By SHIB has dropped by 6% in the past 24 hours, with the Shiba Inu price moving to $0.00002401 on day when the crypto market has fallen by 1.5%.
The meme coin remains up by 2% in a week, but is down by 10% in a fortnight and by 15% in the last 30 days.
On the other hand, SHIB holds onto a healthy 150% gain in the past year, with the coin remaining popular among traders, despite its ups and downs.
And today’s move follows closely on the heels of large transfer of 875 billion SHIB, with a whale taking this sum off Robinhood on May 2, in a sign that the meme coin could rally big again soon.
Shiba Inu Price Prediction as Whale Moves 800 Billion SHIB Within 1 Minute – Big News Coming?
While SHIB has suffered a blow today, its indicators suggest that it isn’t too far from making a comeback.
Its relative strength index (purple) had fallen as low as 35 this morning, yet it has since begun rising towards 50, in a sign that SHIB’s discounted price is tempting buyers.
Source: TradingView
Meanwhile, SHIB’s 30-day moving average (orange) is just dropping below its 200-day (blue), which usually indicates further losses in the near term.
Yet this move also usually indicates that a bottom isn’t too far away, and that the coin will soon rebound.
What’s also encouraging in this respect is the fact that SHIB’s resistance (red) and support (green) levels are converging on each other.
Normally, such a convergence creates a pinch point that forces a given asset to make a big move in either direction.
And given that SHIB has already taken its fair share of punishment over the past few days, you would expect this move to be positive.
875,000,000,000 #SHIB (19,666,682 USD) transferred from #Robinhood to unknown wallethttps://t.co/hxSvwFxC0E
— Whale Alert (@whale_alert) May 1, 2024
This appears to be what whales are expecting, with the tweet above showing that one large trader bought close to $20 million in SHIB a couple of days ago.
In other words, smart money is betting on SHIB rising in the not-too distant future, and often it’s the case that where whales lead, retail will soon follow.
The wider market will be instrumental in helping SHIB make some gains in the coming weeks and months, with the eventual cutting of rates likely to be a big factor in the crypto market’s rejuvenation.
More broadly, Shiba Inu boasts possibly the strongest fundamentals of any meme token, with its developers recently raising $12 million for a new privacy-focused layer-three network.
As such, the Shiba Inu price could reach $0.00004 by the end of the summer.
New Meme Tokens Could Bring Market-Beating Gains
Yet SHIB isn’t the only meme coin in the market with solid fundamentals and real potentially to rally, with a handful of new meme coins also looking very promising.
Arguably the best of such new tokens is Dogeverse (DOGEVERSE), a multi-chain cryptocurrency that has raised more than $13 million in its hugely popular presale.
Why limit to one when you can have it all? $DOGEVERSE begins on the secure #Ethereum network, ensuring robust security and reliability.
Bridging gaps between #Cryptocurrency ecosystems, we enhance liquidity, utility, and fun across the entire #Cryptoverse! #AltSeason pic.twitter.com/zOg8albhry
— DogeVerse (@The_DogeVerse) May 3, 2024
The first ever Doge-themed multichain cryptocurrency, the coin will launch on Ethereum and then bridge to Polygon, BNB Chain, Solana, Avalanche and Base.
Its existence on multiple chains means that DOGEVERSE will have a considerably bigger addressable market than many of its rivals, with the coin potentially gaining much traction and use than it would have as a simpler single-chain token.
Also bullish is its hard cap of 120 million tokens, which could make it deflationary over time, especially if it does attract adoption on multiple apps and trading platforms.
Another positive feature is its staking system, which will not only reward holders with a passive income, but will take a big chunk of its total supply out of circulation.
Such bullish features have clearly had a big influence on investors, who have flocked to the coin’s presale in recent weeks.
New investors can still join by going to the official Dogeverse website, where 1 DOGEVERSE costs $0.00031.
This price will rise several times before the sale ends, at which point it could rise even higher on exchanges.
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