SHIB has recovered after a small dip this morning, with the Shiba Inu price reaching $0.00002546 again and posting a very slight 0.1% loss in 24 hours.
The meme token is also down by 0.4% in a week, but up by 8% in a fortnight and by 3% in a month.
These are modest percentages, yet SHIB has actually gained by 188% in a year, with yesterday also revealing data which shows that one whale has made a 419x gain with SHIB across three years.
This highlights how SHIB continues to make big profits for traders, and is likely to do so for some time to come.
Shiba Inu Price Prediction as Investor Turns $2,625 into $1.1 Million – Another Major Rally Starting?
Today may mark the beginning of a short-term rally for SHIB, with the coin’s indicators showing some life and urgency again this morning.
Its relative strength index (purple) has risen above 50 in the past couple of hours and is on its way to 60, providing space for further price gains as it continues to rise.
Source: TradingView
After climbing above the 200-day average (blue) yesterday, the 30-day average (orange) is rising again after a brief dip, suggesting that the coin has a few more days at least of gains ahead of it.
What’s also encouraging is that SHIB’s 24-hour trading volume has more than doubled today, with interest possibly piqued by the news that one whale has made a 419x profit from Shiba Inu, after holding onto 48 billion SHIB for around three and a half years.
After being dormant for 3.5 years, the super diamond trader finally sold $SHIB at a profit.
He spent 2 $ETH($2,625) to buy 48.09B $SHIB on Feb 1, 2021, and sold it for 278.7 $ETH($1.1M) just now, a gain of 419x!https://t.co/Pw9i9wbKcn pic.twitter.com/Qvp9wKpWCc
— Lookonchain (@lookonchain) May 27, 2024
Such a gain shows what can happen with enough patience and timing, with SHIB arguably being one of the best vehicles in the market for making substantial returns.
It’s likely to witness bigger price gains once the market as a whole picks up more steam, something which could happen once the recently approved Ethereum ETFs launch next month.
The Shiba Inu price is likely to rise in parallel with the wider market, while the coin itself may also benefit from its own fundamentals.
Last month, for example, saw the news that developers are building a privacy-focused layer-three network for the token, something which will increase its utility.
Combined with the pre-existing Shibarium network and the general Shiba ecosystem, this launch should help the Shiba Inu price rise in the longer term.
It could reach $0.000030 in the next month or so, before reaching $0.000060 by the end of the year.
New Meme Tokens Bring New Market-Beating Rallies
Because SHIB has underperformed in recent months, some traders may be frustrated enough to consider looking at more promising alternatives.
There’s a wide variety of new meme tokens in the market right now, and while some will undoubtedly be of a low quality, some offer interesting fundamentals.
One of the newest and most interesting is PlayDoge (PLAY), an Ethereum-based cryptocurrency that will serve as the native token for its own play-to-earn pet game.
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
It has just launched its presale, which has so far raised over $200,000 despite opening only yesterday.
This is a very promising early sign, with the PlayDoge game itself being perhaps the biggest indicator that PLAY will have a strong launch and life ahead of it.
PlayDoge will work along the same lines as the famous Tamagotchi pets of the late Nineties, with users able to breed and take care of their own Shiba Inu dog.
They will also be able to take their virtual pets on side-scrolling adventures and missions, thereby earning themselves rewards in the form of PLAY.
As a token, PLAY will have a max supply of 9.4 billion tokens, with 30% going to the presale, 20% to community rewards, 6% to staking, 11.5% to liquidity, and 32.5% to marketing and project funds.
Source: PlayDoge
Its fixed supply makes it a potentially deflationary meme coin, while the ability to stake the token should take a big chunk of its supply out of circulation.
And when combined with the demand that comes with being the native token of a potentially popular play-to-earn game, PLAY may rocket once it lists.
Investors can join its sale at its official website, where 1 PLAY costs $0.00451.
The post Shiba Inu Price Prediction as Investor Turns $2,625 into $1.1 Million – Another Major Rally Starting? appeared first on Cryptonews.