Shiba

Rally

Sponge

Standard

Shiba Inu

With the Shiba Inu (SHIB) price currently up close to 10% from its recent lows, some bulls are questioning whether a new rally is starting. 
The Shiba Inu price was close to $0.000000925, having bounced from a triple low it tested under $0.0000085 last week. 
The rally in the Shiba Inu price comes as the broader cryptocurrency market picks up. 
<a href="https://cryptonews.com/coins/bitcoin/">Bitcoin</a> (BTC) hit two-week highs near $44,000 on Tuesday as <a href="https://cryptonews.com/news/is-bitcoin-going-to-zero-as-grayscale-sends-10000-btc-to-coinbase-best-altcoins-to-invest-in-right-now.htm">concerns about Grayscale selling fade</a> and <a href="https://cryptonews.com/news/bitcoin-price-pumps-above-43000-as-btc-bulls-regain-control-heres-what-to-watch-this-week.htm">bullish bets return</a>. 
<a href="https://cryptonews.com/news/ethereum-news/">Ether</a> (ETH) pushed into the upper $2,300s as major UK bank Standard Chartered predicted a potential rally to $4,000. 
Spannender Ausblick von Standard Chartered, einer globalen Finanzgröße: Sie erwarten die Genehmigung von den Spot Ethereum ETFs am 23. Mai. 
Interessant dabei: Sie sehen ein Preisziel von $4,000 für ETH, angelehnt an die BTC-Entwicklung vor dessen ETF-Start. <a href="https://t.co/GkbIg15Fga">https://t.co/GkbIg15Fga</a> <a href="https://t.co/pm6ITjvARI">pic.twitter.com/pm6ITjvARI</a> 
— Hoss (@hoss_crypto) <a href="https://twitter.com/hoss_crypto/status/1752366459303473239?ref_src=twsrc%5Etfw">January 30, 2024</a> 
Despite the recent bounce, the Shiba Inu price bulls can’t get too excited just yet. 
That’s because the Shiba Inu price hasn’t yet been able to break above a key short-term resistance zone. 
If <a href="https://cryptonews.com/news/shiba-inu-price-prediction-as-175-million-in-volumes-come-in-where-next-for-shib.htm">Shiba Inu price predictions</a> are to turn substantially more bullish, this is the zone to watch. 
<h2 id="shiba-inu-price-needs-to-break-above-this-zone-if-new-rally-to-start">Shiba Inu Price Needs to Break Above This Zone If New Rally to Start</h2> 
 Shiba Inu’s 21DMA and a downtrend from its December highs both coincide around $0.00000940. 
This is the key resistance level to watch. 
The Shiba Inu price briefly pushed above here on Tuesday, reaching as high as the $0.00000960s. 
But it has since pulled back. 
A sustained breakout above here will be needed for price bets to get more bullish. 
If a bullish breakout is confirmed, SHIB could quickly pump back to December highs near $0.000012. 
That would present upside of nearly 30% from current levels. Shiba Inu (SHIB) Price Chart / Source: TradingView 
That’s pretty good. 
But Shiba Inu’s market cap is already bloated at around $5.5 billion, limiting the chance of exponential growth. 
Moreover, the launch of Shiba Inu’s <a href="https://cryptonews.com/news/shiba-inu-price-prediction-as-shibarium-upgrades-trigger-4240-burn-rate-surge-a-new-era-for-shib.htm">Shibarium layer-2 blockchain</a>, which was designed to act as a home for the Shiba Inu web3 ecosystem, has so far been a dud. 
As per <a href="https://defillama.com/chain/Shibarium">DeFi Llama</a>, despite launching five months ago, it has only been able to garner a trade value locked (TVL) of around $833,000. 
A lack of capital inflows into the protocol are indicative of a lack of adoption. 
Shiba Inu thus remains a highly risky bet, with limited upside potential and big downside risk. 
All meme coins are risky, but some up-and-coming projects at least offer a strong possibility of 100x gains. 
One such project that has been closely followed by analysts at Cryptonews.com is <a href="https://cryptonews.com/visit/sponge">Sponge V2</a>. 
<h2 id="better-meme-coin-alternative-to-shiba-inu">Better Meme Coin Alternative to Shiba Inu</h2> 
 Sponge V2 is the reincarnation of the legendary Spongebob Squarepants-themed $SPONGE token, which reached a market cap of nearly $100 million earlier in 2023 and delivered gains to its earlier investors in the region of 100x. 
$SPONGE token holders will be able to stake their tokens to receive an equivalent amount of $SPONGEV2 tokens, as well as to start earning staking rewards (paid out in $SPONGEV2) with a minimum APY of 40%. 
Around $4 million worth of $SPONGE tokens have already been staked and are gaining an APY of over 300%. 
Huge milestone alert, <a href="https://twitter.com/hashtag/SPONGERS?src=hash&amp;ref_src=twsrc%5Etfw">#SPONGERS</a>! 
There are now over 6 billion <a href="https://twitter.com/search?q=%24SPONGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPONGE</a> tokens staked with a value of $3,958,206.14! 
Our holders are enjoying an impressive current APY of +250%. 
Join us and absorb the damp!! <a href="https://twitter.com/hashtag/SpongeV2?src=hash&amp;ref_src=twsrc%5Etfw">#SpongeV2</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Web3?src=hash&amp;ref_src=twsrc%5Etfw">#Web3</a> <a href="https://twitter.com/hashtag/Alts?src=hash&amp;ref_src=twsrc%5Etfw">#Alts</a> <a href="https://twitter.com/hashtag/100x?src=hash&amp;ref_src=twsrc%5Etfw">#100x</a> <a href="https://t.co/llxFF0hfby">pic.twitter.com/llxFF0hfby</a> 
— $SPONGE (@spongeoneth) <a href="https://twitter.com/spongeoneth/status/1750831716137369985?ref_src=twsrc%5Etfw">January 26, 2024</a> 
$SPONGEV2’s main advantage over $SPONGE is that it will power a new play-to-earn game racing game. 
Hype surrounding Sponge V2 has driven significant gains in the price of the original Sponge token in recent weeks. 
At above $0.0006, $SPONGE is up over 4x versus its November lows, as per <a href="https://www.dextools.io/app/en/ether/pair-explorer/0xf935f557e06a7d040dea4691f90c9a755301818b">DEXTools</a>. 
Stop playing….start absorbing 
We’re gunning for top spot <a href="https://twitter.com/search?q=%24SPONGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPONGE</a> <a href="https://twitter.com/hashtag/SpongeV2?src=hash&amp;ref_src=twsrc%5Etfw">#SpongeV2</a> <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw">#DOGE</a> <a href="https://twitter.com/hashtag/PEPE?src=hash&amp;ref_src=twsrc%5Etfw">#PEPE</a> <a href="https://twitter.com/hashtag/FLOKI?src=hash&amp;ref_src=twsrc%5Etfw">#FLOKI</a> <a href="https://twitter.com/hashtag/BONK?src=hash&amp;ref_src=twsrc%5Etfw">#BONK</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://t.co/uv0Ezshl8g">pic.twitter.com/uv0Ezshl8g</a> 
— $SPONGE (@spongeoneth) <a href="https://twitter.com/spongeoneth/status/1750926744075325851?ref_src=twsrc%5Etfw">January 26, 2024</a> 
At a still tiny market cap of $15 million, the meme coin has a lot of potential upside as traders keep flocking to Sponge V2. 
<a href="https://cryptonews.com/visit/sponge">Visit Sponge V2 Here</a>

Shiba Inu Price Prediction as SHIB Bounces 10% – New Rally Starting?

Table of Contents

Cryptonews.com

Other articles published on Jan 30, 2024

SEC delays decision on Grayscale, BlackRock spot Ethereum ETFs: Law Decoded

Portal Secures $34 Million Seed Funding for Bitcoin Exchange Development

Top Crypto Gainers Today Jan 30 – Jito, Bittensor, Worldcoin, Decred

Why did the Bitcoin Price Surge To $43K Today? Will BTC Price Hit $45K in the Next 48 Hours

Orbis86 Intersection of AI and Web3: Interaction with Aptos CTO

SEC to Approve Spot Ethereum ETFs in May: Standard Chartered

Join our free newsletter for daily crypto updates!