Shiba Inu Price Prediction: SHIB Gains 2% – Can It Overtake Dogecoin?

Join Our Telegram channel to stay up to date on breaking news coverage

Shiba Inu SHIB’s recent price performance has raised the interest of investors. At 8:20 am EST today, August 30, the asset is trading at $0.00000823, with over 2% increase in the last 24 hours.

Notably, this status is a good sign for traders in the community as it shows the asset has rebounded from its long-term decline.

SHIB Rebounds and Gains Within 24 Hours

Although SHIB’s price decline in the last seven days is starting to fade, a 16.3% decline over the past 14 days shows the asset did record wrong movements.

But seeing the gains in just two days, there is a possibility that the narrative could change before September. The price has been pumping, increasing by over 5% from its price on August 17. Its trading volume is also up by over 45%, suggesting increasing investor interest.

Speculation is rising on whether the developments within the token ecosystem could continue to influence SHIB’s performance to surpass rivals.

BitMEX’s Inclusion of SHIB On Perpetual Listings Could Trigger Investor Interest

In a tweet, a cryptocurrency trading platform, BitMEX, announced that SHIB has been added to its perpetual contract listings. These contracts are the type without an expiration date. So, SHIB traders can keep long-term positions until they can close trades personally.

BitMEX is gearing up to launch two perpetual listings featuring SHIB:$SHIB / $USD $SHIB / $USDT https://t.co/HRpvePS2yl

— Shib (@Shibtoken) August 29, 2023

Although the concept has its associated risks, there is a lot of leverage for investors with diamond hands who love to keep profits.

The inclusion had other perks to it. The contract operates with a Bitcoin multiplier for potential gains or losses and as a quanto contract for betting on exchange rates.

The community was delighted with this information, pushing the price modestly by a few pips hours after the announcement.

💥Attention #SHIBARMY💥

New perp listings for the @Shibtoken community – SHIBUSD and SHIBUSDT – are LIVE on BitMEX.

Users can now long/short $SHIB …with up to 33x leverage.

Contract specs here👇https://t.co/sou2P4SziQ pic.twitter.com/xapoNz4t9U

— BitMEX (@BitMEX) August 30, 2023

Shibarium’s Successful Strides Boost SHIB’s Market Outlook, Price

A notable development in the SHIB ecosystem that has the potential to drive its price is the resurgence of Shibarium. The lead SHIB developer, Shytoshi Kusama, officially announced the revival of Shibarium on August 28.

This announcement led to an impressive surge of 35,000 new wallets in a single day, propelling the overall user count beyond 100,000.

Recent data underscores a remarkable surge in the adoption of Shibarium. Initial statistics indicating 65,000 wallets and 350,000 transactions have now blown to over 300,000 wallets, recording over 500,00 transactions in the past few days.

According to Shibariumscan.io, this increase is around 370.9% for the wallets and about 48.6% in the number of transactions. Given the favorable advancements with the revival of Shibarium, the SHIB community and external investors eagerly anticipate what lies ahead.

However, amid this growth, there are opinions that the Shibarium development will have no direct impact on the price performance of SHIB. In light of this, the short- and long-term movements of SHIB should be pretty interesting to watch.

SHIB’s Daily Chart Shows Bulls Could Take Over the Market in Short Term

The chart shows that SHIB trades above the 100-day Moving Average (MA) but below the 50-day. This observation might suggest a mixed trend in the short term. However, the price is above the 100-day MA, indicating a positive overall trend over a more extended period, suggesting that the coin might still record some gains in the coming days.

Conversely, being below the 50-day MA indicates that, in the short-term trend, the coin’s price has been facing some downward pressure.

Traders and investors often look at these Moving Averages to assess the coin’s trend and potential future movements. In this case, caution is needed as the mixed signals from the 100-day and 50-day MAs could mean an uncertain short-term direction.

However, the fading red histogram bar suggests the bearish momentum is dropping. This means buyers are entering the market, potentially driving up prices.

The Relative Strength Index (RSI) is currently at 45. This level suggests that the market’s recent price movements are moderate. It’s not too high or too low, indicating a balance between buying and selling pressures.

Combining this data with other indicators and market analysis can help provide a clearer picture of potential price trends.

Meanwhile, with other meme coins popping their heads and gaining relevant attention, investors can stake their cents on some of them, like the Super Sonik coin, for quicker ROI.

Is Super $SONIK As Fast As They Say?

Emerging as a potential game-changer in the crypto market, Sonik coin has displayed rapid growth and promising signs of making a significant impact.

It entered the scene with big goals and aims to become the quickest coin to reach a $100 million market cap from scratch, attracting attention from investors and traders alike.

SONIK introduces an attractive staking scheme and a promising presale opportunity. Allocating 40% of its total token supply to staking rewards challenges the speculative nature of other tokens, ushering in a new practical era.

How Quick Can SONIK Get, Raising Over $700,000 In a Few Days

In roughly two weeks of inception, the Sonik Coin presale has achieved a remarkable $760,000 plus, displaying super-speed above anything else. This phase allows meme coin enthusiasts to become early project partners, with 50% of the 300 billion SONIK supply reserved for early investors.

The coin’s entry is accessible with an open price of $0.000014 per token, and 10% of the allocation is dedicated to exchange liquidity for post-launch stability.

With only five days left in the presale, a sense of “fear of missing out” (FOMO) may drive interest as the coin’s prospects after launch seem promising.

Potential investors can buy SONIK by connecting their wallets on the official website using ETH, USDT, or other fiat currencies.

Most Searched Crypto Launch - Pepe Unchained

Rating