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Simon Chandler
Author
Simon Chandler
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Shiba Inu has fallen by 7% in the past hour, dropping to $0.00002594 as the cryptocurrency market corrects in the wake of some very strong post-election gains.
This move has pushed SHIB into the market’s top ten for trading volume, with its volume today racing beyond $8 billion.
Thanks to the bullishness of the past week, SHIB remains up by 47% in seven days, with the popular meme token also sitting on a 200% increase in a year.
Although overtaking Dogecoin might seem like a tall order – especially with Dogecoin’s strong performance among the top 100 tokens – there’s a real chance this token could challenge DOGE if its current momentum continues through the end of the year.
Shiba Inu Climbs to Top 10 in Trading Volume – Could It Finally Overtake Dogecoin?
The past hour has seen the entire market take a dip, as traders take profits.
SHIB’s relative strength index (purple) has therefore dropped to 50 after touching 70 this morning, but it looks to have stabilized, after SHIB bounced off of its support level (green).
But what’s encouraging is that SHIB’s 30-period moving average (orange) remains well above its 200-period average (blue), underlining how the coin remains in a growth spurt.
What’s also highly bullish is that its trading volume has risen by over 800% in only a few days, a clear sign that the market has fundamentally shifted in this time.
However, some whales will undoubtedly be taking advantage of the recent increase to take some profits.
And while some Shiba Inu holders may be hoping that the token could now go on to overtake Dogecoin, the latter has benefitted much, much more from Donald Trump’s election victory than SHIB or any other meme coin.
DOGE’s volume is currently $59 billion, far in excess of SHIB’s, while we also see many more big buys of the older meme token by whales.
Because of this, it would be unwise to assume that SHIB is going to leapfrog its main rival anytime soon, even if Shiba Inu is arguably a stronger token as far as fundamentals go.
As we’ve written before, it has enjoyed significant updates and launches in the past one or two years, including its layer-two network Shibarium and several Shiba Inu-based games.
This puts it in a good position to ride the accelerating bull market, with Shibarium’s daily transaction count increasing significantly in the past week or so.
So while we don’t expect Shiba Inu to surpass Dogecoin anytime soon, it could reach $0.000030 in the next week and touch $0.000040 by December.
New High-Potential Meme Tokens
While SHIB may underperform relative to Dogecoin, there are newer tokens in the market that, by starting from a lower base, may be able to keep up with the latter.
Some of these new coins are likely to be presale tokens, which can generate enough momentum during their sales to surge once they list for the first time.
One example looking very good right now is Flockerz (FLOCK), an ERC-20 token that has already raised more than $1.6 million in its snowballing presale.
Flockerz bills is the crypto market’s first vote-to-earn token, meaning that it will reward users for participating in governance votes.
Every decision concerning its development will go to its holders, who could therefore earn a substantial income simply from being a part of its growing community.
Holders will of course also be able to stake the coin, earning themselves staking yields in addition to voting rewards.
These double streams could invite strong demand for FLOCK, which will have a capped supply of only 12 billion.
25% of this supply will go to staking, with 25% going to governance rewards and 20% to the presale.
Investors can join its sale by visiting its official website, where it currently costs $0.006049.
This will rise several more times before the sale ends, with the offering have 50 stages in total.
This puts investors who enter now in a very good position, since by buying the coin early they will be able to secure the biggest returns.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
