Shiba Inu has risen by 1.5% in the past hour, with the SHIB price hitting $0.00001747 as the cryptocurrency market sees a 0.5% loss in the past 24 hours.
SHIB is also down by 1% in the past day, and while it has lost 7% in the past week, it holds onto 6.5% gain in a fortnight and a 120% increase in a year.
This medium- and long-term performance puts Shiba Inu in a good position to make further gains in the coming weeks, particularly as today sees the launch of nine Ethereum ETFs.
And with a panel of experts recently predicting that the SHIB price could rise by 400% over the long term, the meme coin may have a strong end to the year.
Financial Experts Predict 400% Surge for Shiba Inu: SHIB Price Forecast
SHIB’s chart suggests that the meme token is about to begin recovering from an oversold position, with the coin still well down from where it was a week ago.
Yet its relative strength index (purple) has bounced from 30 to nearly 50 this morning, indicative of a resurgence in momentum and buying pressure.
Source: TradingViewOn the other hand, SHIB’s 30-day average (orange) fell below the 200-day average (blue) as recently as last night, so we may see the alt drop a little further before it makes a more sustained recovery.
Two things, however, argue against further falls in the near term, with the first being SHIB’s trading volume remains healthy at just over $350 million.
Secondly, today also marks the launch of nine Ethereum ETFs, which perhaps accounts for why Shiba Inu – an Ethereum-based token – has rallied in the past hour.
ETH ETFs have arrived.
Today, the SEC approved 9 spot ETH ETF applications. Their much celebrated arrival marks another important milestone for crypto in expanding access to and diversifying our cryptoeconomy.
Here’s why pic.twitter.com/o6KfgGlUDn
— Coinbase (@coinbase) July 22, 2024
While Ethereum ETFs do not directly impinge on Shiba Inu, they are likely to boost demand for and interest in cryptocurrencies in general over the medium- and long-term.
And what’s particularly bullish about this is that analysts and experts were already predicting substantial long-term gains for SHIB, even before serious talk of Ethereum ETF launches.
According to the most recent update of Finder.com’s SHIB price prediction, a panel of 13 industry experts have arrived at an average forecast of $0.000045 for Shiba Inu by 2030.
Source: Finder.comThis amounts to an approximately 400% gain from its current level, and what’s encouraging is that SHIB actually neared this target in March.
As such, the arrival of ETH ETFs and the expected arrival of rate cuts in the fall could see the coin get close to this price once again.
Diversification into New Meme Coins Could Pay Off
SHIB isn’t the only meme token with strong potential, however, with the market witnessing the arrival of many promising new meme coins this year.
One of the most exciting of these is The Meme Games (MGMES), an ERC-20 cryptocurrency that has raised just over $200,000 in its recently launched token offering.
What’s interesting about The Meme Games is that, aside from being a meme coin, it features a social gambling element, in that holders will be able to stake bets (in MGMES) on competitions between meme characters.
Holders who stake on winning characters will receive a 10% bonus on top of their usual staking rewards, giving them an increased incentive to buy and hold MGMES.
By introducing this staking feature, The Meme Games looks as though it has found a unique way of encouraging engagement with its project and token.
Its strategy seems to be working, insofar as The Meme Games’ official X account already has over 16,000 followers, which is highly impressive for such a young token.
As a token, MGMES will have a supply of 2.024 billion, with 38% of this going to the presale, 10% going to staking and 9.3% going to games winnings.
Newcomers can get involved in its sale by going to the official Meme Games website, and then linking their crypto wallet.s
They can currently buy MGMES at a cost of $0.00905 per token, although this will rise to $0.00906 in three days, giving investors limited time in which to buy the coin at the lowest possible price.
Buy Meme Games Now
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