Shiba Inu (SHIB), the world’s second-largest dog-inspired meme coin by market capitalization after Dogecoin that lives on the Ethereum blockchain as an ERC-20 token, has been consolidating in the $0.000011-0.00001150 area in the last few days.
SHIB has failed to keep pace with a rapid surge in Dogecoin over the last few days after widely used social media application Twitter changed its logo to the Dogecoin logo (a picture of a Shiba Inu dog).
SHIB continues to remain constrained to the upside by its 50-day moving average around $0.00001150, while the 21, 100 and 200DMAs all also continue to act as a magnet to the price action.
Despite this, trading volumes have been trending higher in recent days and some think SHIB could soon be about to pop higher.
According to data sourced from CoinGecko, SHIB trading volumes across exchanges hit an impressive $420 million in on Wednesday, even before the day even ended.
That comes after trading volumes neared $600 million on Tuesday, their highest level since mid-March.
Since the start of the year, SHIB trading volumes have been gradually rising in tandem with strong price performance – Shiba Inu is nearly 40% up on the year.
Price Prediction – Favorable Macro Backdrop Technicals, Upcoming Ecosystem Developments Could Pump SHIB
Despite the strong performance since the start of the year, SHIB is still down around 30% from earlier yearly highs in the $0.000016 area.
But SHIB broke above the downtrend from this high late last month.
If it can break away from its cloud of major moving averages, which continue acting as a drag, and get above support-turned-resistance in the mid-$0.000011s, then it could threaten a retest of these earlier annual highs.
The fact that Twitter’s logo is currently a Shiba Inu (even if it’s the Dogecoin logo, not the Shiba Inu logo) should be a tailwind.
Optimism about upcoming Shiba Inu ecosystem upgrades could also pump optimism.
“In the coming week you will start to see some real progress on all things SHIB the metaverse,” Shiba Inu metaverse development team lead Marcie Jastrow said in a recent post to Shiba Inu community’s Discord channel, as shared by popular Shiba Inu proponent LUCIE on Twitter on Tuesday.
Shiba Inu recently released a beta version of Shibarium, its Ethereum layer-2 scaling solution designed to bring down transaction costs and provide a platform for the development of a Shiba Inu-specific web3 ecosystem that still benefits from the underlying security of the Ethereum blockchain’s consensus layer.
Whales Are Eyeing Big Gains – Can SHIB 10x?
Despite SHIB’s big pullback from earlier annual highs in the $0.000016 area, major SHIB whales appear to be holding onto their tokens and not capitulating.
That’s according to on-chain data cited by WhaleStats, which shows the number of transactions being conducted by the top 100 Shiba Inu whales has fallen to virtually zero per day since mid-February, having previously been in the 100s.
That suggests that sentiment amongst whales remains strong.
As to whether SHIB can 10x from current levels. That is a tough ask, at least in the short term.
7x gains would see Shiba Inu’s market cap explode to around $47 billion and SHIB hit new all-time highs in the upper-$0.000088s area.
10x gains would see SHIB lose a zero and expand its market cap to above $65 billion.
If the US Federal Reserve is about to embark on a big rate-cutting cycle later this year to stave off a US bank crisis/recession, and Shiba Inu developers do continue to give SHIB new utility via expanding the scope of the web3 project’s ecosystem, then the cryptocurrency could feasibly see 10x gains in the next few years.
Buy Shiba Inu Now
Love Hate Inu (LHINU) – A Shiba Inu Alternative to Consider
The fact that Shiba Inu is already so famous and well known and already has such a massive market capitalization makes 10xing from current levels more difficult.
Investors might therefore want to consider investing in some lesser-known coins that potentially hold a better likelihood of seeing exponential gains.
A great new meme coin to consider is Love Hate Inu, a new dog-meme-inspired social media polling platform that has been taking the internet by storm in the last few weeks.
To fund the development of its revolutionary vote-to-earn platform, Love Hate Inu is currently conducting a presale of its LHINU token.
The presale has been a huge success, with Love Hate Inu having already raised a massive $2.9 million and the presale already having entered stage 4.
Analysts at Cryptonews.com have ranked Love Hate Inu as the hottest presale of 2023 and many think the cryptocurrency could see big gains when it ICO’s later this year.
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