Shiba Inu (SHIB), the Shiba Inu dog-inspired meme coin at the center of the Ethereum-based ERC-20 Shiba Inu’s Web3 ecosystem, has seen choppy price action on Monday.
SHIB once again surged to the $0.000009 level, but has since moved back to the $0.0000087 area, where it is still up about 3% on the day.
Big buyers can enhance the rebound.
According to the data presented by intoblock, Shiva Whales (i.e. wallets with more than 0.1% of the outstanding supply) bought SHIB tokens worth 21.5 trillion last week.
This brings the 21 trillion in tokens sold by whales to over 500 billion in the past week ShivaValue at current market value $4.4 million.
Price Prediction – Where’s Next for SHIB?
While Monday’s rebound is promising, Shiva Bulls should temper their optimism.
SHIB price once again rejected a retest of its 21-day moving average on Monday for the third time in the past month, suggesting that it could see a decline of around 13% already this month.
Indeed, SHIB is facing elevated technical selling pressure in the wake of a long-term pennant structure and a downside breakout from 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 north of its 21DMA at the $0.00000908 level, SHIB remains on track to test its low since late last year below $0.000008.
Can SHIB reach $1?
For SHIB to reach $1 per token, it would mean that its market capitalization would reach approximately $590 trillion.
This would be more than the combined value of the stock and real estate markets of the entire world.
While cryptocurrencies are in the wild, this is not going to happen, not least because SHIB has very little utility compared to bitcoin and ethereum, which will likely never reach a market cap of this magnitude.
For SHIB to reach $1, a large percentage (say, 99.999%) of the supply would need to be burned.
SHIB supply is being lit.
But only 10.67 million coins worth less than $100 have been burned in the last 24 hours. www.shibburn.com,
It’s not even enough to break into.
Shiba Inu (SHIB) Alternatives To Consider
Given Shiba Inu’s bearish technical set-up and limited potential for further exponential gains, given the fact that the token’s market capitalization already hovers around $5 billion, investors may be looking for some lower market cap gems. Want to investigate which has a better chance of delivering- term upside.
Here are some of the small-cap/pre-sale crypto projects that 00news.com’s analysts are currently monitoring.
ADOGE (AI)
adogThe fun AI-powered meme-generating tool and social media platform could be the next token to explode, as it is not only a meme coin but also boasts a solid use case and utility.
AIdog is building a platform where users can create memes using breakthrough generative AI technology, before sharing them with the AIdog community via the platform’s public wall.
Creators of the most popular memes will be rewarded with AiDog’s native $AI token, meaning AiDog is bringing the concept of “meme-to-earn” (M2E) to reality.
AiDog has already raised $11.6 million through a public pre-sale of its native $AI token and investors should move quickly while they can still secure tokens at what observers say is a substantial discount versus How high is the potential to go into $ai.
Love Hate Innu (LHINU)
love hate inu (LHINU), the meme coin that powers the first blockchain-powered social media polling platform of its kind, launched on major cryptocurrency exchange OKEx on Friday and has already seen an explosive rally.
The coin listed for $0.000145 but almost immediately saw a 150% gain to reach $0.00036 before falling back to the current level of $0.00012.
The platform will allow users to say whether they love or hate divisive figures such as Elon Musk, Cristiano Ronaldo and Donald Trump, as well as Andrew Tate.
Given that it apparently combines the virtuosity of meme coins and controversial current affairs while offering obvious utility, many observers believe that Love Hate Inu will catch fire in 2023.
COPIUM
kopium token (COPIUM) saw an explosive rally over the weekend thanks to an update from the project’s developer that 30% of the token supply would be burned.
After enjoying an explosive start to life last week, COPIUM was trading at just above $0.006 per token, nearly 6x its Uniswap listing and pre-sale price, and the token already had more than $2,500. There are more holders.
One of the biggest selling points of COPIUM is the project’s token and NFT airdrop contest, designed to incentivize HODLing for at least the next three weeks.
Another great selling point is that pre-sale participants are not able to dump their holdings in 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 take on the theme of crypto needing to deal with their substantial losses means it could be a huge hit, as many people in the crypto space can relate to.