SHIB has fallen by 17% overnight, with the Shiba Inu price slipping to $0.00003186 as the crypto market as a whole barely moves.
Despite this drop, SHIB remains up by a whopping 130% in a week and by 260% in a month, with the meme token also sitting on a 190% gain in the last 12 months.
This suggests that today’s loss is more of a temporary correction, with the coin’s overall trajectory remaining upwards.
And with the promise of Ethereum ETFs potentially igniting an alt season, SHIB is likely to rally big again soon.
Shiba Inu Price Prediction as SHIB Drops 17% – What’s Going On?
It looks as though SHIB may fall further before it rights itself again, with its indicators beginning to show signs of a loss of momentum.
This is particularly the case with its relative strength index (purple), which has recently fallen from over 90 to 80 today, with the coin likely to continue dropping from an overbought position.
Source: TradingView
What SHIB’s RSI tells us is that the coin is falling because buyers have been taking profits, following the coin’s very aggressive rises over the past week or so.
Yet its 30-day average (yellow) continues to climb at a steep angle, after a long period of flatlining.
This suggests that, in the medium- and long-term, SHIB has plenty of room to continue rallying, give or take a few brief correction.
Its 24-hour trading volume also continues to look healthy, standing at around $4.5 billion today.
That it had stood at only $140 million a couple of weeks ago provides some indication of how much hotter SHIB is now.
170,316,081,143 #SHIB (5,962,595 USD) transferred from #OKEx to #Cumberlandhttps://t.co/eRi4D8kJQo
— Whale Alert (@whale_alert) March 4, 2024
Much of this volume has come from whales buying into the meme coin once again, while it’s also a product of the general exuberance that currently characterizes the cryptocurrency market.
Given that we’re still waiting for the next Bitcoin halving, as well as the potential acceptance of Ethereum ETFs, even bigger rallies could be forthcoming in the next few weeks.
SHIB’s position looks even better in the context of steady improvements to the Shiba Inu ecosystem, which has witnessed numerous updates and launches in the past year.
This includes the Shibarium layer-two network, which since last summer has made transactions involving SHIB much faster and cheaper.
As such, the Shiba Inu price should reach $0.000040 again in the next few weeks, before hitting $0.000050 towards the end of spring.
New Altcoins with Strong Utility and Potential
For anyone not sure that SHIB will make a big comeback, there are a variety of newer meme coins in the market right now, including several that offer genuine utility.
This happens to be the case with Scotty the AI (SCOTTY), a new Ethereum-based coin that combines viral memes with AI-powered trading tools.
Its presale went live last month, and has now raised over in excess of $3.2 million.
Presale Update!
ScottyTheAi #1 #memecoin (w/Ai utility) of 2024$SCOTTY has raised $3.2M
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/uRXrsdIlBm
— Scotty The Ai (@ScottyThe_Ai) March 7, 2024
Raised in only a few weeks, this figure is a testament to Scotty’s strong fundamentals and its growing appeal to investors.
This appeal resides largely with its trading platform, which comprises two core products: Scotty Swap and ScottyChat.
Scotty Swap is a trading protocol for atomic token swaps, one which harnesses AI to provide many of the conveniences and tools of centralized exchanges.
As for ScottyChat, it provides traders with a generative AI-based bot that can answer queries related to price movements and the like.
Traders will be able to use it in the context of Scotty Swap, helping them to trade more profitably.
ScottyTheAi # 1 memecoin of 2024
Stage 14 of public presale closing out fast.
Less than $100k left. Until price increases at stage 15
looking like stage 14 will sell out days ahead of time like pervious stages.
BUY $SCOTTY presale at https://t.co/zRmy4g8hfW#memecoin… pic.twitter.com/AJShoreemf
— Scotty The Ai (@ScottyThe_Ai) March 7, 2024
These features should mean that SCOTTY experiences high and growing demand, given that it’s the native utility token for both.
Holders will also be able to stake the token, earning themselves a passive income on top of any price gains.
While it hasn’t listed yet, investors can buy it as part of its presale by going to the official Scotty the AI website.
SCOTTY is currently selling at $0.0078, yet its price could rise much higher once the sale ends and it lists.
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