The Shiba Inu price has moved to $0.00000783 today, marking a 3% gain in 24 hours as the cryptocurrency market as a whole rises by 1%.
While SHIB is actually down by 1.5% in a week, it has now risen by 16% in a fortnight and by 7% in a month.
And with Shiba Inu developers launching the token’s very own name and identity service this week, SHIB could enjoy further rallies in the coming days.
Shiba Inu Price Prediction as Shibarium’s Shib Name Service Launch Nears: Is a Price Surge Expected?
SHIB’s indicators are in a mixed position, with a fall more or less as likely as another rise at the moment.
On the one hand, the meme token’s RSI has just dropped below 60 and could be on its way to 50 or lower, having peaked close to 70 a week ago.
Source: TradingView
On the other hand, SHIB’s 30-day average (yellow) continues to rise towards its 200-day average (blue), while its current price has surged beyond the 30-day.
These two latter signals would suggest that more gains are likely to come before SHIB’s momentum of the past week or so peters out.
The coin’s support level (green) reinforces this view, given that it’s rising strongly and forming a pennant with its resistance level (red).
It will therefore be instructive to see whether SHIB can crack the $0.0000080 resistance.
If it does, a breakout may arise, with the meme token potentially gaining enough momentum to reach $0.0000090 in the next couple of weeks.
Another encouraging sign is the coin’s 24-hour trading volume, which remains elevated at above $200 million, compared to as low as $50 million at the start of October.
Fundamentals are also playing a role for SHIB right now, given that Shiba Inu has just launched its own name service.
The moment you’ve been waiting for is here! Shib Name Service (SNS) on Shibarium is now live, Don’t wait! Secure your exclusive name at https://t.co/wIWsTbik3Z With SNS, say farewell to those complex addresses like 0xCD4(…) and say hello to friendly names like John.shib.… pic.twitter.com/zwFXcE9Uju
— Shib (@Shibtoken) October 31, 2023
As with other name services, Shiba’s newly launched feature can convert long wallet addresses into more memorable names, providing an important step on the road towards making cryptocurrency tech more accessible.
It also represents an important step on the road to providing Shiba Inu will real utility as an ecosystem, with developers also planning to developer other decentralized identity features.
Let me explain why Shib Name Service (SNS) and Shibdentity are important in a simple way:
– SNS gives us easy-to-remember names instead of long and confusing addresses. It makes sending tokens to friends simpler and more convenient.
– SNS is decentralized, meaning no one has… pic.twitter.com/IH8hKR3WtC
— 𝐋𝐔𝐂𝐈𝐄 | Shibarium (@LucieSHIB) October 31, 2023
Based on SHIB’s growing utility, the coin may see gradual price gains in the next few weeks, rising to $0.000010 by the start of December.
Other Meme Tokens With Strong Potential
Yet SHIB isn’t the only meme coin with the potential for high returns right now, with a number of newer tokens currently emerging.
Possibly the best new meme token available now is Meme Kombat (MK), an ERC-20 cryptocurrency whose platform will enable users to bet on AI-generated battles between memes.
Meme Kombat opened the presale for its native MK token last month, and has already raised over $1.1 million.
MK just powering forward
$1.1 million raised so far!
Remember to take part in the 5000 USDT giveaway before it’s too late pic.twitter.com/JCmse8Z3gc
— Meme Kombat (@Meme_Kombat) November 2, 2023
Meme Kombat has been able to raise so much so quickly by virtue of the uniqueness of its platform, with nothing else in the market offering something quite like it.
In particular, Meme Kombat will use AI to generate battles between popular memes, with battles randomzed and also visualized in real-time for users to watch.
Players can place bets against each other or against the game itself, with winnings paid out in MK tokens.
Holders of MK will also be able to stake the token, with MK set to have a hard cap of 120 million, and with 50% of this going to the presale.
Only 90 minutes left at $0.1667!
Last chance to get it so low fighters pic.twitter.com/6UoKdq1WrQ
— Meme Kombat (@Meme_Kombat) November 2, 2023
Another 30% is allocated to staking and battle rewards, something which will make MK comparatively decentralized for a meme coin.
New buyers can join its presale at the Meme Kombat’s official website, where 1 MK currently costs $0.1667.
This will rise to $0.1883 a little later today, although the coin could rise much higher once it lists on exchanges in the next few weeks.
Visit Meme Kombat Now
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.
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