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Simon Chandler
Author
Simon Chandler
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The Shiba Inu price has gained by 2% today, rising to $0.00001358 as the cryptocurrency market as a whole posts a 1% return in 24 hours.
Despite this lift, SHIB remains down by 7% in a week and by 3% in a month, with the meme token still struggling with a lack of momentum.
Yet its 73% annual gain does provide hope for the longer term, with Shiba Inu witnessing steady growth this year on the back of its improving fundamentals.
And with developers launching the iOS version of the new Shibarium-based game Agent Shiboshi today, there’s reason to believe that the Shiba Inu price will continue to rise.
Shiba Inu Price Takes a Hit in September – Are More Losses on the Horizon?
As with many coins right now, SHIB’s chart is in a difficult position, somewhere between a proper recovery and further losses.
For instance, its relative strength index (purple) has begun falling again after rising to 60 very early this morning, a possible sign that today’s little lift may not last long.
On the other hand, the token’s 30-period moving average (orange) makes it clear that a more sustained recovery should be coming soon, given that it has been below the 200-period average (blue) for around a week now.
The thing with SHIB, however, is that its 24-hour trading volume remains fairly low, at around $200 million today.
This signals an ongoing lack of interest in the meme coin, which hasn’t seen volumes of $1 billion or above since early August, when a market crash saw its price plummet from about $0.000014 to $0.000011 in about half a day.
Indeed, SHIB seems noticeably absent from data and transfer aggregators at the moment, with the last time Whale Alert reported on a big Shiba Inu transfer was July 20, when $48.3 million in the coin was taken off Robinhood.
Since then the Shiba Inu price has been on a downwards trajectory, losing around 25% of its value.
Still, SHIB continues to have strong fundamentals for a meme token, with its developers continuing to add to its growing ecosystem.
Today witnessed the iOS release of Agent Shiboshi, a side-scrolling shooter which will integrate with layer-two network Shibarium.
This will make it the second Web3 video game to hit the Shiba Inu ecosystem, helping to increase the coin’s popularity over the longer term.
Based on this, we expect the Shiba Inu price to reach $0.000015 in the next month, and $0.00002 by the end of the year.
New Shiba Inu Meme Coins May Rally Bigger
Because SHIB has slowed down in recent weeks, many traders may look to newer alternatives, since small-cap tokens often show more positive volatility than more established counterparts.
This can particularly be the case with presale coins, which in building up a following can then go on to surge once they list on exchanges.
Not every presale coin will do this, of course, but one such token with strong potential is Shiba Shootout (SHIBASHOOT), a new Ethereum-based crypto that has raised $1 million in its ongoing sale.
Combining Shiba Inu memes with Wild West motifs, Shiba Shootout is growing an online community in which members will participate in mini-games and contests, earning themselves rewards in the process.
These will include poker tournaments, lotteries, and virtual treasure hunts, while there will be community spaces and forums in which members can share tips and stories relating to trading.
By building a platform based around competitions and rewards, Shiba Shootout aims to encourage greater involvement in its ecosystem and, by extension, greater SHIBASHOOT ownership.
The latter will have a max supply of 2.2 billion SHIBASHOOT, with its sale currently making it available at a price of $0.0201 per token.
Newcomers can join this sale at the official Shiba Shootout website, with the coin’s price rising by $0.0001 with every new stage of the offering.
This means interested parties should act quickly, especially if SHIBASHOOT is going to rocket once it lists.
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.
