Shiba Inu: Will It Make a Comeback as Meme Coins Rebound?

This morning, the value of Shiba Inu has decreased by 4.5%, reaching $0.000009051 as the overall cryptocurrency market drops by 1% in the last 24 hours.

Shiba Inu’s price prediction with a $100 million trading volume – are meme coins making a comeback?

📅 Last updated: January 8, 2024 07:44 EST | ⌛ Reading Time: 3 minutes

The Shiba Inu price has experienced a dip of 4.5% this morning, dropping to $0.000009051, as the wider crypto market loses 1% in the past 24 hours. While this may seem like a setback, there are a few reasons to remain optimistic about the future of SHIB.

📉 Correction and Loss of Momentum

SHIB appears to be in the midst of a correction after a busy December. The 30-day average (yellow) is falling towards its 200-day (blue), indicating a loss of momentum. This can also be observed in SHIB’s RSI (purple), struggling to clear 40 after peaking at 70 in early December.

Source: TradingView

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Traders have shown a preference to sell SHIB rather than buy it, evident from the coin’s low 24-hour trading volume, which currently stands at $200 million (down from over $800 million in December). Moreover, SHIB fell through the $0.00000950 support level recently, indicating the possibility of further losses.

However, the fate of SHIB hinges on the upcoming decision by the SEC on several Bitcoin ETFs. A positive decision could rally the market, leading to an increase in the SHIB price. On the other hand, a rejection or delay could cause another downturn, potentially impacting SHIB more significantly as a meme token.

🚀 Positive Developments and Future Potential

Despite recent challenges, the long-term outlook for SHIB remains positive, with developers actively working towards increasing its utility and value. In 2023, the launch of Shibarium, SHIB’s own layer-two network, and the progress made towards introducing a decentralized identity service are noteworthy accomplishments.

Moreover, 2024 holds the promise of the eagerly awaited launch of SHIB: The Metaverse, which could generate significant momentum for the meme coin. Based on these factors, the Shiba Inu price could potentially surge to $0.000020 in the first few months of 2024.

💎 Exploring Other High-Potential Tokens

While SHIB may not be performing at its best currently, investors looking for higher potential tokens can explore other options in the market. Several new tokens are poised for significant growth in the coming weeks, combining strong virality with solid fundamentals.

One such example is Sponge (SPONGE), an ERC-20 token that showcased over 150% growth when it initially listed in April 2023. With the upcoming release of Sponge V2, which includes a new staking model and serves as the native token for a play-to-earn SpongeBob-themed game, the token is expected to gain traction.

The play-to-earn game will allow players to compete globally, with rewards for the highest-ranking players. Additionally, Sponge V2 offers a more generous staking mechanism, with higher Annual Percentage Yield (APY) for longer token lock-ups. The playful use of memes and social media further adds to its potential.

Holders of Sponge V1 can claim V2 tokens by visiting the official Sponge website and staking their tokens. The ratio for the swap is 1:1, and currently, over 460 million SPONGE tokens are staked. Investors without SPONGE tokens can purchase the new version directly from the official site.

🚨 Disclaimer: Cryptocurrency investments are high-risk. This article is for informational purposes only and does not constitute investment advice. Invest wisely and be aware that you could lose your capital.

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📚 Reference List:

1. Shiba Inu Price Prediction – SHIB Remains 2nd Largest Meme Coin, is it the Doge Time to Buy?
2. ETFS-Tots coming, ETFS-Coming, ETFS-ETFing 20 | Crypto Jokes
3. SOLANA Retraces Back to Pre-Xmas Prices, BNB Retakes 4th Spot
4. Late Buy Sei (SEI) Price Blasts 25% As Sponge V2 Prepares to Launch on Exchanges
5. Tellor and Alts Have Bizarre 150% Pump and Fall, Sparking Concerns of Manipulation

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What are your thoughts on the future of Shiba Inu (SHIB)? Will it rebound as meme coins regain their popularity? Are there any other tokens you’re excited about? Let us know in the comments below! And don’t forget to share this article on your favorite social media platforms. 💫✨

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