) also hit a two-week high on Tuesday as its price rose near $44,000. The main reason was probably receding fears of a sell-off in Grayscale. However, this state of affairs did not last long, and by morning the price of BTC had fallen by 2.4%. Ethereum (ETH) underwent a similar development as it rose above $2,300 as major British bank Standard Chartered shared a report predicting a potential rise to $4,000.

“Standard Chartered, the global financial giant, has provided an exciting outlook: they expect a spot Ethereum ETF to be approved on May 23rd. They set a price target for Ethereum of $4,000 in relation to the development of Bitcoin before the launch of its ETF.”

Despite their recent rise, Shiba Inu bulls don’t need to get too excited just yet. This is because the price of SHIB has yet to break above a key short-term resistance zone. If Shiba Inu price predictions are to become significantly more positive, this level needs to be broken.

Shiba Inu price needs to break this level to start an uptrend

Shiba Inu coin’s 21-day moving average (21DMA) and the downtrend line from last December’s high are converging around $0.00000940. This is a key resistance level to watch now. SHIB price briefly breached this level on Tuesday, hitting a high around $0.00000960. But then the download happened.

A sustained break above this level is required for price action to become bullish. If the upside breakout is confirmed, SHIB could quickly return to last December’s highs near $0.000012. In that case, the price would increase by almost 30% from current levels, which looks very promising for now.

However, Shiba Inu’s market capitalization is already around $5.5 billion, which significantly limits opportunities for more massive growth. Additionally, the launch of the L2 Shibarium blockchain to serve as the foundation for the Shiba Inu web3 ecosystem has been unsuccessful so far, to say the least. Despite launching five months ago, according to DeFi data, Llama has only attracted around $837,000 worth of locked assets (TVL) so far. The lack of funding for the protocol suggests a lack of adoption.

The Shiba Inu therefore remains a highly risky investment with limited upside potential and relatively high downside risk. Investing in meme coins generally carries a certain amount of risk, but some emerging projects show the potential for 100x returns. One such project that analysts are watching closely is Sponge V2 (SPONGEV2).

Memecoin alternative to Shiba Inu

Sponge V2 is the rebirth of the legendary meme coin SPONGE, which was inspired by the theme of Spongebob Squarepants. It went public in May 2023 and reached a market capitalization of nearly $100 million within days, delivering roughly 100x profits to early investors.

The creators chose an unconventional way to get Sponge V2 tokens. Everything is done through a stake-to-bridge mechanism, which means that SPONGE token holders must stake their tokens to get the same number of SPONGEV2 tokens, bonus tokens and start earning rewards with a minimum APY of 40%. If you do not own tokens, you can make a purchase on the project’s official website. To date, more than 6 billion SPONGE tokens have been locked, worth around $4 million, with stakers currently benefiting from an annualized return of 249%.

However, where SPONGEV2 excels over SPONGE is another use case. The team is currently developing a new P2E racing game, Sponge Racer, in which you can earn V2 tokens. A free-to-play version will also be available.

The hype surrounding Sponge V2 has caused the price of the original Sponge token to rise significantly in recent weeks. According to data from DEXTools, the price of SPONGE is currently above $0.0006, a more than four-fold increase from the November lows.

This meme coin still has a relatively small market cap of $15 million. It thus still offers quite a large growth potential, as the number of traders who want to acquire the Sponge V2 token is increasing very quickly.

*The post is an advertisement. The author of the post is not the editors of the portal. It therefore does not express the opinion of the editors or the operator of the portal. If you use the messages and information provided in this article as investment recommendations or advice, you do so at your own discretion and at your own risk.

The article is in Czech

Tags: Shiba Inu Price Prediction SHIB expect growth


PREV Death belongs to life. Stop lying to the kids
NEXT Live match blog – India vs England 2nd Test 2023/24 – Cricket Insights