The price of Shiba Inu (SHIB) has fallen by 2% in the past 24 hours, with its dip to $0.00000690 coming as the cryptocurrency market barely moves in either direction.
Despite its fall, SHIB is actually up by 1% in a week, although it remains down by 5.5% in the last 30 days and by 15% since the beginning of the year.
This drop since January stands in contrast to many other major tokens, yet SHIB remains the 19th-biggest coin in the market by cap, with the fact that it has been heavily oversold recently indicating that it could be due a big rebound.
Shiba Inu Price Prediction as SHIB Becomes Top 20 Crypto in the World – $1 SHIB Incoming?
SHIB’s indicators continue to look very bad at the moment, given that they’ve remained in oversold positions without the meme token showing any real signs of a strong recovery.
Most notably, SHIB’s 30-day exponential moving average (yellow) has remained substantially below its 200-day average (blue) for several months, highlighting the fact that the coin has had a real problem in lifting itself from its current funk.
Likewise, SHIB’s relative strength index (purple) has remained below 50 since the middle of August, and like its averages the RSI is struggling to improve.
This is also reflected in the meme token’s gradually sinking support level (green), another sign that it’s suffering from a serious long-term decline.
On the one hand, this all suggests that investors have generally lost interest in SHIB and don’t see it bouncing back anytime soon.
Yet on the other hand, it also suggests that SHIB can be bought at a very steep discount, given how heavily oversold it has been.
Because compared to most other meme tokens, SHIB arguably has much stronger fundamentals, as witnessed by this summer’s launch of the Shibarium layer-two network.
Transactions on Shibarium have been rising in recent days and weeks, highlighting how the new layer-two could really boost Shiba Inu’s ecosystem in the near and more distant future.
Shiba Inu also has the eventual launch of SHIB: The Metaverse to look forward to, although there’s no firm release date for this.
Regardless, Shiba Inu’s own metaverse platform will likely attract plenty of adoption and users for SHIB, something wihch will ultimately boost its price.
Part of the reason why SHIB has declined in recent weeks is that few major updates have been heard from SHIB: The Metaverse, yet as the above tweet shows, its team was in Dubai recently to discuss the latest developments.
As such, the metaverse is coming, and when it does SHIB is likely to rally big.
As for now, SHIB could be expected to return to $0.0000080 in the next few weeks, and potentially rise to $0.000010 by next year.
Other High-Potential Meme Tokens
While SHIB remains a relatively safe bet within the meme token category, it isn’t the only promising coin in this area, with several newer cryptocurrencies also showing plenty of promise.
Possibly the most exciting new meme token right now is Meme Kombat (MK), an Ethereum-based platform that has raised more than $550,000 since launching its sale several weeks ago.
The reason why Meme Kombat has attracted so much interest already is that its platform offers something unique within crypto: the ability to bet on the outcomes of AI-generated meme battles.
This is an interesting and unique concept, with no other platform offering something similar, and it’s likely that it will continue to attract more users as time progresses.
The use of popular memes will help Meme Kombat market itself and draw in users, who will also be attracted by the ability to win rewards in MK if they bet correctly on the results of battles.
MK will have a hard cap of 120 million tokens, with 50% of this being allocated to the presale and another 30% going to battle and staking rewards.
This distribution makes MK not only a decentralized token, but also a potentially profitable one, given that it will offer staking rewards on top of potential price increases.
New investors can get involved in its presale by going to Meme Kombat’s official website, where 1 MK costs $0.1667.
It will stay at this price for the entire sale, yet Meme Kombat’s playful use of memes and interesting concept could see it rise much higher soon enough.
Visit Meme Kombat Now
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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