Shiba Inu’s (SHIB) price has experienced a minimal change in the past 24 hours, having risen by only 0.3% while the cryptocurrency market slipped slightly by 0.5%. However, SHIB has been one of the best-performing cryptocurrencies of the past week, with a 10% gain in the last seven days. The rally was due to the increased anticipation surrounding SHIB’s layer-two network Shibarium, with one of the network’s lead developers tweeting a cryptic “something physical is coming” tweet last week. If Shibarium’s full launch is getting closer, SHIB might be in for some significant gains, as the altcoin has been oversold for several months now.
SHIB’s Indicators Reflecting Momentum
SHIB’s indicators reveal an altcoin that is beginning to accumulate some significant momentum. Its relative strength index (purple) rose close to 70 today, as buyers entered its market. Likewise, SHIB’s 30-day moving average (yellow) has started to rise and looks as though it’s on its way to overtake its 200-day average (blue). This implies that the coin has several days of gains left before its current momentum begins to subside. SHIB’s support level (green) continues to rise and, in the process, enables the coin to attempt jumps in price from increasingly higher bases.
The Future of SHIB and Shibarium
Shiba Inu has been running on Ethereum until now, which has often been hit by high transaction fees and wait times. By moving Shiba Inu transactions to its own layer-two network, it is expected that this will enable the meme token to build up its ecosystem of dapps. If so, SHIB will enjoy a steady increase in usage and demand, with the coin potentially rising back up to $0.000010 or 0.000020 in the coming months. However, there is no fixed release date for Shibarium or for SHIB: The Metaverse, which is even further down the pipeline. SHIB holders will have to be patient for such a rally to unfold. In the meantime, less patient traders may be interested in diversifying into newer meme coins and presale tokens that show the potential for big rallies in the shorter term.
One example of a coin that ticks this box is Wall Street Memes (WSM), a new altcoin emerging out of the meme stocks movement that was responsible for the 2021 GameStop and AMC rallies. Wall Street Memes launched the presale for its WSM token only a few weeks ago, yet it has already raised more than $8.5 million. This shows that the new meme token has already built a strong following, and with its Twitter account boasting more than 234,000 followers, it looks as though it could be one of the most popular new meme tokens of the year. Investors can enter the presale by visiting the official Wall Street Memes website and connecting their crypto wallets. The sale is currently in its 15th stage, with 1 WSM now costing $0.0295, with this price scheduled to climb to $0.03370000 by the time the final, 30th stage gets underway. When the presale closes, WSM’s listing on exchanges could propel its price much higher, making it one of the most profitable tokens of 2023.
SHIB’s price has barely changed in the past 24 hours, but it has been one of the best-performing cryptocurrencies of the past week. SHIB’s indicators reflect an altcoin that is beginning to accumulate some significant momentum. The future of SHIB and Shibarium is bright, which might result in a significant rally for SHIB in the coming months. However, there is no fixed release date for Shibarium or for SHIB: The Metaverse. In the meantime, traders may be interested in diversifying into newer meme coins and presale tokens that show the potential for big rallies in the shorter term, like Wall Street Memes.