The Shiba Inu price has gained by 4.5% today, with its rise to $0.00000701 coming as the wider crypto market increase by the same percentage in the last 24 hours.
SHIB is now up by 2.6% in the past week, with today’s movements potentially being helped along by a whale who transferred around $31.75 million in SHIB to an unknown wallet.
And with SHIB still being down by 4% in a month and by 13.5% since the start of the year, it has plenty of catching up to do, meaning that it could be in for additional rises in the next few days.
Shiba Inu Price Prediction as Whale Moves 4 Trillion SHIB to Unknown Wallet – What’s Going On?
Despite rising today, SHIB continues to look fairly weak as far as its indicators are concerned, although this could be taken as a sign that the meme token is ripe for a strong rebound.
Most notably, its relative strength index (purple) has risen this morning yet still remains below 50, which could mean that it doesn’t have enough momentum to go much further, or it could mean that it’s only just getting started.
Something similar could be said for SHIB’s 30-day exponential moving average (yellow), which remains well below its longer term 200-day average (blue), a sign of weakness and overselling that today’s little rally has done little to override.
Another discouraging sign is provided by the coin’s support level (green), which has declined consistently for several weeks.
As such, the past few weeks suggest that SHIB could easily far back down again (and even lower) after its current mini-rally has played out.
This possibility is potentially supported by the aforementioned whale transfer, which saw around 4.5 billion SHIB sent from one unknown address to another.
Such a transfer could be taken as a sign of whale preparing to sell, although without further information, it could also be taken as a sign of one whale buying SHIB from another in an over-the-counter transaction.
Also, the state of the overall market may help to support SHIB for the next few weeks, with investors buoyed on a couple of counts today.
For one, Ripple has celebrated the fact that the SEC has effectively dropped its case against the cryptocurrency firm, with the two parties looking increasingly set for a full settlement.
Secondly, today will bring news on Grayscale and its Bitcoin ETF application, with the market increasingly expecting positive developments.
Taken together, such events have provided the market with a more positive outlook, something which will benefit SHIB as well as many other coins.
And SHIB has certainly been oversold in recent months, setting it up for what could be a big recovery once the market becomes more bullish.
It could return to $0.0000080 in the next week or so, before returning to $0.000010 by December.
New Meme Tokens For New Rallies
It’s likely that part of the reason why SHIB has underperformed in recent weeks and months is that this year has brought a wave of new meme tokens, with traders jumping on such tokens as vehicles for profit during a relatively bearish market.
While some of these new tokens have lacked fundamentals and are effectively ‘valueless’, others have come with interesting use cases, providing them with the utility and value to sustain a longer lifespan.
One new meme coin that falls into this latter category is Meme Kombat (MK), an Ethereum-based platform that has raised more than $600,000 since launching its sale several weeks ago.
Set to launch in the next few weeks, Meme Kombat has attracted so much interest because it offers something unique within the crypto space, namely the ability to bet on the outcomes of AI-generated meme battles.
This is an interesting concept, with Meme Kombat having no direct rivals, implying that it could effectively monopolize a sub-sector of the market.
On top of this, its use of popular memes will help attract users and provide it with viral marketing, enabling the platform to attract a growing community of users.
Also attracting users will be the MK token itself, which will come with a hard cap of 120 million tokens, with 50% of this being allocated to the presale and another 30% going to battle and staking rewards.
The existence of staking rewards could make MK doubly rewarding, especially if the token’s price rises in parallel with the growth of Meme Kombat as a platform.
MK will be used to place bets and to pay rewards to users, with investors able to buy some early – and at a likely discount – by visiting Meme Kombat’s official website.
1 MK will cost $0.1667 for the duration of the presale, although Meme Kombat’s exciting features could help push it much higher once the token lists on trading platforms.
Visit Meme Kombat Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.