Shiba Inu Price Prediction as SHIB Spikes Up 6% as Attention Returns to Meme Coins – Time to Buy?
The SHIB price has raised 7.55% in the past 24 hours, increasing to $0.000026. This comes as the crypto market as a whole has experienced a surge.
SHIB is now up 9.96% in the past week, indicating a reversal of its monthly 2.56% price decrease.
In the past year, the altcoin has seen a substantial return of 192.05%, as per Binance data.
This is significant compared to the returns of major tokens like BTC, ETH, and SOL in the past 12 months. Suggesting that SHIB is seeing widespread interest among investors.
This recent price action follows the return of 2021 market catalyst Roaring Kitty, the trader known for sparking the GameStop frenzy as well as promising news emerging regarding an Ethereum ETF approval this week.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
Will SHIB’s Price Surge Continue?
SHIB’s chart is looking promising today, with the coin looking ready to post some more gains after its surge earlier this week.
The meme coin has just broken through its downtrend (yellow). This decisive breakthrough indicates a shift in momentum toward an uptrend and a continuation of the price increase.
Other indicators support this, with SHIB’s relative strength index (RSI) line (purple) rebounding towards 60, up from a low of 30 earlier this week. This suggests that the recent downtrend was temporary and does not signal a complete shift in momentum.
Additionally, the meme coin’s 30-day moving average (orange) is trending upward above the 200-day average (blue) in a continuation from the past week. This suggests that SHIB is currently overbought – indicating confidence among traders.
The coin’s 24-hour trading volume has also risen in recent days, with its move up 135.12% to $914.28M. This confirms increased interest in SHIB among investors.
Several factors contribute to optimism about SHIB’s price, including the broader market’s upward trend following a slowdown in March.
While technical indicators suggest positive short-term price movements, sustainable long-term growth will likely hinge on fundamental factors.
Meme Coins Are Getting Attention Again
The iconic retail trader “Roaring Kitty,” who gained fame during the 2021 meme stock surge, recently returned to X for the first time since 2021.
This has reignited excitement for a potential new wave of meme stock and meme coin trading, with traders actively seeking the next GME-like opportunity.
Given that SHIB has already accumulated a $15B market cap, traders are scrambling to find the next low-cap meme coins primed to explode.
The meme coin market is over-saturated with Shiba Inu-themed coins boasting little to no real utility. Something which may credit Weiner AI’s (WAI) recent success, raising over $2 million in its presale so far.
2 MILLION WIENERS!!!!
— WienerAI (@WienerDogAI) May 17, 2024
The sausage dog-themed coin not only offers a suite of AI-powered trading tools but is a potential passive income gem.
69% of the supply has been allocated to staking rewards, and investors are currently earning a massive 409% APY, as per the project’s official website.
At this rate, investors can double their initial presale investment in just a few months.
How staking your $WAI feels.https://t.co/g0LrikQz90 pic.twitter.com/3VneRo9wTq
— WienerAI (@WienerDogAI) May 9, 2024
Follow the latest developments on Weiner AI’s X account.
The post Shiba Inu Price Prediction as SHIB Spikes Up 6% as Attention Returns to Meme Coins – Time to Buy? appeared first on Cryptonews.