Shiba Inu has experienced a 4% increase in price, reaching $0.00002589 as the overall crypto market gains by 1% in the past 24 hours. The coin has seen a 13.5% increase in the past week and a 145% return over the past year. Momentum is continuing as developers announced funding for a new layer-three network, indicating potential gains in the near future. With the wider market expected to stage a strong comeback in the coming months, Shiba Inu is likely to appreciate significantly in the medium- and long-term. The price prediction for SHIB suggests a potential increase to $0.00004 by summer and reaching $0.00006 by the year’s end.
Today marks the beginning of a potential recovery for SHIB, where it may spend the weekend recovering from the losses of the past two days. The relative strength index has risen to 50 after hitting 30 on previous days, indicating returning momentum with room for further growth. The 30-day average has stopped declining and is poised to rise above the 200-day average, implying that the growth initiated last weekend is not yet exhausted. Despite modest trading volume of around $800 million compared to a high of $15 billion in March, SHIB’s resistance and support levels are converging, potentially enabling a strong move in the coming days.
The recent rise in SHIB price may be linked to significant transfers of the coin, including one exchange valued at nearly $80 million. Additionally, Shiba Inu’s developers raised $12 million for a new privacy-focused layer-three network, indicating continued evolution and utility for the coin. The layer-two network Shibarium has processed over 400 million transactions and hosts 1.7 million addresses, signaling positive growth potential. Shiba Inu’s future prospects appear bright, especially as it continues to expand its protocol and ecosystem, aligning with the broader market trends.
While Shiba Inu shows promise, it is not the only meme coin with high potential in the market. Dogeverse (DOGEVERSE) is another new meme token that has attracted attention, raising over $11 million in its presale. DOGEVERSE aims to launch as the first Doge-themed multi-chain cryptocurrency, running on multiple chains to attract greater adoption and utility. With a hard cap of 200 million tokens and the ability for holders to stake the token, DOGEVERSE could become a significant player in the market and experience price appreciation over time. Interested investors can participate in the DOGEVERSE sale on the official Dogeverse website.
Investing in cryptocurrencies, including meme coins like Shiba Inu and DOGEVERSE, comes with high risk and does not constitute investment advice. It is essential for investors to conduct thorough research and be aware of potential losses associated with the volatile nature of the crypto market. While both coins show promise for potential gains, there is no guarantee of future performance. Investors should carefully consider their risk tolerance and investment strategies before entering the market.
