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The second largest meme coin Shiba Inu is back on its bullish path. $SHIB rose more than 5% on Saturday, after falling nearly 10% over the past month. Shiba Inu price traded as high as $0.0000095, before correcting slightly to $0.0000093.
According to CoinGecko data, Shiba is now the 18th largest cryptocurrency in the market, with a market capitalization just north of $5.5 billion.
Still, the question remains whether SHIB’s bearish trend is for the best or today’s rally is just another bullish trap. Shib Holder, a prominent Shiba Inu bull who has over 423k followers on X, is extremely bullish about the price potential of the meme coin in 2024. He believes that Shiba Inu could potentially clear two zeros and trade at $0.0005 in the coming months.
However, the top meme tokens – Dogecoin and Shiba Inu – are facing stiff competition from new entrants into the space, as evidenced by the bull rallies of Bonk, Dogecoin and MyRow. Another new meme coin – Meme Kombat – is also gaining strong traction in its presale and is being favored by analysts to exhibit 100x returns after its launch.
Can Shiba Inu price reach $0.0005 this year?
If SHIB Holder’s Shiba Inu price prediction proves true, $SHIB will be one of the best performing cryptocurrencies in 2024. The second largest meme coin would need to show an increase of 5,163% from today’s price to reach $0.0005. Mark.
More importantly, this would represent a 481% increase from Shiba Inu’s previous all-time high of $0.000086, which it hit on October 28, 2021.
According to Shib Holder, the biggest reason behind his bullish price prediction is the possibility of spot Ethereum ETF approval. Several TradeFi and Web3 giants such as BlackRock and ARK Invest have applied for a spot ETH ETF and are awaiting a response from the SEC.
If the SEC decides to approve all pending applications at once to eliminate any first-mover advantage – a process they have adopted with the spot BTC ETF – the agency will likely deliver its decision on May 23 this year, Given that this is the deadline for its response to VanEck’s Ethereum ETF application.
Shiba holders believe that spot Ethereum ETF approval will give Shiba Inu a huge boost, given that it is the largest ETH-based meme coin.
The positive impact of Shibarium – Shiba Inu’s layer-2 blockchain – and the Federal Reserve’s potential pivot towards quantitative easing should also provide fresh impetus to the Shiba rally.
Why might new meme coins outperform Shiba Inu?
While the logic behind Shib Holder’s bullish price prediction makes sense at first glance, further evaluation shows that it may not be so undeniable.
First of all, there is no guarantee that the US Securities and Exchange Commission will give the green light to spot an Ethereum ETF. A recent report from JPMorgan showed that there is no more than a 50% chance that a spot ETH ETF will be approved in May.
Secondly, due to Shiba Inu’s relatively high market cap, investors may abandon the meme coin for new lower-cap alternatives. For example, Meme Kombat – another Ethereum-based meme coin – could generate high returns in 2024.
Meme Kombat – Can This New Meme Coin Be 100x?
Unlike some popular meme coins that only seek to take advantage of the hype to increase their price, Meme Kombat is a high-utility new meme coin that incorporates exciting concepts like staking, blockchain gaming, and artificial intelligence.
The demand for the token is evident in its presale, given that $MK has raised over $7.2 million in its presale in just a few weeks. Smart money traders are bullish on its price potential following its launch, with popular crypto YouTuber Michael Wrubel predicting that $MK will exhibit a 100x bull rally in the coming months.
Other analysts like Jacob Bury and Matthew Perry are also mentioning the possibility of a 1000% $MK bull run. Expert trader Joe Parrys, who has over 405k followers on X, has also included Meme Kombat in his list of the best meme coins to buy in 2024.
One of the most exciting features of Meme Kombat is its play-to-earn game, which will feature a “war of meme coins”. The platform will act as a virtual battle arena, featuring 11 fictional characters, each representing a popular meme coin such as Doge, Shiba, Pepe, Floki, etc. Characters will engage with each other in AI-simulated battles, allowing players to bet on the outcome of the game.
$MK holders can also stake their tokens – beginning with the sale starting today – and earn passive income, currently at an APY of 131%.
The Meme Kombat project has also disclosed the identities of all key members of the team behind the meme coin, eliminating the risk of scams and improprieties while promoting transparency. Even meme coins like Pepe don’t have teams completely doxed.
Go to the Meme Kombat Presale
Source: finbold.com
