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The Shiba Inu price pumped 10% in the last week and 4% in the last 24 hours to trade at $0.00001341 as of 11:25 p.m. EST on trading volume that skyrocketed 196% to $314 million.
This comes as the Shiba Inu burn rate spiked 1,536% in the last 24 hours.
Shiba Inu Price Shows A Potential Rally
The SHIB price chart displays an Elliott Wave pattern, marking significant price points. Wave 1 shows a massive parabolic rally early in 2024. Wave 2 then goes into a deep retracement, forming a local bottom.
Meanwhile, Wave 3 goes into a strong bullish wave, pushing the price of Shiba Inu to a new high. Then, it goes into a corrective phase, with price testing support levels, according to data from GeckoTerminal.
Currently, the Shiba Inu price is trading below both the 50-day and the 200-day Simple Moving Averages (SMAs), suggesting bearish pressure. However, if SHIB breaks above the 50-day MA, it could signal a trend reversal.
The Relative Strength Index (RSI) is at 48.03, indicating neutral momentum. This suggests the asset is neither overbought nor oversold, meaning the price of SHIB has room to rise if bullish momentum builds.
SHIB Price Prediction
Given the current price structure, the SHIB price could be forming a Wave (5) rally, aiming for a significant 145% increase from its current level.
If the $0.00001493 (50-day SMA) is broken, the Shiba Inu price could test the $0.00001916 (200-day SMA) next.
A successful breakout above the $0.000020 level could push the price of Shiba Inu toward $0.000035, aligning with previous highs.
However, if the bears take control of the price at this point, SHIB could drop back to the FVG level of around $0.00000753.
As the SHIB price surges, investors are also buying into a new meme coin called Meme Index (MEMEX).
According to 99Bitcoins, a prominent crypto channel on YouTube that boasts over 725K subscribers, MEMEX has the potential to be the next 100x crypto.
Meme Index Presale Surges Past $4 Million – Last Chance To Buy
The Meme Index presale has surpassed $4.06 million, showing strong interest from early investors eager to capitalize on its new approach to meme coin investing.
The team has now put a timer on the presale, which will end in about 14 days.
GET READY TO MOON, DEGENS! Meme Coin Mania is BACK and better than ever! With Solana at the helm, my AI-powered $MEMEX is scanning the markets for the NEXT BIG THING! Stay glued for exclusive alpha, insights, and updates on the hottest meme coins!
— Meme Coin Mania (@MemeCoinMania77) February 5, 2025
Meme Index offers investors diversified meme coin investing for the first time. It offers four meme coin portfolios that spread risk across multiple tokens.
The indexes are Meme Titan, Moonshot, Midcap, and Meme Frenzy.
Each basket caters to varying risk appetites, from relatively safer options like Meme Titan to the highest-risk Meme Frenzy, which features emerging and highly volatile meme coins for those seeking high returns while willing to accept high risk.
MEMEX holders can also participate in the project’s presale staking pool, which currently provides a stratospheric annual yield of 562%.
You can purchase MEMEX tokens on the official website for just $0.0166883.
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