The Shiba Inu price has dipped by 4.5% this morning, with its fall to $0.000009051 coming as the wider crypto market loses 1% in the past 24 hours.
This loss means that SHIB has fallen by 12.5% in a week and by 15% in the past fortnight, with the coin having risen by only 7% in the last 12 months.
This counts as substantial underperformance in relation to many other major tokens, yet with the market set to become more bullish in the coming weeks and months, SHIB could make a strong comeback very soon.
Shiba Inu Price Prediction as $100 Million Trading Volume Comes In – Meme Coins Making a Comeback?
SHIB appears to be in the middle of a correction, following a very busy December.
For one, its 30-day average (yellow) has begun falling towards its 200-day (blue), a sign that it has begun losing momentum.
Source: TradingView
This is also clear from SHIB’s RSI (purple), which is struggling to clear 40 after topping 70 in early December.
It’s therefore the case that traders are more inclined to sell SHIB rather than buy it, something also suggested by the coin’s low 24-hour trading volume.
This stands at $200 million (down from over $800 million in December), and with the meme token also falling through the $0.00000950 support level yesterday, more losses could be coming soon.
However, this all depends on what the SEC does later this week, with the regulator expected to reach a decision on several Bitcoin ETFs this week.
If its decisions are positive, the market will undoubtedly rally big, pushing up the SHIB price with it.
Of course, if it rejects or delays again, the market is likely to take another hit, and it’s entirely possible that SHIB, as a meme token, will fall disproportionately.
Either way, the longer term picture does look positive for SHIB, given that 2023 saw its developers working assiduously towards giving it more utility and value.
Not only did we see the launch of its own layer-two network, Shibarium, but it also saw important steps towards introducing its own decentralized identity service.
250 million transactions on #Shibarium quarter of the way to one billion, I’ve been doing way more transactions on shibarium @FEF_TOKEN and it’s incredible how smooth everything is. Gas has managed to stay super low (fractions of a penny) goosebumps pic.twitter.com/JdAhSqTcY7
— The Bus (@TheBus37643251) January 4, 2024
On top of this, 2024 could bring the long-awaited launch of SHIB: The Metaverse, which would certainly provide the meme coin with strong momentum.
Accordingly, the Shiba Inu price could reach $0.000020 in the first few months of 2024.
This Low Cap Gem Might Explode Next
Because SHIB isn’t very strong at the moment, it may be better for traders to invest in other, higher potential tokens in the meantime.
And there are a variety of new tokens in the market that look set to rally big in the next few weeks, coins which combine strong virality with fundamentals.
A good example of this is Sponge (SPONGE), an ERC-20 token that originally listed in April 2023, when it rallied by over 150%.
It’s in the process of rolling out the second version of its token, which will have a new staking model and will also be the native token for its own play-to-earn SpongeBob-themed game.
$SPONGE V1 has over 13,000 holders!
With bigger and better exchanges on the horizon, how many #HODLERS do you think #SpongeV2 will have? #MemeCoin #BullMarket #AltSeason pic.twitter.com/261W4L8pKt
— $SPONGE (@spongeoneth) January 7, 2024
The upcoming play-to-earn game will enable players to compete against each other in order to rank the highest on a global leaderboard, with the game paying out rewards to the best players.
Sponge V2 will also provide a more generous staking mechanism, with stakers receiving a bigger APY in proportion to how long they lock up their tokens.
Combined with Sponge’s playful use of memes and social media, this new setup could help gain more traction than it has previously done.
Holders of Sponge V1 can claim V2 by going to the official Sponge website and staking their tokens.
They will receive SPONGE V2 at a ratio of 1:1, with over 460 million SPONGE tokens now staked.
They will also receive staking rewards when transferring over their old tokens, while investors who have no SPONGE can still buy the new version of the coin outright on the official site.
Stake $SPONGE staked receive an equivalent amount of #SpongeV2! plus staking rewards!
V2 tokens can be viewed on the Staking V2 dashboard, and can be claimed once SPONGE V2 launches! #Bullish #AltSeason #MemeCoin pic.twitter.com/iykmHiMwid
— $SPONGE (@spongeoneth) January 5, 2024
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.
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