Shiba Inu Price Prediction: SHIB Bounces 5% – Can SHIB Overtake Dogecoin?

Simon Chandler

Last updated:

June 25, 2024 06:46 EDT | 3 min read

SHIB has bounced by 5% since reaching a 24-hour low of $0.00001646, with the Shiba Inu price returning to $0.00001709 on a day when the crypto market is down by 1%.

This price means that the Ethereum-based meme token has lost 6% in a week and 30% in a month, although it holds onto a decent 115% gain in a year.

Other major coins (including Bitcoin and Ethereum) are still facing falls in the past 24 hours after the entire market dived yesterday, with SHIB’s resilience providing encouraging signs for the next few days.

And with the coin boasting probably the strongest fundamentals of any meme token, it should return to strong growth in the very near future.

Shiba Inu Price Bounces 5% – Can SHIB Overtake Dogecoin?

SHIB’s overnight jump puts it in a good position to recover from recent losses, with the coin’s indicators still signalling that it’s due a big return.

Its relative strength index (purple) climbed vigorously to 60 earlier this morning, but has actually dived to 50 again, suggesting a failure to regain substantial momentum.

Source: TradingViewThis is largely because SHIB failed to crack its resistance level (red), a sign that we’re still in the middle of bearish period.

Also of note is the coin’s 30-day average (orange), which remains well below the 200-day (blue) and is flattening out again after looking like it may recover this morning.

One more positive detail is that SHIB’s 24-hour trading volume has risen to $360 million this morning, up from $150 million yesterday.

This could be regarded as a sign that buyers are looking to return to the coin, which is now selling at discounted prices.

However, the overall mood in the wider market may prevent it from rebounding concertedly, given that traders are fearing a big selloff as and when Mt. Gox’s former creditors receive their Bitcoin.

This will begin happening next month, with the trustees of the defunct Japanese exchange returning some $9 billion in BTC, having do so before October 31.

Here’s how the Mt Gox bitcoin has been moving

On the left are a few of the 72 wallets where the funds came from

On the right are three addresses, each holding 47,000 BTC ($3.2 billion) for a total of $9.2 billion pic.twitter.com/3cRyYMy7kr

— Tim Copeland (@Timccopeland) May 28, 2024

As such, we may see these creditors dump their BTC on the market, although falling prices may prevent some or many of them from selling in the near term.

But SHIB will certainly recover, with the coin still having lots of exciting things on its horizon, including the launch of a new layer-three network.

The Shiba Inu price could therefore reach $0.00003 by the end of summer and $0.00008 by the end of 2024.

Diversification with High-Potential Meme Tokens

Anyone unsure about SHIB may be better off looking towards newer meme tokens, which can often rally big in the wake of their initial listings.

One of the likeliest new tokens to do this is Base Dawgz (DAWGZ), a multi-chain cryptocurrency that has already raised over $2 million in its ongoing presale.

Unlike the vast majority of meme coins, DAWGZ will run on five networks: Ethereum, Base, Solana, Avalanche and BNB Chain.

This makes it much more accessible to investors and users, implying that DAWGZ will enjoy greater adoption and use than it would have as an ordinary single-chain coin.

In terms of its memes, Base Dawgz has gravitated towards a base-jumping, extreme sports-focused aesthetic, with the coin featuring an adrenaline-seeking Shiba Inu dog as its mascot.

Its X account – which opened in May – now has over 3,000 followers, while its Telegram channel has over 2,700 subscribers.

This is an encouraging sign for its future, with DAWGZ looking like it will have a strong, growing community around it.

As a token, it will have a max supply of 8.453 billion DAWGZ, with 20% of this supply going to its sale.

It will also support staking, enabling holders to earn a passive income from the token, on top of any price gains.

Investors can join its sale at the official Base Dawgz website, with the coin listing on DEXes soon after the sale closes, before CEXes.

Given the accelerating popularity of its sale, it could rally strongly once it lists.

Buy DAWGZ Now

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