SHIB has bounced by a healthy 6.5% today, with the Shiba Inu price reaching $0.00003358 as the crypto market enjoys a 2% rise in the past 24 hours.
The famous meme token is now up by 156% by in the past week and by 280% in the last 30 days, benefitting hugely from the recent bullish turn the market has taken.
It’s likely to continue rising in parallel with the wider market, which is expecting further gains as we approach the next Bitcoin halving.
And given SHIB’s relatively strong fundamentals for a meme token, it could easily outperform its peers in the coming weeks.
Shiba Inu Price Prediction as SHIB Rallies 6% in 24 Hours – $10 SHIB Possible?
It seems that SHIB is ready to resume the rally it had begun last week, following a brief dip earlier this week.
Its relative strength index (purple) has begun rising again today after dropping from 95 to about 80 over the past few days, signaling that momentum remains very strong.
SHIB’s 30-day moving average (yellow) is also on the warpath, given that it’s rising very aggressively at the moment and climbing further beyond the 200-day (blue).
This is a clear sign that the meme token is in the middle of a big growth spurt, one which could continue for several weeks if not months, give or take the odd profit-taking dip.
🚨 🚨 🚨 1,450,254,597,018 #SHIB (54,846,453 USD) transferred from unknown wallet to unknown wallethttps://t.co/FqyRh7QKL9
— Whale Alert (@whale_alert) March 5, 2024
Indeed, recent days have brought an increase in big SHIB transfers, suggesting that whales are returning to the meme coin after months of indifference.
This bodes well for the coin’s near future, with accumulating by whales often signaling likely price increases.
At the same time, SHIB finds itself in the middle of a new bull market, which has followed from rising Bitcoin ETF volumes, not to mention excitement over the next BTC halving and also the possibility of Ethereum ETFs.
Such sources of bullishness are likely to boost prices across the board, yet SHIB could benefit more than most.
On the one hand, this is because it spent so much of 2023 not doing much, so it could over-perform this year.
On the other, SHIB arguably has the strongest fundamentals of any meme coin in the market, especially in view of last year’s launch of Shibarium and the upcoming launch of SHIB: The Metaverse.
The Shiba Inu price could therefore reach $0.000040 in the next couple of weeks, before climbing towards $0.000050 or $0.000060 in subsequent months.
Newer Meme Coins Could Rally Harder
It’s hard to say just how high SHIB could rise this year, but for those traders worried that its biggest gains in 2024 may have already happened, there are alternatives to consider.
There’s currently a wide variety of upstart meme tokens in the market right now, and while many are largely disposable, some boast strong enough fundamentals to support longer-term appreciation.
A great example of this comes from Scotty the AI (SCOTTY), a new Ethereum-based coin that combines viral memes with AI-powered trading tools.
Launched last month, its presale has already risen more than $3.7 million, an impressive total for such a new project.
💥Presale Update!💥
ScottyTheAi #1 #memecoin (w/Ai utility) of 2024$SCOTTY has raised $3.7M
Well on our way to closing out presale and heading for that $100M marketcap.
Congratulation to all the early #Scottydogs in presale 👏
Buy Now: https://t.co/zRmy4g8hfW#BITCOIN… pic.twitter.com/qsczivfVqn
— Scotty The Ai (@ScottyThe_Ai) March 8, 2024
The reason why traders are getting excited about Scotty is that its trading platform provides it with real utility.
Its platform offers two main features, Scotty Swap and ScottyChat.
Scotty Swap is a trading protocol for performing atomic token swaps, yet it also uses AI to provide a more user-friendly and streamlined experience.
On top of this, ScottyChat is generative AI-based bot that can answer queries related to price movements and trading signals, for example.
By using ScottyChat in the context of Scotty Swap, users will be able to make more informed trading decisions.
It seems that investors in Scotty’s presale are betting that the platform will attract considerable adoption, which in turn will boost the price of its native utility token.
Investors can buy this token now by visiting the official Scotty the AI website, where it’s selling at $0.0083 per token.
Buy Scotty the AI Here
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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