The meme coin market has proven remarkably volatile in recent months, with many analysts predicting a continued downward trend for SHIB. However, new meme token $SPONGE has seen a huge surge over the past 24 hours and looks like it could follow in the footsteps of Pepe Coin after...
- The meme coin market has proven remarkably volatile in recent months, with many analysts predicting a continued downward trend for SHIB.
- However, new meme token $SPONGE has seen a huge surge over the past 24 hours and looks like it could follow in the footsteps of Pepe Coin after the latter’s recent explosion.
It’s been a mixed year so far for meme coin investors, with tokens like Shiba Inu (SHIB) experiencing remarkable volatility.
After dropping between January and March, the SHIB price bounced back in early April – yet has now sunk once more.
SHIB investors are now wondering whether the coin has any positive long-term prospects, or whether there are alternative crypto projects worth considering.
In this regard, Sponge Token (SPONGE) has emerged as a viable option – producing over 300% returns in its first 24 hours of being live.
SHIB Price Prediction – Is Shiba Inu Set for More Downside?
The SHIB price is now hovering around the $0.0000099 level, meaning the token is up just over 22% YTD. Although these returns may seem small, they’re much needed after the bearish downfall in the latter half of 2022.
Since printing a low of $0.0000078 in November 2022, things started to look up for SHIB. A combination of Elon Musk-related drama and increased interest in the crypto market created the ideal foundation for price growth.
SHIB hit a yearly high of $0.0000159 in late January, yet this high was short-lived as bearish momentum took hold once more.
Since that high, the Shiba Inu price has fallen by 38% – highlighting how volatile the token’s price has been over the last few months.
But where could the SHIB price go next? Many market commentators believe that SHIB is headed for another downward leg, pointing to the enormous bear flag that price broke out of on the Daily timeframe.
Adding confluence to this bearish sentiment is that SHIB just broke below the vital $0.000010 level – a psychological barrier that has proved tricky for bears in the past.
If the “bear scenario” is confirmed, the next port of call could be as low as $0.0000081. This would represent a decrease of 18.26% from today’s price point.
However, SHIB bulls are hopeful that the dip below $0.00001 is just a liquidity grab and that price could soar upwards once more.
Shiba Inu Project Still Attracting Investment Interest
If SHIB does sustain itself above $0.00001, then the price will likely be drawn towards the $0.0000117 level, where buyers and sellers were battling it out back in mid-April.
Either way, Shiba Inu’s current price movements make logical forecasts challenging. As such, investors have to dig deeper into the Shiba Inu ecosystem to garner clues as to where the price could go next.
Per CoinMarketCap, Shiba Inu remains the world’s second-largest meme coin (behind Dogecoin) and the 15th-largest cryptocurrency globally. The coin boasts a market cap of over $5.8 billion and regularly experiences more than $92 million in daily trading volume.
According to blockchain data platform Etherscan, there are now nearly 1.3 million SHIB holders – a figure that is increasing every day.
These metrics highlight that the investment community is still behind Shiba Inu, despite the ongoing price volatility.
However, several looming additions to the Shiba Inu ecosystem could help stabilize price and provide a more straightforward route to value growth. One of the most talked-about additions is “Shibarium” – Shiba Inu’s layer-2 scaling solution for the Ethereum network.
Since Shibarium is being built on the Ethereum blockchain, this network will benefit from Ethereum’s underlying security and infrastructure. Moreover, Shibarium is also designed to provide faster transactions at a lower cost – a promise that has piqued the interest of crypto investors.
Although the Shibarium beta testnet was released in March, there has yet to be an update on when the final version will go live to the public. As such, Shiba Inu holders will likely need to wait a little longer before benefitting from the momentum that the scaling solution’s release will drive.
New Meme Coin $SPONGE Poised for Explosive Growth
Although Shiba Inu’s progress has stalled in recent weeks, that doesn’t mean the meme coin “hype” is over.
Far from it, as tokens like PEPE and WOJ have produced exponential returns for investors this year – and SpongeBob Token ($SPONGE) is the latest meme coin to catch the investment community’s attention.
As its name suggests, $SPONGE is an homage to the much-loved SpongeBob SquarePants character from the TV show that shares the same name.
SPONGE launched on the Uniswap DEX on May 4th to little fanfare, yet the price immediately exploded. At the time of writing, the SPONGE price is hovering around the $0.00034 level – up 1,154% from the initial launch price.
Prominent crypto analyst Jacob Bury has also had his say on SPONGE’s prospects, providing a breakdown of the token and why he believes it could 1,000x in value.
This incredible progress has led to SPONGE being listed on CoinMarketCap, which usually takes new coins weeks (or months) to achieve.
According to DEXTools.io, there are now over 1,100 SPONGE holders, with the token boasting a market cap of $13.85 million.
Crypto whales also seem eager to get involved, with several buy orders of $80,000+ reported in the last few hours.
Ultimately, the hype around SPONGE tokens is reaching fever pitch, with investors clamoring to get involved in the hope that it could be the next Pepe Coin.
Investors can buy SPONGE tokens through the Uniswap DEX using wETH or purchase tokens via the widget on the SpongeBob Token website.
Der Beitrag Shiba Inu Price Prediction Amid Meme Coin Rally, While SpongeBob Token is Backed to 1000% erschien zuerst auf Crypto News Flash.