Shiba Inu has risen by 4% today, with its price reaching $0.00002589 as the crypto market as a whole gains by 1% in the past 24 hours.
SHIB has now increase by 13.5% in the past week, and while it’s down by 13% in a month, it has posted a 145% return in the past year.
It continues to have momentum after its developers announced funding for a new layer-three network this past week, with its gains likely to continue for at least the next few days.
And with the wider market due a strong comeback in the next few months, it should appreciate significantly in the medium- and long-term.
Shiba Inu Price Prediction as SHIB Surges to $0.00002569 – Should You Invest Today?
Today seems to be the beginning of a recovery for SHIB, which could potentially spend the rest of the weekend compensating for the losses of the past two days.
Its relative strength index (purple) has risen to 50 today after hitting 30 on previous days, a sign of returning momentum that still has plenty of space for more growth.
Source: TradingView
At the same time, SHIB’s 30-day average (orange) has halted a decline and looks ready to resume climbing further above the 200-day (blue), providing another sign that the growth initiated last weekend hasn’t quite played out yet.
What’s a little weird though is that the coin’s trading volume is still modest, at about $800 million, compared to a high of $15 billion in early March.
But with SHIB’s resistance (red) and support (green) levels converging on each other, this low volume could enable a strong move in the next few days.
There have been some big SHIB transfers in recent days, with Wednesday seeing one exchange worth nearly $80 million between two unidentified wallets.
3,000,000,000,000 #SHIB (79,947,000 USD) transferred from unknown wallet to unknown wallethttps://t.co/V8B7aaSbae
— Whale Alert (@whale_alert) April 24, 2024
This may have had something to do with the news that Shiba Inu’s developers have raised $12 million for an upcoming layer-three network, which will be focused on privacy.
That Shiba Inu continues to evolve and strive to offer more utility for investors is a bullish sign for SHIB, with the coin, its protocol and its ecosystem becoming more useful with every passing month.
Its layer-two network Shibarium has now processed over 400 million transactions to date, while also hosting 1.7 million addresses.
This bodes well for SHIB’s future, with the coin likely to return to sustained growth in parallel with the wider market.
The Shiba Inu price could reach $0.00004 by the summer, before climbing towards $0.00006 by the end of the year.
Other High-Potential Meme Tokens
The future looks good for Shiba Inu, yet it isn’t the only meme coin in the market that could post some big gains this year.
There are several promising new meme coins that have appeared recently, including a handful of coins holding their presales and preparing to list.
One of these Dogeverse (DOGEVERSE), a multi-chain meme token that has raised in excess of $11 million in its sale.
$11 Million breached! #DOGEVERSE just hit another key milestone!
Thank you to everyone who’s joined us on this incredible journey. Next price increase is happening very soon.
Explore our #MultiChain features! #BabyDoge #Cryptocurrency #ETH $DOG pic.twitter.com/uxykkykDAp
— DogeVerse (@The_DogeVerse) April 26, 2024
The reason why DOGEVERSE’s presale is doing so well is that investors are buying into the coin’s plans of launching as the first Doge-themed multi-chain cryptocurrency.
Accordingly, it will run on Ethereum, BNB Chain, Solana, Avalanche, and Base, with the possibility of adding more chains in the future,
What’s bullish about this is that running on multiple chains means the coin will attract greater use and adoption than if it had been a typical single-chain coin.
This will boost its price over time, as will the fact that it comes with a hard cap of 200 million tokens, making it a deflationary cryptocurrency.
Holders will also be able to stake the token, taking more of it out of circulation and squeezing up its price even further.
Such ingredients could make DOGEVERSE one of the biggest launches of the year, with investors able to join its sale at the official Dogeverse website.
1 DOGEVERSE currently costs $0.000302, although this will rise to $0.000304 in just under a day.
Of course, it’s likely to rise much higher once it lists, so interested parties are advised to act sooner rather later.
The post Shiba Inu Price Prediction as SHIB Surges to $0.00002569 – Should You Invest Today? appeared first on Cryptonews.
