Shiba Inu Holders Pivot to New ICO, Aiming for 1000% Gains
Popular ERC-20 meme coin Shiba Inu ($SHIB) is outperforming Bitcoin, Ethereum and top meme coin Dogecoin to become one of the top digital asset investments of 2024.
At its current price of $0.00002547, Shiba Inu is a staggering 200% up from its price this time last year.
By comparison, the world’s favorite cryptocurrency, Bitcoin ($BTC) is up 158%, Ethereum ($ETH) added 115% over the year, and $SHIB’s top rival, OG doge meme coin Dogecoin ($DOGE) has grown 137.5% over the last 365 days.
However, the token’s performance over the last three months shows it facing stiffening resistance (indicated by the red trend line), even as its support level (green trend line) is increasing. The data indicates $SHIB’s price has been relatively stable over the last month as it consistently trades slightly above its 30-day moving average, represented by the graph’s blue line.
With a relative strength index (RSI) hovering around the high 60s, Shiba Inu is close to being overbought (70 is the threshold). The recent spate of buying is likely driven by last week’s news that the US SEC has approved exchange-traded funds (ETFs) for Ethereum ($ETH), the coin powering Shiba Inu’s native blockchain.
Shiba Inu has realised that very few meme coins will survive the post-adoption future, when crypto will become a ubiquitous means of payment and store of value for the general public. That’s why earlier this year, the team behind it announced a $12 million fundraise towards a new privacy focused layer-3 blockchain.
Still, for portfolio diversification, there are a plethora of new projects, some still in presale, that hint at a glowing future for crypto beyond simply payments or storing value.
GambleFi is one such sector. The term refers to any crypto-native
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