The Shiba Inu price has remained flat in the past 24 hours, keeping to the $0.00000803 level as the wider market rises by 1.5% today.
This puts SHIB at a 10% gain in the past week and a 13% rise in the last 14 days, although the meme token is actually down by 1% since the beginning of the year.
This decline since January stands in contrast to the performance of many other major tokens, with the likes of BTC, ETH, XRP and SOL all rising substantially since 2023 began.
However, a positive interpretation of SHIB’s underperformance is that it sets the altcoin up nicely for some above-average gains in the near future.
Shiba Inu Price Prediction as Whales Hold $0.000008 Level – Where is SHIB Heading Next?
Given that the Shiba Inu price has had a good week or so, its technicals continue to look promising.
Most notably its RSI (purple) remains close to 70, signalling some very good buying pressure that doesn’t look like it will be ending soon.
The coin’s 30-day average (yellow) is also rising steadily towards its 200-day (blue), another sign of increasing momentum.
Yet the shorter term average is still below its longer term counterpart, meaning that SHIB can continue rising before it becomes overbought.
Perhaps the over most positive sign is SHIB’s 24-hour trading volume.
This has risen from around $50 million a few weeks ago to $400 million last week, with the current volume still at a healthy $150 million.
Such high levels indicate strong interest in SHIB, with the token still the most widely held ERC-20 coin among whales.
— Whale Alert (@whale_alert) October 20, 2023
SHIB has also witnessed a few large transfers in the past few weeks, which again also suggest growing interest in accumulating the token.
However, critics may suggest it’s concerning that, even among a Bitcoin ETF-fueled market-wide rally, SHIB is still down over the year to date.
Some may argue that this signals a coin suffering from a long-term decline, yet SHIB has stronger fundamentals than most other meme tokens.
It has seen the launch of Shibarium in the past few months, with the layer-two network enjoying rising transactions in recent weeks.
— Crypto Invest 🚀🔥💰 (@Crypto040622) October 26, 2023
It also continues to look forward to the launch of SHIB: The Metaverse, an event which would likely send SHIB soaring.
As such, the Shiba Inu price is likely to return to $0.0000090 in the next couple of weeks and end the year at around $0.0000150.
New Meme Tokens For Big Rallies
Because SHIB remains in an uncertain position, many traders may opt to invest in other alts right now, with the market enjoying a healthy supply of promising new coins.
This includes promising new presale tokens, which can often rally big when listing on exchanges.
It’s possible that something like this will happen with Meme Kombat (MK), an ERC-20 cryptocurrency that has raised more than $870,000 in its presale.
New week. New possibilities.
Gonna be a big one for Meme Kombat as we approach $900k in presale💪 pic.twitter.com/IrItVNW1Fu
— Meme Kombat (@Meme_Kombat) October 30, 2023
While its name would suggest that it’s little more than just another meme coin, Meme Kombat is actually an interesting and highly novel betting platform.
In particular, it will enable users to bet on AI-generated battles between popular meme characters, with users able to bet against each other or against the platform itself.
Winners will receive rewards in the native MK token, which can also be staked in order to earn a passive income.
We have reached 3000 fighters in the Meme Kombat Telegram Community🎉
— Meme Kombat (@Meme_Kombat) October 25, 2023
This unique setup has enabled Meme Kombat to attract a large amount of funding in a short space of time, while it has also grown its Telegram channel to more than 3,000 members.
How to Enter the MK Presale
This all suggests that the MK token could rally big once it lists on exchanges, with investors able to buy some early by visiting the Meme Kombat’s official website.
1 MK token currently costs $0.1667, with the cryptocurrency having a hard cap of 120 million.
The presale has an allocation of 50% of this overall supply, with another 30% going to staking and battle rewards.
This makes MK a highly decentralized token, and when joined with Meme Kombat’s innovative betting platform, it could rally big once it lists in the next few weeks.
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.