The price of Shiba Inu has jumped by 2% in the past 24 hours, moving to $0.00001853 as the crypto market remains flat today.
SHIB ascent comes after business media brand Forbes published a prediction article in which highlighted $0.0003 as the highest target price the meme token could reach in the 2024-25 period.
This would make for a roughly 1,700% gain over its current price, which itself represents a 13% gain over where Shiba Inu was a week ago, although the coin is down by 10% in a month.
But with the wider market beginning to recover a little this week, SHIB could be about to begin a more bullish period.
Forbes Predicts 1,700% Shiba Inu Coin Price Rally
After rallying hard overnight, SHIB has actually come down this morning, with the coin down by 1.5% in an hour.
Its indicators reflect this drop, revealing a decline in momentum and buying pressure that could last for a day or so before we see an improvement.
For instance, its relative strength index (purple) has dropped from an overbought 80 last night to just under 50, although its angle of fall has softened in the past hour.
Source: TradingViewLikewise, its 30-day average (orange) had been rising healthily above the 200-day (blue), yet it has recently flattened out, suggesting that a decline may be coming over the next few days.
A couple of positive points, however, is that Shiba Inu’s 24-hour trading volume has risen to $700 million in the past couple of days, with its rise from $200 million showing an increase in interest.
On top of this, the medium- and long-term picture for SHIB apparently looks pretty good, with Forbes turning heads after predicting an upper-range price target of $0.0003 for the meme token.
Forbes Analyst calling 1700% Bull Run for $SHIB, 0.0003 Top back half of 2025…
— Del Crxpto (@DelCrxpto) July 12, 2024
Traders should keep in mind that this is a best-case scenario prediction for the end of 2025, and that an average prediction (taken from Changelly data) for SHIB is $0.0000173 for the end of December 2024.
As such, most investors should set their sights a little more modestly, even if SHIB looks like it’s ready to climb more consistently over the second half of the year.
It’s looking forward to the development and launch of its own layer-three network, a platform that underlines its fundamentals.
And based on its utility and momentum, it could return to $0.00003 in the next few months.
Newer Shiba Inu Meme Coins May Perform Better
SHIB unsurprisingly continues to attract attention as one of the biggest meme coins in the market, yet it won’t be the only Shiba Inu-themed meme token to do some damage this year.
There’s also a selection of very promising newer meme tokens, with some of these holding increasingly popular presales that have been helping them gain pre-listing momentum.
One of these is Shiba Shootout (SHIBASHOOT), a new Ethereum-based coin that has already raised over $600,000 in its recently opened ICO.
Welcome to #Shiba Gulch, the heart of the Wild West crypto frontier!
Join Shiba fans for challenges, memes, and thrilling Shootouts.
Join us at https://t.co/jCeu7XN9gp pic.twitter.com/RLhyuJsgzY
— shibashootout (@shibashootout) June 8, 2024
What’s exciting about Shiba Shootout is that it’s mixing ever-popular Shiba Inu memes with Wild West themes and motifs.
It’s planning to grow a community centered around shared participation in various mini-games and contests, including poker tournaments and virtual treasure hunts.
Other features include lotteries and community stories and forums, all of which will help strengthen loyalty and engagement amongst holders.
SHIBASHOOT will have a max supply of 2.2 billion tokens, with 35% of this going to its presale and 20% going to staking.
Staking will be another incentive to holding the coin, and combined with its cap it could help squeeze SHIBASHOOT’s price upwards over time.
Interested traders can get involved by heading to the official Shiba Shootout website, where 1 SHIBASHOOT token costs $0.0196.
This will rise by another $0.0001 in just under a week, although it could surge much higher once the token lists later in the year.
Buy SHIBASHOOT Now
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