Futures
Access hundreds of perpetual contracts
TradFi
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Launchpad
Be early to the next big token project
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
More
Shiba Inu Price Prediction as SHIB Falls 4.6% Overnight – Time to Buy the Dip?
Simon Chandler
Last updated:
June 21, 2024 09:28 EDT | 3 min read
The meme token is now also down by 18.5% in the past week and by 32% in the last 30 days, although it holds onto a 140% increase in the past year.
Given that SHIB hasn’t taken a lot of punishment in recent weeks, it’s now in a good position to rebound in the near future.
Indeed, transfer data suggests that whales have begun accumulating the coin again, taking advantage of its discounted price.
Shiba Inu Price Falls 4.6% Overnight – Time to Buy the Dip?
SHIB looks pretty weak right now, but the implication of this is that it can take only so many losses before its reduced price begins to entice buyers all over again.
Its indicators would also suggest that it’s due a rebound very soon, with its relative strength index (purple) bouncing from a low of 30 earlier this morning,.
One negative feature of Shiba Inu’s chart is that its resistance (red) and support (green) levels continue to decline in parallel, indicating an ongoing downtrend.
As noted above, there’s some indication that large traders are already beginning to come to SHIB’s aid.
This signals a growing belief that the Shiba Inu price is getting closer to a rebound, with market factors and fundamentals pointing to such a scenario.
On the market side, pretty much all major coins have taken enough pain in the past few weeks, with the incoming launch of Ethereum ETFs likely to boost demand across the board.
Inflation has also been falling in numerous major economies, raising the likelihood of rate cuts in the next couple of months.
In turn, this will drive money into markets, including the crypto market.
As for SHIB itself, it still boasts some of the strongest fundamentals of any meme token.
It has a number of updates and launches planned for the next 12 months, including the launch of its own layer-three network.
Taken together, such developments should boost the usage of SHIB, which in turn will push the Shiba Inu price higher.
It could reach $0.000025 in the next few weeks and $0.000050 by Q4.
New Meme Tokens May Provide Bigger Short-Term Gains
SHIB is likely to remain one of the biggest meme coins in the market for quite some time to come, yet newer tokens may be a better bet for traders hunting quick market-beating gains.
There are several exciting presale tokens growing in strength right now, with most looking as though they could rally hard once they list.
A strong candidate for doing just this is PlayDoge (PLAY), an ERC-20 token that has now raised $4.9 million in its rapidly expanding presale.
The reason for PlayDoge’s early success is that it’s more than just another meme coin, with the project also launching an eponymous play-to-earn game.
Taking its cue from the beloved Tamagotchi series, PlayDoge will reward users for breeding, trading and completing missions with their own virtual dogs.
It will feature endearing 8-bit graphics as an homage to its source material, while it will also boast compelling side-scrolling gameplay.
As the game’s native token, PLAY will serve exclusively for in-game transactions, with the coin having a capped supply of 9.4 billion.
This limit on its supply will help it gain in value over time, as will the likely popularity of PlayDoge as a game.
There isn’t much time before the sale ends, but latecomers can still participate by going to the PlayDoge official website.
PLAY currently costs $0.00511 per token, with this price rising again in two days.
And it will probably rise much higher once it lists on trading platforms, with PLAY in a good position to become one of the biggest launches of 2024.
Visit PlayDoge Now
Follow Us on Google News Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.