Shiba Inu (SHIB), despite a decline of 11.6%, shows strength to quickly recover, with a current price of $0.00002417.
After an impressive 164% increase in trading volume, analyst Maximilian sees potential for a 30% increase in the SHIB price. This article examines the possibility of Shiba Inu (SHIB) breaking the $1 barrier amid high activity and a strong technical position.
Remarkable growth and confidence in Shiba Inu
There has been a notable increase in trading volume. For example, SHIB’s trading volume increased by 164% to $1.2 billion in 24 hours, representing 8.41% of the market capitalization. In addition, SHIB derivatives volume has increased by 201% to currently $369.97 million. All this despite a drop in open interest to $66 million.
Furthermore, investor confidence in Shiba Inu has remained strong. For example, more than 12,000 addresses hold at least 1 billion SHIB tokens. Additionally, 73% of SHIB investors are currently holding their tokens for over a year (IntoTheBlock), indicating a strong long-term outlook despite short-term market fluctuations.
In addition to these positive statistics, interest from major investors, also known as whales, in purchasing Shiba Inu tokens is increasing. Recently, a new whale bought a whopping 107.1 billion SHIB, shortly after the price hit a six-week low of $0.00001830 on April 13.
Shortly after this purchase, another whale made significant purchases of SHIB through three transactions at Coinbase. The first was for 23.3 billion tokens, followed by two more purchases of 27.39 billion and 21.92 billion SHIB.
This trend of large purchases continued with a well-known whale purchasing 13.7 billion SHIB, followed by another significant transaction in which another experienced investor acquired 29.6 billion tokens.
Technical analysis Shiba Inu
From a technical perspective, SHIB is struggling to reclaim the $0.000028 price threshold, and is currently trading around key moving averages such as the 50-day EMA and the 200-day EMA. Indicators such as these, along with a shift to self-custody methods, reduce immediate selling pressure. This suggests a potential for a bullish rally.
In addition, analyst Maximilian predicts an increase for Shiba Inu. For example, the analyst says that the rising price channel on the 4-hour chart is maintained and the price is mainly at the high levels in the trend.
The analyst also says that volume is still increasing, indicating an overall upward trend. The analyst also looks at the support level in the price channel: The price has continuously responded to this; There is a lot of liquidity around this area but the bulls remain in power.
Kan Shiba Inu 1 euro worden?
Speculation as to whether Shiba Inu (SHIB) can ever cross the $1 mark remains a subject of intense debate. This incredible price target just doesn’t seem possible for the asset in the short term, but then what is possible?
For example, Shiba Inu is now recovering nicely, with the large purchases of the previously discussed whales now making a profit. SHIB is up 6.61% in the last three hours and is currently trading at $0.00002368. Also, SHIB’s daily Commodity Channel Index (CCI) now stands at -138, suggesting that SHIB is currently undervalued.
However, this situation also offers an opportunity to broaden horizons and explore other meme coins with potential. Despite recent setbacks, interest in meme coins remains strong, driven by the communities that form around these currencies and the light-hearted, cultural value they represent.
Memecoins such as DOGEVERSE, SLOTH and SMOG are attracting attention as potential candidates for the next rally, each with unique features and a dedicated following that could drive their value.
Dogeverse (DOGEVERSE)
Starting with, crypto meme Dogeverse (DOGEVERSE), Dogeverse is a new cryptocurrency version with an unusual feature: you can own these items through different chains and exchange them freely on those chains. Recently, Dogeverse launched its presale and has already raised over $4.63 million in a short period of time.
A milestone in the meme coin sector, Dogeverse is the first Doge to be able to “travel” between different chains, which could soon make him very valuable. DOGEVERSE will be available on Ethereum, Binance Smart Chain, Polygon, Avalanche, Solana and Base.
In the presale phase, you can purchase the latest crypto meme for $0.000295 each and stake your investment to receive additional tokens as a reward during the presale. DOGEVERSE will be launching soon, and given the high demand the presale has generated, it will likely take off like a rocket.
Slothana (SLOTH)
Secondly, Slothana (SLOTH), Slothana launched on the Solana blockchain as a meme coin and is attracting attention as many other tokens have been successful with their launches on this platform.
Slothana differentiates itself from other meme coins by not conducting a presale or direct IPO. Instead, it uses an exceptional airdrop system for SOL token holders to send their tokens directly to Slothana’s wallet address, facilitating easy purchase of SLOTH tokens.
🚀 Hold onto your branches, Slothana faithful! 🌿 We’re gearing up to drop some major news: the official launch date is on the horizon! ⏰ Get ready to mark your calendars and set your alarms, because a countdown timer will soon grace our site. Let the hype for the Slothana…
— Slothana (@SlothanaCoin) April 14, 2024
As for SLOTH’s presale, they’ve already collected over $10 million in just a few days; on X, the creator has stated that the token will be launched within 24 hours. So there is little time left for the interested investors to buy the SLOTH tokens. So you now get 10,000 SLOTH tokens for every SOL you trade, which is approximately equal to $0.0152 per SLOTH token.
Smog (SMOG)
Third, Smog (SMOG), the Smog token is an example of a successful token that functioned on the Solana blockchain. However, it was never sold through a presale and immediately began trading on the Jupiter exchange as soon as it became available.
As a result of the introduction of this offering, the debut was met with tremendous success and resulted in the token increasing in value by 100% within the first day. Right now it has more than doubled after two months. And now, after a fantastic start, the token is also traded on the MEXC exchange.
https://twitter.com/SMOGToken/status/1779804385322659911
There was a clear strategy that the Smog team was excited about, which focused on creating virality and brand awareness, and as part of that they had pre-sold half of the token supply. Also, a significant portion of the tokens will be given via airdrops, with an expected positive impact on the market value.
There are three platforms where tokens can be purchased: Jupiter Exchange, MEXC Exchange or via the official website. And there is a limited period during which investors can purchase the token at a 10% discount.
Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.
Source: https://bitcoinmagazine.nl/nieuws/shib-koers-klaar-voor-30-deze-maand-na-164-stijging-adtv
