The price of Shiba Inu (SHIB) has increased by 0.5% in the past 24 hours, reaching $0.00000891, while the broader crypto market experienced a 1.5% gain. This demonstrates that SHIB has fallen by 1.5% in a week and by 21% in the past 30 days. However, the meme token is still up by 9.5% since the beginning of the year.
The recent movement of SHIB accompanies a slight increase in its 24-hour trading volume, which surpassed $100 million, potentially indicating an increase in liquidity that could result in gains down the line. The long-term outlook for SHIB could be positively impacted by the forthcoming launches of Shibarium and SHIB: The Metaverse, possibly leading to a renaissance towards the end of the year.
SHIB’s indicators show promise, suggesting that the meme token may experience rises in the coming days or weeks. Its relative strength index (RSI) has risen to 60 today, indicating buying momentum pushing the coin upwards. Additionally, its 30-day moving average is rising towards its 200-day, implying that further rises may be imminent.
The steady rise in SHIB’s support level over the past week demonstrates consolidation and strengthening momentum. The RSI’s drop below 30 over the weekend combined with an increase in trading volume points strongly towards potential increases.
Despite SHIB’s recent underperformance, it remains the most widely-held and traded cryptocurrency among ERC-20 whales, according to Whale Stats data. This could indicate that whales are holding onto large SHIB stakes in anticipation of a future rally.
The ongoing development of the Layer 2 network Shibarium should provide Shiba Inu users with faster and cheaper transactions, boosting the platform’s ecosystem of apps. Shibarium will also result in an uptick in SHIB burning, potentially benefiting the meme token’s price over the long term.
The forthcoming deployment of SHIB: The Metaverse, in conjunction with Shibarium, suggests that SHIB could experience a boost in the not-too-distant future. This could lead to the token returning to $0.00001 and higher in the coming weeks, possibly even losing a decimal place if Shibarium’s launch is particularly successful.
In the meantime, as SHIB awaits these major rollouts, traders may be interested in exploring newer, trending meme tokens, such as SpongeBob (SPONGE). Launched on Uniswap on May 4, SPONGE has already gained over 2,500% in value. New listings on various exchanges have supported its 15% rise since May 11.
With a total maximum supply of 40.4 billion and over 12,000 holders, SPONGE could witness gains towards $0.0006 and $0.0007 in the next few weeks. If listed on a major exchange such as Binance, the price may even reach $0.001.
Source: Cryptonews
