Shiba Inu Price Forecast as SHIB Nears Dogecoin’s Market Capitalization – Is the Leading Position Achievable?

The price of Shiba Inu has increased by 4% over the last 24 hours, reaching $0.00002788, as the overall cryptocurrency market experiences a 2% gain today.

Despite this rise, SHIB is still down by 19% following last week’s market-wide correction; however, the well-known meme token retains a remarkable 188% increase over the past 30 days.

Notably, Shiba Inu now ranks 12th in market capitalization, with the coin only $5 billion shy of surpassing DOGE.

Considering that SHIB arguably possesses stronger fundamentals than Dogecoin, such a switch in rankings could occur sooner rather than later.

Shiba Inu Price Forecast as SHIB Nears Dogecoin’s Market Capitalization – Is the Top Position Within Reach?

Similar to most other cryptocurrencies currently, SHIB’s indicators are in a weakened state at this time. While they have shown some signs of recovery in the past hour, there could be additional losses ahead.

SHIB’s 30-day moving average (yellow) dipped below its 200-day moving average (blue) towards the end of last week, and although it saw a rise yesterday, it has ceased climbing for now and may be on the verge of declining again.

Source: TradingView

A similar observation can be made regarding the coin’s RSI (purple), which fell close to 45 earlier today, indicating mounting selling pressure.

The possibility of further declines for SHIB is a conclusion that traders may draw from the coin’s support level (green), which is trending downward and may struggle to prevent a drop towards $0.000023 in the upcoming week.

Nevertheless, SHIB continues to show robust trading volume, maintaining above $2 billion despite the current loss of momentum.

Bullish or bearish on $SHIB?

We observed that Rune(@RuneKek, Cofounder of MakerDAO) purchased $SHIB while #JustinSun sold $SHIB. #Rune spent 500K $USDC to acquire 25.04B $SHIB ($673.5K) within the last 3 days. https://t.co/3w6fwrzsN3 #JustinSun deposited 20B $SHIB ($) to $Poloniex and sold… pic.twitter.com/vniy4i9fOZ

— Lookonchain (@lookonchain) March 4, 2024

This suggests ongoing demand for the coin among investors, with several whales making substantial SHIB acquisitions this month.

It is likely that we will witness additional rallies in the coming weeks, especially as the market remains buoyant due to Bitcoin ETF excitement and the impending halving.

In SHIB’s situation, it is also important to highlight that the coin arguably boasts the strongest fundamentals among meme tokens in the market.

Last year, the developers of Shiba Inu launched the Shibarium layer-two network, which currently handles around 600,000 transactions daily and has completed over 412 million transactions since August.

The implementation of EIP-1559 on the #Shibarium network indicates the adoption of #Ethereum’s transaction fee mechanism by #Shibarium. This may imply that #Shibarium will also feature a similar fee burning and dynamic fee mechanism.
The main innovations introduced by EIP-1559 in… pic.twitter.com/9VHNVjGyou

— Marketing.!!CEO (@ShibariumLord) March 18, 2024

This reflects the vitality of SHIB’s broader ecosystem, and when combined with overall market positivity, the Shiba Inu price could potentially reach $0.00004 by the end of spring.

Alternative Alts for Market-Defying Rallies

As an alternative to SHIB, some traders may think about diversifying their portfolios with newer tokens, particularly presale coins that could experience substantial rallies once they are listed on exchanges.

One of the most recent and intriguing presale coins available at the moment is Green Bitcoin (GBTC), an ERC-20 token featuring an innovative predict-to-earn staking model.

Its presale has already accumulated more than $5 million, clearly indicating that investors see significant potential.

With a record-breaking day yesterday and listing announcements on the horizon, the time is NOW for Green Bitcoin! pic.twitter.com/V4rG231djX

— GreenBitcoin (@GreenBTCtoken) March 16, 2024

GBTC is named after Bitcoin due to its token supply, which has a hard cap of 21 million, mirroring the original BTC.

However, its utilization of the Ethereum blockchain renders it more eco-friendly compared to Bitcoin, which continues to be an energy-intensive proof-of-work cryptocurrency.

Additionally, it offers a unique predict-to-earn staking model allowing users to gain higher rewards if they accurately forecast Bitcoin’s future price.

Users have the opportunity to make daily predictions, but they can also lock their tokens for extended periods (up to six months), potentially earning larger rewards.

By introducing such a staking framework, Green Bitcoin aims to decrease GBTC’s circulating supply, thereby assisting in driving up its price over time.

Nothing can halt the GREEN REVOLUTION!

Join the Green Bitcoin presale TODAY pic.twitter.com/YgwUk11Ay8

— GreenBitcoin (@GreenBTCtoken) March 11, 2024

<pto participate in its presale, all investors need to do is visit the official green bitcoin website and connect their crypto wallets.

1 GBTC token is priced at $1.0302, with this price set to increase in just under four days.

Given its fundamentals, the coin’s price could rise significantly higher once the sale concludes in the upcoming weeks and the coin is listed on exchanges.

Visit Green Bitcoin Now

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