The top cryptocurrencies are showing bullish strength once again, with the Bitcoin price today trading near the $34.7k price mark. Experts believe that BTC is set to make a new local high and could be priced as high as $37k by the...
The top cryptocurrencies are showing bullish strength once again, with the Bitcoin price today trading near the $34.7k price mark. Experts believe that BTC is set to make a new local high and could be priced as high as $37k by the end of the week.
Altcoins such as Ethereum, Solana and XRP are also mirroring Bitcoin’s bullish trend.
Meme coins are also pumping, particularly Pepe which remains strongly correlated with Bitcoin. According to CoinMarketCap, the meme coin market cap has increased by over 1% over the past day, along with trading volume increase of over 15%.
While Pepe ($PEPE) and Floki ($FLOKI) have led the pack and risen 3% over the past 24 hours, experts predict that Shiba Inu will likely be the next meme token to break out.
Shiba Inu Price Predictions From Traders
According to popular trader @army_shiba, the second-largest meme coin is displaying a strong uptrend. He also notes that Shiba Inu has breached the daily downtrend resistance, which could lead it to delete a zero and trade above the $0.00001 price mark.
The $SHIB price has surged 1.2% from its daily low and is currently trading above the $0.000008 price mark. The token is up 12% over the past week, with a market capitalization of over $4.7 billion.
Shiba Inu technical analysis also reveals that the token could see a buying pressure in the coming days, with TradingView giving it a “Buy” signal in the daily time frame. Shiba Inu is currently outperforming most of the important moving average indicators - however, the 200-day Simple Moving Average at $0.0000082 mark is still acting as a crucial resistance.
Crypto analyst Scott Melker, who has over 900k followers on X, highlights that the Shiba Inu price chart is showing multiple bottom signals, which could result in a strong bull rally in the coming days.
Meanwhile, the meme coin continues to gain a strong boost from Shibarium and the rapid innovation in its ecosystem. Just a few days ago, the number of daily transactions on Shibarium surged by 400%, which is a sign of healthy activity on the network. Crypto whales also remain heavily interested in the meme coin - Shiba Inu is currently the 4th largest holding of the top 100 Etheruem whales.
The Shiba Inu team has also made a mystery announcement while hinting that it will be launching “the very first step towards unlocking your unique Shib identity”. The announcement has created a strong hype in the meme coin community and could lead to a strong rally.
Smart Money Traders Are Buying New Meme Coin “Meme Kombat”
Shiba Inu is not the only meme coin that is receiving the backing of experts - a number of smart money traders and crypto whales are purchasing the Meme Kombat token in its presale.
For instance, the admin of the Crypto Whale Pumps group on Telegram - which has 25k subscribers - has made a sizable investment into the token - as has Cilinix Crypto, a popular YouTuber with over 33k subscribers on YouTube, Satoshi Stacker with 282k subscribers, and many crypto media outlets.
Similarly, popular trader @CryptoTony__, who has close to 350k followers on X, has praised Meme Kombat’s innovation and doxxed team.
Due to such high demand, the new meme coin sensation has now raised close to $900k in just over a month. After all, there is a growing demand for high-utility meme coins - tokens such as Shiba Inu and Floki are rushing to launch new features before the next bull market. Meme Kombat is set to benefit from this trend, thanks to its gambleFi, Play2Earn and staking features.
Meme Kombat’s Play2Earn platform will see 11 fictional characters - each representing a popular meme coin such as Pepe, Shiba, Doge and Floki - engage in AI-simulated battles. The outcome of the battle will be determined on-chain and will therefore be unpredictable, allowing players to bet against each other.
Aside from betting, investors can also stake their $MK tokens and earn rewards, currently at an APY of 112%. This allows them to earn passive income, irrespective of the token’s price or the broader market outlook.
Investors are also impressed by the project’s commitment to transparency, considering the identity of all key team members behind the token have been revealed. This serves to quell any fear of a scam or rug pull.