Shiba Inu has jumped 14.6% to $0.00001231 at the time of writing. The meme coin is one of the top gainers among the top 20 largest cryptocurrencies by market cap. Over the past week, SHIB has gained by around 22%.
Shiba Inu price analysis
Shiba Inu is following a similar trend seen with most meme coins over the past few days. Meme coins have had a hard time dealing with the bear market this year, but the notable price gains seen during the past day have led to some losses being recovered.
In the last 24 hours, SHIB traded between $0.0000107 and $0.00001270. SHIB’s trading volumes have increased substantially to $1.4 billion during this time. The bullish sentiment across the broader market could see an influx of buyers pushing SHIB’s price higher.
If SHIB maintains the rally, it could likely test the resistance at $0.00002. The meme coin community is currently actively buying because of the news of Elon Musk purchasing Twitter. If this bullish sentiment continues being in play amid an FOMC rally, SHIB could continue recording double-digit gains in the coming days.
Shiba Inu has a Relative Strength Index of 54, which places the meme coin in neither the overbought nor the oversold territory. The notable gains made during the past 24 hours have not influenced a lot of buying pressure, which raises the chances of the current bull run being sustained.
Crypto analysts have also gone bullish on SHIB. Gigantic rebirth, one of the analysts that predicted Bitcoin’s last ATH and the crash of Terra, predicts that SHIB will rally higher as the DOGE/SHIB trading pair reverses. The DOGE/SHIB pair has been strong amid a notable pump in the largest meme coin.
This meme coin could rally 10x
If you are buying SHIB, you might also look into Tamadoge (TAMA). Tamadoge is a new meme coin that has taken a unique approach by bringing the meme coin community into the buzzing play-to-earn industry.
Tamadoge ended its presale after raising over $19 million, and it was quickly listed on top exchanges, including OKX. TAMA has gained 1.4% over the past 24 hours to trade at $0.0232 at the time of writing.
Tamadoge recently launched a new non-fungible token (NFT) drop on OpenSea comprising 20,000 Tamadoge NFTs. The NFTs allow players to interact in the soon-to-be-launched Tamaverse.
New cryptos to consider buying
If you want to diversify your portfolio beyond meme coins, you should consider participating in some of the best presales that could deliver major gains.
One of these presales is Dash 2 Trade. Dash 2 Trade is a crypto signals platform based on the Ethereum blockchain. It gives investors access to real-time analytics, social sentiment data, and other features to help them make informed trading decisions. The presale has already raised over $3 million.
The next token to explode is IMPT. IMPT is a project focused on lowering carbon emissions. IMPT will allow consumers to receive tokenized carbon offsets when they shop from brands with a low carbon footprint. After launching early this month, the IMPT presale has already raised over $11 million.
There is also the Calvaria presale that has raised over 570,000 USDT. Calvaria is a play-to-earn gaming project. However, the game has a unique feature where it will be accessible to players who do not own cryptocurrencies, which could make it a bridge between traditional and blockchain gaming.