By The Shiba Inu price has surged by 6% in the past 24 hours, rising to $0.00001045 as Bitcoin ETF-related optimism pushes the crypto market as a whole towards a 5% gain today.
SHIB has now risen by 8.5% in a week and by 22% in the last 30 days, with the famous meme token also posting a 29% increase since the start of the year.
Also bullish is the coin’s trading volume, which at $250 million is much higher than it was a month ago, when levels just scraped $100 million.
This could mean that whales are returning to the token in a big way, with more gains in store in the next few weeks.
Shiba Inu Price Prediction as $250 Million Trading Volume Floods In – Are Whales Buying?
SHIB’s chart seems to suggest that the coin is in a position where it could rally significantly in the near term.
For one, the token’s 30-day average (yellow) is once again rising strongly above its 200-day average (blue), a move which often indicates that a given asset is in the midst of an expansionary phase.
Source: TradingView
Secondly, SHIB’s RSI (purple) recently halted a drop from 70 and is now rising modestly again, potentially as a prelude to a more significant climb.
This view receives support from the coin’s trading volume, which is up by roughly 92% in a month and by 230% in 90 days.
It’s therefore clear that the market is rediscovering its interest in SHIB, with transfer data showing the Tron’s Justin Sun withdrew around $5 million in the meme token yesterday.
Justin Sun withdrew 500B $SHIB($5M) from #Binance 10 mins ago.https://t.co/Q0b1cxVVsThttps://t.co/czbi7tqz1X pic.twitter.com/TlEwTNTRoP
— Lookonchain (@lookonchain) December 18, 2023
This highlights how SHIB may be becoming a popular vehicle among larger traders once again, although data has long suggested it has been one of the most widely held ERC-20 tokens among whales for quite some time.
Either way, it now seems clear that the market’s increasing bullishness will help boost the Shiba Inu price in the next few weeks.
Observers are increasingly expecting that at least a few Bitcoin ETFs will secure SEC approval, with a new filing from BlackRock showing that its proposed ETF now has its own ticker.
Not only will SHIB rally with the wider market, but it will also benefit from the various improvements its ecosystem has made in the past few months.
This includes Shibarium, a layer-two network that launched in August and that has now processed more than 100 million transactions.
1/5
Shibarium at 100M transactions? That’s a moonstone, not just a milestone!
Huge shoutout to our stellar community – you made this happen!
(Find a leak of Shy’s ChatGPT in the thread)
— Shib (@Shibtoken) December 13, 2023
In light of all this, the Shiba Inu price could reach $0.000020 in the next few months.
New High-Potential Meme Token
Because SHIB has underperformed a little this year relative to many other majors tokens, some traders may be inclined to seek out more bullish opportunities elsewhere, particularly with newer tokens.
2023 has been a good year for new token launches, with one of the most successful being that of Sponge (SPONGE), which enjoyed a 150% rally in May after listing in the wake of its successful presale.
Following its launch, SPONGE listed on such major exchanges as LBank, Polonium, Gate.io, MEXC, Toobit and CoinW, to name only a few.
Such listings helped push up its price, with the coin rallying strongly once again as part of the market-wide gains we’ve seen since mid-November.
And now, Sponge is going to launch a second version of its token, which investors can receive by staking the existing version of the coin.
Welcome to #SpongeV2, the relaunch and evolution of the original $SPONGE token!
We’re introducing a unique staking model and new #P2E game to take #Sponge to the next level.
Stay tuned for more info! #MemeCoin #BullRun #Crypto #Alts pic.twitter.com/H8iVXJaYLH
— $SPONGE (@spongeoneth) December 18, 2023
The reason for this update is that Sponge is in the process of a developing an exciting play-to-earn game, for which Sponge V2 will be the native token.
This means that users will need to stake into Sponge V2 to access the game, which they can do now by going to the official Sponge website.
Stakers of Sponge V1 will receive the equivalent amount of V2 tokens, while staked V1 coins will be locked forever.
Hey, #Spongers! Here’s some important info about #SpongeV2!
– Sponge V2 can only be earned by staking $SPONGE.
– V1 tokens will be permanently locked and phased out post-V2 launch.
– Keep $SPONGE tokens staked to increase holdings over a 4-year period (min 40% APY). pic.twitter.com/6yR0coYovI
— $SPONGE (@spongeoneth) December 19, 2023
The play-to-earn game accompanying the V2 launch is likely to launch in H1 2024, with the game featuring free and paid versions.
Players will earn Sponge V2 for performing well in the game, with the token also set to launch on various Tier 1 exchanges in due course.
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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