The Shiba Inu price has risen by 4% in the past 24 hours, reaching $0.00002788 as the crypto market as a whole post a 2% gain overall today.
SHIB remains down by 19% after last week’s market-wide correction, yet the popular meme token still holds onto a 188% increase in the last 30 days.
Interestingly, Shiba Inu is now 12th in the market in terms of cap, with the coin only $5 billion away from overtaking DOGE.
And given that SHIB arguably has better fundamentals than Dogecoin, such a flippening could happen sooner rather than later.
Shiba Inu Price Prediction as SHIB Approaches Dogecoin’s Market Cap – Is Top Spot Within Reach?
As with most other coins in the market right now, SHIB’s indicators are in a weakened position at the moment, and even if they have shown some signs of recovery in the past hour, more losses could be coming.
SHIB’s 30-day average (yellow) fell below its 200-day (blue) towards the end of last week, and while it did pick up yesterday it has stopped climbing at the moment and could be about to fall again.
Source: TradingView
It’s possible to say something similar for the coin’s RSI (purple) which dropped close to 45 earlier this morning, a sign of increasing selling pressure.
That SHIB could fall further is a conclusion traders could draw from the coin’s support level (green), which is pointing downwards and may be unable to prevent a dive towards $0.000023 in the next week or so.
Still, SHIB remains healthy in terms of its trading volume, which remains above $2 billion despite the current loss of momentum.
Bullish or bearish on $SHIB?
We noticed that Rune(@RuneKek, Cofounder of MakerDAO) bought $SHIB and #JustinSun sold $SHIB.#Rune spent 500K $USDC to buy 25.04B $SHIB($673.5K) in the past 3 days.https://t.co/3w6fwrzsN3#JustinSun deposited 20B $SHIB ($) to $Poloniex and sold… pic.twitter.com/vniy4i9fOZ
— Lookonchain (@lookonchain) March 4, 2024
This indicates sustained demand for the coin among investors, with a number of whales making significant SHIB purchases this month.
It’s likely that we’ll see further rallies in the next few weeks, given that the market remains buoyant as a result of Bitcoin ETF euphoria and the approaching halving.
In SHIB’s case, it’s also worth pointing out that the coin has arguably the strongest fundamentals of any meme token in the market.
Last year, Shiba Inu’s developers launched the Shibarium layer-two network, which currently processes something in the region of 600,000 transactions per day, and has processed over 412 million transactions since August.
The implementation of EIP-1559 on the #Shibarium network signifies the adaptation of #Ethereum’s transaction fee mechanism to #Shibarium. This could mean that #Shibarium will also have a similar fee burning and dynamic fee mechanism.
The main innovations brought by EIP-1559 in… pic.twitter.com/9VHNVjGyou
— Marketing.!!CEO (@ShibariumLord) March 18, 2024
This is a sign of the health of SHIB’s wider ecosystem, and when combined with general market positivity, the Shiba Inu price could reach $0.00004 by the end of spring.
Alternative Alts for Market-Beating Rallies
As an alternative to SHIB, some traders may consider diversifying their portfolio into newer tokens, particularly presale coins that can rally big once they list on exchanges.
One of the newest and most interesting presale coins available right now is Green Bitcoin (GBTC), an ERC-20 token that comes with a novel predict-to-earn staking model.
Its presale has already raised more than $5 million, a clear sign that investors believe it has real potential.
With a record breaking day yesterday, and listing announcements around the corner, the time is NOW for Green Bitcoin! pic.twitter.com/V4rG231djX
— GreenBitcoin (@GreenBTCtoken) March 16, 2024
GBTC has named itself after Bitcoin by virtue of its token supply, which has a hard cap of 21 million, just like the original BTC.
However, its use of the Ethereum blockchain makes it more environmentally friendly than Bitcoin, which remains an energy-intensive proof-of-work crypto.
On top of this, it offers a unique predict-to-earn staking model that enables users to earn greater rewards if they correctly predict Bitcoin’s future price.
Users have the option to make predictions on a daily basis, although they can also lock their tokens for longer periods (up to six months), something which can earn them bigger rewards.
By introducing such a staking system, Green Bitcoin is planning to reduce GBTC’s circulating supply, in the process helping to push up its price in the long run.
Nothing can stop the GREEN REVOLUTION!
Join the Green Bitcoin presale TODAY pic.twitter.com/YgwUk11Ay8
— GreenBitcoin (@GreenBTCtoken) March 11, 2024
To join its presale, all investors have to do is go the official Green Bitcoin website and connect their crypto wallets.
1 GBTC token costs $1.0302, with this price set to rise in just under four days.
And given its fundamentals, the coin’s price could rise much higher than this once the sale ends in the next few weeks and the coin lists on exchanges.
Visit Green Bitcoin Now
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