The second largest meme coin Shiba Inu is back to its bullish ways. After depreciating close to 10% over the past month, $SHIB surged over 5% on Saturday. The Shiba Inu price traded as high as $0.0000095, before correcting slightly to trade at $0.0000093.
According to the CoinGecko data, Shib is now the 18th largest cryptocurrency on the market, with a market capitalization just north of $5.5 billion.
Nevertheless, the question remains whether SHIB’s bearish trend is done for good or if today’s rally is just another bull trap. A prominent Shiba Inu bull, SHIB HOLDER, who has over 423k followers on X, is extremely optimistic about the meme coin’s price potential in 2024. He believes that Shiba Inu could potentially delete two zeroes and trade at $0.0005 in the coming months.
However, the top meme tokens – Dogecoin and Shiba Inu – continue to face stiff competition from the newer entrants in the space, as evidenced by the bull rallies of Bonk, Dogwifhat and Myro. Another new meme coin – Meme Kombat – is also gaining strong traction in its presale and is being backed by analysts to display 100x returns after its launch.
Could Shiba Inu Price Hit $0.0005 This Year?
If SHIB HOLDER’s bullish Shiba Inu price prediction turns out to be true, $SHIB will be one of the best-performing cryptocurrencies in 2024. The second largest meme coin would have to display a surge of 5,163% from its price today to hit the $0.0005 mark.
More importantly, it would represent a 481% surge from Shiba Inu’s previous all-time high of $0.000086, which it had hit on the 28th of October, 2021.
According to SHIB HOLDER, the biggest reason behind his bullish price prediction is the likelihood of spot Ethereum ETF approvals. Several TradFi and Web3 giants such as BlackRock and ARK Invest have filed for spot ETH ETFs and are awaiting the SEC’s response.
If the SEC decides to approve all the pending applications in one go to eliminate any first mover advantage – a procedure they followed with the spot BTC ETFs – then the agency would likely deliver its decision on the 23rd of May this year, considering that it is the final deadline for its response on VanEck’s Ethereum ETF application.
SHIB HOLDER believes that the spot Ethereum ETF approval would give a massive boost to Shiba Inu, considering that it is the largest ETH-based meme coin.
The positive impact of Shibarium – Shiba Inu’s layer-2 blockchain – and the Federal Reserve’s potential pivot towards quantitative easing should also provide fresh legs to the Shib rally.
Why New Meme Coins Could Outperform Shiba Inu?
While the reasoning behind SHIB HOLDER’s bullish price prediction makes sense at first glance, further evaluations reveal that it may not be as watertight.
Firstly, there is no surety that the US Securities and Exchange Commission would give a green light to spot Ethereum ETFs. A recent report from JPMorgan revealed that there is no more than 50% probability of the spot ETH ETFs being approved in May.
Secondly, due to Shiba Inu’s relatively higher market cap, investors could ditch the meme coin for newer lower-cap alternatives. For instance, Meme Kombat – another Ethereum-based meme coin – could generate higher returns in 2024.
Meme Kombat – Could This New Meme Coin 100x?
Unlike some run-of-the-mill meme coins that seek to capitalize only on hype for their price surge, Meme Kombat is a high-utility new meme coin, featuring exciting concepts such as staking, blockchain gaming and artificial intelligence.
The demand for the token is obvious in its presale, considering that $MK has raised over $7.2 million in its presale in a span of just a few weeks. Smart money traders are bullish on its price potential after its launch, with popular crypto YouTuber Michael Wrubel predicting $MK to display a 100x bull rally in the coming months.
Other analysts such as Jacob Bury and Matthew Perry are also mentioning the possibility of a 1000% $MK bull run. Expert trader Joe Parys, who has over 405k followers on X, has even included Meme Kombat in his list of best meme coins to buy in 2024.
One of Meme Kombat’s most exciting features is its Play-To-Earn game, which will feature a “war of meme coins”. The platform will act as a virtual battle arena, which will have 11 fictional characters, each representing a popular meme coin such as Doge, Shiba, Pepe, Floki, etc. The characters will engage with each other in AI-simulated battles, allowing players to bet on the outcome of the game.
$MK holders can also stake their tokens – starting today from the presale itself – and accrue passive income, currently at an APY of 131%.
The Meme Kombat project has also revealed the identity of all key team members behind the meme coin, which eliminates the risk of scams and rug pulls while boosting transparency. Not even meme coins such as Pepe have a fully-doxxed team.
