Shiba Inu Price Prediction as Trading Volume Surges to $600 Million – Time to Buy?
The Shiba Inu price has gained by 3% today, rising to $0.00002909, as the crypto market as a whole has enjoyed a 4.5% increase in the past 24 hours.
SHIB is now up by 1.5% in a week and by 4.5% in a fortnight, although the popular meme token is actually down by 15% in the last 30 days.
Despite this disappointing performance, the coin’s trading volume – which has risen from $350 million to $700 million in the past couple of days – suggests that it’s about to enjoy a steady rally.
And with the entire market waiting excitedly for the next Bitcoin halving, SHIB could post some decent gains very soon.
Shiba Inu Price Prediction as Trading Volume Surges to $600 Million – Time to Buy?
Now would seem to be a very good time to buy SHIB, given that its indicators all point to the beginning of a rally.
Its 30-day moving average (orange) climbed over its 200-day (blue) just over a day ago, forming a golden cross that can often signal a breakout rally.
Source: TradingView
Similarly, its relative strength index (purple) is rising towards 70, after dipping below 50 in the very early hours of the morning.
And when combined with SHIB’s rising volume, traders will be forgiven for suspecting that the coin is about spike healthily in the next few days.
In fact, this looks quite likely, given that whales have been accumulating SHIB recently, with today seeing one big transfer worth $19.26 million.
692,400,000,000 #SHIB (19,260,837 USD) transferred from #CryptoCom to unknown wallethttps://t.co/EanzRBG2jj
— Whale Alert (@whale_alert) April 8, 2024
It’s, therefore, reasonable to be bullish about the Shiba Inu price right now, with the wider market also looking very positive.
This is largely because of the upcoming Bitcoin halving, which will take place on April 20.
Combined with healthy Bitcoin ETF volumes, the halving only making traders more bullish, with confidence also helping to boost alts.
This includes Shiba Inu, which remains one of the most fundamentally strong meme coins in the market.
There are various reasons for this, with the main one being that Shiba Inu, unlike Dogecoin (for example) has its own ecosystem of apps and platforms.
This includes the ShibaSwap DEX, for instance, while it also includes the layer-two network Shibarium, which launched last year.
Shibarium has caused the coin’s burn rate to increase considerably since its rollout in August.
Taken together with the coin’s ongoing popularity, such features will help the Shiba Inu price to rise steadily over the long run.
It could reach $0.000040 in the next few weeks, before rising to $0.00010 by the second half of the year.
Other High-Potential Meme Tokens
Yet because SHIB has disappointed a little in recent months, some traders may be inclined to look towards newer, smaller cap meme coins.
Such coins can often be risky, but one way to identify the more promising examples is to look for coins that have held (or are holding) successful presales.
One coin that ticks such a box is Slothana (SLOTH), a Solana-based meme token that has impressively raised over $10 million in its sale.
Get ready to blast off with Slothana! We’re gearing up for launch and this is your last chance to grab your $SLOTH Don’t miss out on the action as we prepare to announce our official launch date. Watch this space. #slothana #memecoin
— Slothana (@SlothanaCoin) April 8, 2024
Given that its sale has been running for only a few weeks, this is a very bullish figure, one which indicates substantial interest in the token.
It’s likely that investors are hoping that SLOTH becomes the latest Solana-based meme token to rocket once it lists in the next few weeks.
And there’s a good reason to expect that it will do just this, since Slothana’s team was also behind the successful Smog (SMOG) token, which rallied bullishly earlier this year upon listing.
While its presale will close soon, investors can still join by going to the Slothana website and connecting a compatible wallet.
The coin is available at a price of 1 SOL for 10,000 SLOTH, which translates to around $0.019393 per coin.
Wow! Sloth’s jaw is dropping at the SOL flooding in from our slovenly supporters! What a bunch of lazy legends! Let’s take Slothana to the moon! And remember, only send from your onchain wallets – Sloth can’t airdrop to exchanges! #Slothana #MemeCoin #LazyLegends
— Slothana (@SlothanaCoin) March 28, 2024
In a year when SOL-based meme tokens such as DogWifHat have beaten the market, Slothana has a really good chance of surging once it lists on trading platforms in the near future.
And with its X account having 14,000 followers, it seems that Slothana is already becoming increasingly popular.
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