Shiba Inu (SHIB), the Ethereum-based ERC-20 Shiba Inu dog-inspired meme coin at the heart of Shiba Inu’s web3 ecosystem, has seen choppy price action on Monday.
SHIB at one point rallied as high as the $0.000009 level once again, but has since fallen back to the $0.0000087 area, where it still trades higher by about 3% on the day.
Large buyers could be spurring the rebound.
As per data presented by IntoTheBlock, SHIB whales (i.e. wallets holding over 0.1% of the outstanding supply) bought over 21.5 trillion worth of SHIB tokens last week.
That outstripped the 21 trillion in tokens sold by whales over the last week by around 500 billion SHIB, worth $4.4 million at the current market price.
Price Prediction – Where Next for SHIB?
While Monday’s rebound is promising, the SHIB bulls should temper their optimism.
The SHIB price once again rejected a retest of its 21-Day Moving Average on Monday for the third time in the last month, suggesting the downtrend that has seen it drop around 13% already this month likely remains in play.
Indeed, SHIB continues to face elevated technical selling pressure in wake of the downside breakout from a long-term pennant structure and the cryptocurrency’s recent “death cross”.
A death cross is where the 50-Day Moving Average crosses below the 200-Day Moving Average.
Unless it can muster a meaningful break back to the north of its 21DMA at the $0.00000908 level, SHIB remains on track to test its lows from the end of last year just under $0.000008.
Can SHIB Reach $1?
For SHIB to reach $1 per token, that would mean its market cap reaching around $590 trillion.
That would be more than the combined value of the entire world’s stock and real estate markets.
While cryptocurrencies are wild, that’s not going to happen, not least because SHIB boasts very little utility versus the likes of Bitcoin and Ethereum, who likely wouldn’t ever reach a market cap of this magnitude either.
For SHIB to reach $1, a huge percentage of the supply is going to need to be burnt (like, 99.999%).
SHIB supply is being burnt.
But only 10.67 million tokens, worth less than $100 were burnt in the last 24 hours, according to shibburn.com.
That’s not enough to even make a dent.
Shiba Inu (SHIB) Alternatives to Consider
Given Shiba Inu’s bearish technical set-up and limited prospect for further exponential gains, given the fact that the token’s market capitalization is already around $5 billion, investors might want to check out some low market cap gems that have a better chance of delivering near-term upside.
Here are a few small-cap/presale crypto projects that analysts at Cryptonews.com are currently monitoring.
AiDoge, a fun AI-powered meme-generating tool and social media platform, could be the next token to explode, as not only is it a meme coin, but also boasts a solid use case and utility.
AiDoge is building a platform where users can generate memes using breakthrough generative AI technology, before sharing them with the AiDoge community via the platform’s public wall.
The creators of the most popular memes will be rewarded with AiDoge’s native $AI token, meaning that AiDoge is bringing the concept of “meme-to-earn” (M2E) into reality.
AiDoge has already raised a huge $11.6 million via the public presale of its native $AI token and investors should move quickly whilst they can still secure the token at what observers say is a substantial discount versus how high $AI has the potential to go.
Love Hate Inu (LHINU)
Love Hate Inu (LHINU), the meme coin that powers a first-of-its-kind blockchain-powered social media polling platform, launched on major cryptocurrency exchange OKX on Friday and has already seen an explosive rally.
The token listed for $0.000145 but almost immediately saw 150% gain to hit $0.00036, before falling back to current levels around $0.00012.
The platform will allow users to have a say on whether they love or hate divisive figures like Elon Musk, Cristiano Ronaldo and Donald Trump, as well as Andrew Tate.
Given it combines the virality of meme coins and controversial current affairs whilst offering a clearly articulated utility, many observers think Love Hate Inu will catch fire in 2023.
Copium Token (COPIUM) saw an explosive rally over the weekend thanks to updates from the project’s developer that 30% of the token supply would be burnt.
After enjoying an explosive start to life last week, COPIUM was last trading just above $0.006 per token, up around 6x versus its Uniswap listing and presale price, and the token already has more than 2,500 holders.
One of the best-selling points of COPIUM is the project’s token and NFT airdrop competition, which is built to incentivize HODLing for at least the next three weeks.
Another great selling point is that the presale participants are not able to dump their holdings on the market.
Only 10% of their tokens were unlocked at the time of the Uniswap listing, with the rest to be vested over the next three weeks.
Copium’s fun play on the theme of crypto degenerates needing to cope with their substantial losses means it could be a big hit, as that is something many in the crypto space can relate to.