Shiba Inu (SHIB), the world’s second-biggest meme coin by market cap surged by 5.75% in the last 24 hours as speculation about the possible approval of the first spot, Ethereum ETF hits the crypto market.
This staggering rally propelled SHIB's value above the $0.000025 threshold. While SHIB is currently down by 6% in the past 30 days, its rally by over 5% in two weeks amid the uptrend in the broader market raises questions about where its price could be heading in the next few weeks.
Shiba Inu Price History
Introduced in August 2020, Shiba Inu was created as an Ethereum-based alternative to the widely popular Dogecoin. Despite its relatively recent inception, SHIB has garnered a substantial following, propelled by a dedicated community and the enduring appeal of meme-based cryptocurrencies.
Shiba Inu's market performance has been marked by significant volatility, a characteristic common to many cryptocurrencies.
At present, Shiba Inu has a market capitalization exceeding $14.9 billion and it ranks among the top 12 cryptos on the market.
SHIB Price Analyst Predictions
The global crypto market is up by 8% in the last 24 hours due to the sudden rise in the speculation surrounding the eagerly-awaited Ethereum ETF approval by the United States Securities and Exchange Commission.
Well-known crypto analysts are optimistic that the approval will lead to a bullish reaction in the crypto industry. Like other cryptocurrencies, Shiba Inu, riding the wave of the real buzz around the spot ETH ETF is likely to witness a significant price action in the coming weeks.
Over the past couple of days, the SHIB’s price has been choppy and underperforming newer meme tokens.
However, while the price of the self-proclaimed Dogecoin killer has been grappling between $0.000023 to $0.000025 levels, its relative strength index has risen above 49 even amid the recent transfer of 3.10 million SHIB to a dead wallet by a whale.
This substantial market activity, according to insights from Shibburn, has raised Shiba Inu’s coin burn rate by over 500%, thereby fueling optimism in the medium and long-term momentum of the token.
A whale just took a $3.2M (x2) profit from $SHIB after 2.6 years!The whale bought 199B $SHIB (est. cost: $1.68M) from #Coinbase and DEX between Oct 10, 2021, and Sep 11, 2023,And then deposited all $SHIB (now $4.88M) to #Coinbase 3 hours ago, realizing an est. profit of $3.2M… pic.twitter.com/rMkMf7Z13i
— Spot On Chain (@spotonchain) May 17, 2024
Considering these factors, CoinCodex, a respected market analysis platform, anticipates SHIB surging by 231% to reach $0.00008566 by June 20, 2024.
Popular crypto Twitter account krillin also posted yesterday that Shiba Inu and Dogecoin are ‘bullish’ as long as the 100 MA holds on the daily time frame.
On the other hands widely followed crypto experts like blockgraze are more bullish on new meme coins, ‘not DOGE and SHIB’.
Other than Shiba Inu price predictions, what’s the best new meme coin to invest in early and potentially catch the next SHIB?
One trending meme crypto we’ve highlighted is WienerAI (WAI).
WienerAI - Best Meme Coin Alternative to Shiba Inu?
Investors seeking the best alternative to Shiba Inu can consider WienerAI, a new meme coin ICO that has distinguished itself with its unique value proposition and vibrant community.
Despite being a fresh launch, WienerAI has rapidly become the talk of the crypto town, capturing the imagination of both high and low-risk investors.
Enhancing its investment appeal is its seamless combination of artificial intelligence, canine, and sausage. While other meme coins rely on hype to cement market presence, WienerAI has taken a step further with its emphasis on offering a real-world utility.
This project is launching an AI-powered trading bot that can help traders detect high-potential opportunities in the volatile market. According to its whitepaper, the bot will offer automated trading, seamless token swap, insightful trading tips and suggestions amongst others.
Considering the significance of the bot utility to the crypto trading world, top YouTuber CryptoZeus remains convinced that WienerAI’s WAI token will experience a good outing when it goes live on the price charts.
That said, WAI is still available on presale for a discounted rate of $0.000709. Therefore, those willing to be one of the early movers of this highly-promising project can visit its website to buy WAI. You can also compound your gains by staking your tokens.
At press time, WienerAI has recorded close to $2.5 million in early fundraising, positioning it as one of the hottest Shiba Inu alternatives yet to hit exchanges.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
