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SHIB, the dog meme coin-inspired ERC-20 token at the heart of the Shiba Inu crypto ecosystem, was last changing hands roughly flat on Wednesday in the $0.00000915 area, close to its 21-Day Moving Average at $0.00000919. The cryptocurrency’s subdued tone comes despite trading volumes hitting $130 million in the past 24 hours, as per CoinGecko, and is in fitting with the broader feel to crypto market trade on Wednesday, with many traders keeping their powder dry ahead of the release of the Fed’s latest interest rate decision at 1900GMT/1400EST.
SHIB’s calm price action stands in stark contrast to that seen over the past two sessions. SHIB/USD slumped as low at the $0.00000840s on Monday, as worries about Binance solvency weighed across the crypto space. The cryptocurrency surged in tandem with the broader market in wake of Tuesday’s softer-than-expected US inflation figures, which have eased fears about how aggressively the Fed will continue to tighten financial conditions in the coming months.
All told, SHIB has seen a round trip of around 11% from Monday’s lows to Tuesday’s highs in the $0.00000930s. However, longer-term price predictions remain pessimistic, with SHIB’s technicals not looking great.
Price Prediction – More SHIB Downside Coming?
Since the collapse of FTX early last month, SHIB has been unable to hold above any of its major moving averages, with the 50DMA providing particularly strong resistance in early December. Indeed, all of SHIB’s major moving averages continue to point to the downside, a sign that bearish momentum has become entrenched. For now, buyers are holding SHIB above the $0.00000820-40 area, but the cryptocurrency remains in a longer-term downtrend. Rallies towards $0.000010 may continue to be sold and some bears will continue to target a test of the annual lows around $0.000007.
Can SHIB Hit $1.0?
SHIB arch rival and “older brother” Dogecoin came close to hitting $1.0 in 2021, reaching a peak around $0.7605, according to TradingView citing Binance data. Can Shiba Inu better Dogecoin and be the first memecoin to make it to $1.0. In the absence of a massive reduction of SHIB supply, unlikely. Let’s look at the numbers.
At its record high, Dogecoin had a market capitalization of close to $100 billion. If SHIB was to reach a market capitalization of $100 billion, which would be seen as a massive achievement, that would mark a roughly 19x increase in its price. That means SHIB would need to reach around $0.00017 to hit a market capitalization of $100 billion.
If, given the current supply of nearly 550 trillion SHIB tokens, SHIB price was to hit $1.0, that would imply a market capitalization of $550 trillion. That’s nearly six times as much as the current market capitalization of the entire global stock market. Not going to happen. The only way for SHIB to hit $1.0 is through massive token supply reduction.
Altcoins Offering Quicker Returns
Cryptocurrencies have been trading sideways for a few weeks now, leading some traders to start looking at alternatives with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.
Dash 2 Trade (D2T) – Presale Enters Final Stage
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates and sales recently surpassed $9.7 million. The pre-sale dashboard is going to be released on Friday, with the development team currently running ahead of schedule. Tokens are currently selling for $0.0533 each and will be listed on multiple centralized exchanges in around one month.
Calvaria (RIA) – Final Presale Stage Now
Major blockchain-based games like Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.
Investors should consider Calvaria’s RIA token pre-sale. Calvaria has now raised $2.44 million, with a crypto whale scooping up $97.5K in one purchase last week. The presale is in the final stage, with only 21% of tokens left.
RobotEra (TARO)
RobotEra (TARO) is a Sandbox-style Metaverse that will enable gamers to play as robots and participate in the creation of its virtual world, including NFT-based land, buildings, and other in-game items. Due to launch in an alpha version in the first quarter of next year, it also plans to let players link up with other metaverses, in the process creating a multi-verse where NFTs from different platforms can interoperate.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale. The project has now raised more than $545K in funds in the few weeks since the launch of the pre-sale.
This article first appeared at Cryptonews
