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The Shiba Inu price dropped by 2% in the last 24 hours to trade at $0.00002745 as of 6:15 a.m. EST on trading volume that plunged15% to $526.3 million.
Despite its 24-hour price trading in the red, SHIB is up by over 2% weekly. The popular dog-based meme coin has seen its price go up between April 5 and 10, which was a period when the wider market saw a surge.
Right now, however, the market is correcting, and the SHIB price is following. However, that doesn’t mean that SHIB did not see important developments of its own. For example, it was recently reported that the project was listed on Nexo, which comes as a significant boon for Shiba Inu holders.
.@Shibtoken's $SHIB is live on Nexo.
💳 Buy with card in seconds
🔗 Free Ethereum top-ups
↔️ Swap with rewards
✨ Borrow against $SHIB
🫂 Send to a friend via phone number or emailGet started: https://t.co/ERBaYKYR2S
Not available in the U.K. All investments carry a degree of… pic.twitter.com/s6EqyPdH6p
— Nexo (@Nexo) April 5, 2024
Nexo is a premier international crypto exchange, so the listing will make SHIB more accessible while exposing it to Nexo users, who will also get a wide array of new features for managing their SHIB assets.
Nexo recently introduced a new option for leveraging SHIB as collateral to borrow different assets, granting it greater financial flexibility.
Shiba Inu Price Prediction
Following Shiba Inu’s recent price drop, meme coin traders expect to see the SHIB price rise again, as sharp drops often see recoveries follow, as the prices bounce back up. While it is not easy to say anything for certain, technical indicators can often give hints regarding what is going to happen to the price next.
For example, right now, Shiba Inu’s Relative Strength Index (RSI) value appears to be climbing after sinking to the oversold zone yesterday. In fact, the buy pressure has allowed the RSI score to return to a neutral zone at around 50 as of the time of writing.
This suggests that traders have started accumulating SHIB once again, likely using the price drop as an opportunity to buy the meme coin while its value is down.
At the same time, Shiba Inu has seen a significant widening of its Bollinger bands, which suddenly narrowed yesterday. With the wider bands acting as a bullish signal, this could be an indicator of an upcoming recovery, especially when paired with the recovering RSI value.
Of course, this is not a guarantee that SHIB will see a full recovery, as right now, the token has to breach a resistance level at $0.000028, which is preventing it from going back up. But, if the wider market sees another bullish wave, SHIB could easily rise to breach this level.
For the moment, the meme coin’s price seems to follow the dominant coins in the crypto industry, which dictate the behavior of a wider market.
Promising Alternatives to Shiba Inu
While SHIB is one of the most popular dog-themed meme coins around, and has been for years now, a new token emerging on Ethereum’s network might soon take the spotlight from both Shiba Inu and the original Dogecoin.
Known as Dogecoin20 (DOGE20), the new meme coin is one of the most popular dog-based cryptos around right now, with its presale managing to raise over $10 million in less than two weeks.
The huge demand has prompted its developer to extend the sale for a limited time.
Right now, the token is awaiting its first listing, which is scheduled to take place on April 20, also known as International DOGE Day. Being listed on this day is expected to be beneficial for DOGE20 trading, as the hype around it is likely to boost demand.
Discover the simplicity of managing your #DOGE20 wallet! 🚀
Bid farewell to complex wallet setups and token management woes. 🔐
Thanks to its #Ethereum foundation, $DOGE20 brings added flexibility, seamlessly integrating with your ERC-20 tokens. 💼#Memecoins #Altcoins pic.twitter.com/yrGkktderm
— Dogecoin20 (@DOGE_COIN20) March 24, 2024
DOGE20 is available in exchange for ETH, USDT, or BNB, but it can also be purchased with fiat currencies through a credit or debit card.
With less than 10 days until listing, now is the best time to buy DOGE20, not least because the extension of its presale could end at any moment.
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