SHIB has posted a 1.5% gain today, with the Shiba Inu price rising to $0.000009628 as the market rises by a similar percentage in the past 24 hours.
The jump to this level puts SHIB at 1.5% loss in a week, although the enduring meme coin remains up by 5% in a fortnight and by 12.5% in the last 30 days.
Yet its failure to register a gain in the past year – it’s currently down by 25% in 12 months – means that SHIB still sits in a very undervalued positions.
This could be advantageous going towards, however, with SHIB potentially on course for a big rebound soon enough.
Shiba Inu Price Prediction as Spikes Up 1.5% – Here’s the Latest
SHIB has recovered some momentum as of late, and while it had taken a slight dip in the past couple of days, it looks as though its recent good performance could continue.
Its 30-day moving average (yellow) has resumed climbing away from tis 200-day (blue) after a period of decline, signalling a recovery of momentum that has plenty of space to continue for a while yet.
Source: TradingView
At the same time, SHIB’s relative strength index (purple) has gone from 40 on February 6 to nearly 55 today, suggesting that the coin’s direction of travel is towards further gains.
This view is boosted by the token’s medium-term support level (green), which has risen consistently since the end of 2023 and also suggests incoming rallies over the next few months.
One other positive is that SHIB’s 24-hour trading volume has risen significantly since the beginning of the month, moving from about $65 million in early February to $230 million today.
Admittedly, this doesn’t really compare to the levels – closer to $750 million – we saw in December, yet it does point to an ongoing recovery.
And as noted above, SHIB is arguably one token the market has oversold and undervalued a little too much.
766,478,691,679 #SHIB (6,733,898 USD) transferred from #Bitvavo to unknown wallethttps://t.co/arIDkhRkhN
— Whale Alert (@whale_alert) January 25, 2024
But what’s interesting is that recent weeks have seen some whales buy the token in fairly large quantities, implying that they expect price gains.
Compared to other meme coins, SHIB has relatively good fundamentals, boosted by last summer’s launch of the Shibarium layer-two network.
It’s also in the process of developing decentralized identity tools for its ecosystem, while also awaiting the launch of SHIB: The Metaverse.
Such developments boost the bull case for SHIB, with the Shiba Inu price likely to rise as the wider market becomes more bullish.
New Meme Tokens Bring New Rallies
One problem with SHIB is that it’s such a well-established meme coin that it may not really rally in any dramatic way anymore.
Traders seeking quicker market-beating gains may be better off looking at newer meme coins, with the market boasting a few very promising examples right now.
This includes Sponge (SPONGE), an ERC-20 cryptocurrency that recently launched its second (improved) version.
It has recorded an appreciation of just over 150% since listing on Uniswap earlier in the month, and has steadily built on early gains.
Source: DEXTools/TradingView
SPONGE V2 launched in order to provide Sponge with a superior staking model, which now offers a more rewarding yield.
It has a maximum yield of 40%, which is generous enough, yet it can rise into triple figures depending on how many holders are staking and how much they stake.
By introducing a more aggressive staking model, SPONGE incentivizes its holders to not only buy more SPONGE but to take more of its supply out of circulation.
Together, this process is likely to push SPONGE’s price upwards over time.
Another new feature with SPONGE V2 is that it’s the native token of an upcoming P2E racing game, in which players can compete against each other to earn rewards.
The game will launch in the next couple of months, providing another clear reason to hold SPONGE.
Its launch has a good chance of coinciding with new listings for SPONGE, which together could really boost the meme coin’s price.
And even before it lists on CEXes, traders can already buy the token via Uniswap or through the official Sponge website.
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