The Shiba Inu (SHIB) price is stabilizing in the low-$0.000020s in wake of last week’s impressive bounce from its 200DMA around $0.000018s, a sign that will fill the SHIB bulls with optimism.
Strong rebound after a test of the 200DMA are often a sign that the bulls are in control of the market and eager to buy dips to major support levels.
After finding strong resistance at its 200DMA in July and September, the recent strong bounce from the 200DMA strengthens the argument that the Shiba Inu price has entered into a new bullish stage of its cycle.
The rebound also means that the Shiba Inu price remains in an uptrend from its August lows under $0.000011.
Of course, nothing is certain in crypto, especially in meme coin markets. A further price breakdown could soon ensue, with a drop to the low $0.000010s on the cards.
However, chart analysis suggest the risk reward to buying SHIB at current levels is good.
Combine that with the fact that a new meme season could be right around the corner and SHIB could be the best meme coin to buy right now. Here’s why.
Shiba Inu Price – How High Can It Go If Meme Season Returns?
In just 25 days, a new era for crypto begins. The ardently pro-crypto Trump administration is set to take over in the White House, and a new pro-crypto Congress is also set to enter session in January.
The prospect of a Bitcoin strategic reserve and a pro-crypto regulatory regime has already been pumping animal spirits, but things could go into overdrive in early 2025 as hopes become reality.
Bitcoin could pump. Altcoins could pump even harder. But meme coins, the ultimate retail friendly speculative crypto assets, could be the best performing coins.
Shiba Inu dog themed coins are also likely to do well thanks to the activities of Trump’s new Elon Musk-headed agency the Department of Government Efficiency (D.O.G.E.).
That will keep Dogecoin and its major competitors like SHIB in constant focus. Risks seem ver much tilted towards the resurgence of a new meme season, potentially more ferocious than ever seen before.
So, if the Shiba Inu price is about the pump, how high might it go?
Well, SHIB would almost certainly take out its 2024 highs at $0.000045.
Beyond that, a retest of the 2021 record highs in the $0.000087 area, just over 4x higher than current levels, is certainly a possibility.
But if the crypto market is experiencing serious mooning, the Shiba Inu price could blow these levels out of the water.
Reaching a market cap above $100 billion (around 8x above current levels) would be very possible, in a scenario where Bitcoin (BTC) hit a market cap of $4 or more trillion.
8x gains would have most investors jumping for joy. But this is crypto, and many degens are hunting for the next 100x play.
Shiba Inu certainly isnt that. But there are plenty of newer, smaller and lesser-known meme coin projects that could be the “next big thing”.
One such project that has really caught the attention of analysts at cryptonews.com is a new meme coin called Meme Index (MEMEX).
Here’s what you need to know.
Meme Index (MEMEX) – A Better Alternative to Shiba Inu?
An innovative new meme coin project called Meme Index (MEMEX) is making waves in web3 circles, with its presale having already surpassed $500,000 in funds raised.
The early interest is explained by Meme Index’s unique and high-potential value proposition – the team is building a dApp where crypto investors well be able to buy into and trade meme coin indices, as well as vote on what meme coin assets are included in each index.
Meme Index is blending the meme coin and DeFi worlds to create a suite of exciting new investment products that are likely to attract a lot of attention as meme coin season returns, as they offer meme coin investors an easy way to diversify and manage their risk.
Despite only launching a few weeks ago, the project is already gaining substantial traction, with dozens of respected crypto experts coming out to back the coin, including the likes of ClayBro, Jacob Crypto Bury and Austin Hilton.
Interested readers should note that MEMEX presale investors are currently winning massive yields on their presale bags thanks to the project’s generous staking program designed to reward early investors and generate pre-token launch buzz.
This is not a project to sleep on. Learn more about MEMEX by checking out its white paper here. MEMEX has passed major audits (Consult and SOLIDProof) and can be bought with ETH, USDT and bank card.
The post Shiba Inu Price Stays Firm Following Bullish 200DMA Bounce – What’s Next for SHIB? appeared first on Cryptonews.
