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The Shiba Inu price surged 17% in the last 24 hours to trade at $0.00002840 as of 03:46 a.m. EST on trading volume that skyrocketed 124% to $2.3 billion.
The pump came amid a new outbreak of meme coin mania with the sector’s market capitalization soaring 7% in the past day to reach $67.9 billion. Earlier in the day SHIB briefly flipped Cardano (ADA) to become the 10th biggest crypto by market capitalization.
SHIB is the top gainer among the top three meme coins, with DOGE rising only a fraction of a percent and PEPE dropping 6% in the last 24 hours.
Shiba Inu Price Set To Rally Over The Consolidation Channel
The Shiba Inu price formed a rounding bottom pattern in April, with the bulls pushing the price to the $0.00002766 resistance, according to data from GeckoTerminal. SHIB then experienced a downtrend to $0.00002068, negating the bullish prospects laid by the rounding bottom pattern.
The Shiba Inu price then went through a consolidation phase, trading within the $0.00002197 and $0.0000268 ranges, signifying a struggle for dominance between the bears and the bulls.
In the last day, the bulls seem to have won the fight for dominance, pushing SHIB to breach the upper boundary of the consolidation channel.
SHIB trades well above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the bullish run.
Moreover, the Relative Strength Index (RSI) trades within the 70-overbought region, currently at 71 and moving up, an indication of intense buying pressure.
The Moving Average Convergence Divergence (MACD) is also bullish, with the blue MACD line crossing above the orange signal line, forming a bullish crossover.
Additionally, the Stochastic Oscillator 14 3 3 line crosses above the orange trigger line, which represents a bullish moving average crossover, further cementing the bullish prospects.
Shiba Price Prediction: How High Can Shiba Inu Go?
Major indicators, including the Stochastic Oscillator, MACD, and RSI, indicate that the bullish momentum is stronger, with the bulls aiming to push the price up, targeting the $0.00003326 resistance.
However, both the MACD and RSI show that SHIB is highly overbought, which may prompt an incoming price correction, which may push SHIB through a retrace back to the major support around $0.00002412.
Meanwhile, as the SHIB price aims for a sustained bullish stance, investors are piling into a new Doge derivative ICO called PlayDoge, which has already garnered more than 269k in less than 24 hours since it launched.
According to 99Bitcoins, a crypto channel on YouTube with over 700,000 subscribers, $PLAY ”could be absolutely huge.”
PlayDoge Meme Coin Raises Over $269K In ICO Explosion – Best Alternative To Shiba Inu?
PlayDoge (PLAY) is a mobile-based play-to-earn (P2E) game that is set to transform the DOGE meme into a Tamagotchi-style virtual pet, which allows users to seamlessly earn $PLAY tokens.
The project is based on the mascot PlayDoge, a virtual dog acting as a P2E companion where players timely feed, train, and play with their 2D Doge, earning $PLAY tokens in the process.
Introducing #PlayDoge – the only #P2E Doge companion! 🐶
Inspired by the legacy of #Tamagotchi, feed, train and play with your 2D Doge to earn $PLAY. 💰
Don't neglect your doge, his life's on the line 😲💀 #Presale Now Live! pic.twitter.com/qV3WOdRTEo
— PlayDoge (@PlayDogeGame) May 28, 2024
$PLAY runs on the BNB Smart Chain, which means that the token is on the radar of the Binance listing team. With Binance being the largest centralized exchange in crypto, a listing might increase its accessibility and liquidity.
PlayDoge is unique from other meme tokens, as it provides utility for the $PLAY token. The project offers a metaverse solution by bridging the gap between humans and virtual pets.
In this way, PlayDoge monetizes gameplay using the $PLAY token while introducing a globally resonant meme at the same time.
Token holders can also earn passively through the project’s staking option by staking $PLAY for an annual percentage yield (APY) of 2,081%.
PLAYDOGE I CHOOSE YOU! 👉 🐶
Buy $PLAY tokens in #Presale now! 💰 🚀 #PlayDoge #MemeCoin #P2E #Pokemon #BNB pic.twitter.com/KmuUQEoE7f
— PlayDoge (@PlayDogeGame) May 28, 2024
You can buy $PLAY tokens for $0.005 each. With a price hike coming in less than 3 days, buy soon if you are interested to lock in the best deal.
To join the presale, buy $PLAY from the official website here using BNB, USDT, or a bank card.
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