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Simon Chandler
Author
Simon Chandler
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Why Trust Cryptonews
Shiba Inu has dropped by 3% in the past 24 hours, slipping to $0.00002462 as the crypto market loses 1% today.
SHIB remains up by 2% in a week and 31% in a month, with the meme token’s one-day chart having formed a golden cross in the wake of Donald Trump’s victory in this month’s US election.
This implies that the coin has broken out into a longer term bull phase, with more rallies likely to come as more buyers join an increasingly buoyant market.
Shiba Inu in Golden Cross Territory – Could SHIB Drop a Zero By End of 2024?
SHIB’s chart today shows the token entering a very promising phase, with its resistance (red) and support (green) levels forming a bullish pennant.
This implies that the coin’s price will experience a short-term breakout very soon, one which could happen in the next day or so.
It’s also bullish that SHIB’s 30-day average (orange) continues to rise higher above the 200-day (blue), a sign that the golden cross period it entered a few weeks ago is still only just beginning.
Accompanying these indicators is the coin’s still-high trading volume, which at $2 billion today is around 233% higher than what it was exactly 30 days ago.
This reflects ongoing demand for SHIB, which has witnessed some big transfers in the past week or so.
And given that the cryptocurrency market remains in its post-election bull market, the Shiba Inu price has every chance of continuing to rise strongly over the coming weeks and months.
It’s arguably in a better position than most other meme tokens to profit from a bullish 2025, given its increasingly strong fundamentals.
For instance, the past couple of years have seen a number of launches that have given SHIB more utility, with the most notable being the release of its own layer-two network, Shibarium, in August 2023.
With Shibarium now clocking around 4.5 million transactions, it has helped grow the Shiba Inu ecosystem, while also increasing the pace of SHIB token burns.
We have also seen a number of Shiba Inu game launches in recent months, with the long-awaited release of SHIB: The Metaverse could help fuel the coin’s price next year.
As such, it may reach $0.000030 in the next few weeks, before starting 2025 closer to $0.000040.
New Presale Coins with Bullish Fundamentals
Because SHIB has arguably underperformed in relation to Dogecoin (DOGE), some traders may prefer to diversify into other meme tokens during the current bull market.
There’s obviously no shortage of new meme coins, yet many are unlikely to do well for a sustained period of time.
One way of identifying more promising candidates is to look for successful presales, which usually offer a sign of strong support and interest.
One token with a successful presale is Crypto All-Stars (STARS), a new ERC-20 coin that has raised a very impressive $4.6 million in its offering.
Crypto All-Stars is the first token in the market to offer a ‘MemeVault’, which enables holders of any meme token can stake their funds.
By using the ERC-1155 multi-token standard, Crypto All-Stars’ contract is able to tokenize any cryptocurrency, including coins not running on the Ethereum blockchain.
This could result in massive adoption and usage for the token, especially when users who stake meme coins with its protocol will receive greater rewards if they hold more STARS tokens.
Latecomers can join STARS’ sale by going to the official Crypto All-Stars website, where 1 STARS currently costs $0.0015869.
This price has been rising with every stage of the sale, and it will rise again in just over two days.
Of course, it could absolutely moon once it lists on exchanges, such is the early success of its presale.
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.
