With Shiba Inu Coin (SHIB) price currently up nearly 10% from recent lows, some bulls are beginning to question whether a new rally has begun. Shiba Inucoin price is trading near $0.000000925, bouncing off three lows made last week below $0.0000085. Shiba Inu price has seen gains as the overall cryptocurrency market picks up steam.
With Shiba Inu Coin (SHIB) price currently up nearly 10% from recent lows, some bulls are beginning to question whether a new uptrend has begun.
Shiba Inu Coin price is near $0.000000925, bouncing off three lows below $0.0000085 last week.
Shiba Inu prices are seeing gains as the overall cryptocurrency market picks up steam.
Bitcoin (BTC) hit a near two-week high near $44,000 on Tuesday as concerns about a Grayscale sell-off receded and bullish bets returned.
Ethereum (ETH) advances above $2,300 as major UK bank Standard Chartered predicts a potential rally to $4,000.
Standard Chartered, a global financial giant, has put forward an exciting outlook: they expect to receive approval for a spot Ethereum ETF on May 23. ✅
Interestingly, they set a price target for Ethereum of $4,000, in reference to Bitcoin’s development before the launch of their ETF. ? https://t.co/GkbIg15Fga pic.twitter.com/pm6ITjvARI
— Hoss (@hoss_crypto) January 30, 2024
Despite the recent rebound, Dogecoin price bulls can’t get too excited just yet.
This is because Shiba Inu coin price has not yet been able to break out of a key short-term resistance zone.
If the Shiba Inu coin price forecast is to become significantly more bullish, this area is worth watching.
Shiba Inu Coin’s 21-day moving average (21DMA) and the downtrend line from last December’s high All converge around $0.00000940.
This is a key resistance level to watch.
The price of Shiba Inu coin briefly exceeded this level on Tuesday, reaching a maximum of around $0.00000960.
But then there was a pullback.
A sustained break above this level is needed to make the price action more bullish.
If the bullish breakout is confirmed, SHIB could quickly move back towards last December’s highs near $0.000012.
This would increase the price by almost 30% from current levels.
This looks pretty good.
However, Shiba Inu Coin’s market capitalization has reached approximately $5.5 billion, limiting opportunities for exponential growth.
Additionally, the launch of Shiba Inu Coin’s Shibarium second-tier blockchain, which is intended to serve as the base for the Shiba Inu web3 ecosystem, has not yet been successful.
Despite being five months old, it has only attracted around $833,000 in transaction value locked (TVL), according to DeFi Llama.
The lack of inflows into the protocol indicates a lack of adoption.
Therefore, Shiba Inu Coin remains a highly risky bet with limited upside potential and greater downside risk.
All meme coins have risks, but some emerging projects offer at least strong possibilities of 100x returns.
One such project that analysts at Cryptonews.com are following closely is Sponge V2.
Sponge V2 is the rebirth of the legendary Spongebob Squarepants-themed $SPONGE token which hit nearly 100 million in early 2023 U.S. dollar market capitalization and generated approximately 100x returns for early investors.
$SPONGE token holders will be able to stake their tokens to receive an equal amount of $SPONGEV2 tokens and start earning staking rewards (paid in $SPONGEV2) with a minimum annualized rate of return of 40%.
Approximately $4 million worth of $SPONGE tokens have been staked and have received an annualized rate of return of over 300%.
HUGE MILESTONE ALERT, #SPONGERS! ?
Over $6 billion in $SPONGE tokens are currently staked, worth $3,958,206.14! ?
Our holders are currently enjoying an impressive annualized return of 250%. ?
Join us and experience the wet fun! ????#SpongeV2 #Crypto #Web3 #Alts #100x pic.twitter.com/llxFF0hfby
— $SPONGE (@spongeoneth) January 26, 2024
$ The main advantage of SPONGEV2 over $SPONGE is that it will drive a new play-to-earn racing game.
The hype surrounding Sponge V2 has driven significant growth in the price of the original Sponge token in recent weeks.
According to data from DEXTools, $SPONGE currently exceeds $0.0006, up more than 4 times from its November low.
Stop playing….start absorbing??
We’re competing for the top spot?$SPONGE #SpongeV2 #DOGE #PEPE #FLOKI #BONK #Crypto pic.twitter.com/uv0Ezshl8g
— $SPONGE (@spongeoneth) January 26, 2024
With a market cap that is still relatively small at $15 million, this meme coin continues to grow as traders continue to Plunge into Sponge V2, which still has plenty of upside potential.
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