The price of Shiba Inu has stayed relatively unchanged over the last twenty-four hours, remaining at $0.00000969 on a day when the market as a whole has rebounded by about one percent.
With this pricing, SHIB has increased by 2.5% over the course of the last week, despite the fact that the meme coin has decreased by 10% over the previous 30 days and by 7% over the course of a year.
These are unsettling losses, particularly considering that the majority of large tokens have had significant increases over the last several months and for the whole of 2023.
On the other hand, given that SHIB's trade volume has returned to $100 million, it is possible that the company is on the verge of a long-awaited comeback.
As the trading volume of $100 million comes in, what is the price prediction for Shiba Inu? When will the next rally begin?
SHIB's indications have been quite weak over the course of the last month or two, which is something that many people may interpret as a hint that a corrective rally is approaching at this point in time.
In the case of its relative strength index (purple), for instance, it has been below 50 for a few days, which is an indication of weakness; nevertheless, it is starting to increase towards 50.
It is possible that this early surge is an indication that SHIB is gradually regaining strength, despite the fact that the coin's 30-day average (shown in yellow) has remained remarkably unchanged.
The volume of SHIB has certainly climbed significantly, reaching $100 million; nevertheless, this is still considered to be rather a minor gain, considering that the meme token attracted $350 million in volume in the previous week and approximately $900 million in the middle of December.
And when compared to the current quantities of Ethereum (ETH) or Solana (SOL), it is virtually nothing. This is because these two cryptocurrencies are now bringing in $15 billion and $1.8 billion, respectively, in revenue.
However, it continues to maintain its status as one of the top twenty cryptocurrencies, and many people believe that the fact that it did not do well in 2023 positions it to have an above-average performance in 2024.
It is undeniable that it continues to get recurrent attention from bigger investors, as seen by the fact that there have been multiple significant purchases of SHIB in the last month or two.
As a result, it would be foolish to place a wager against SHIB, particularly considering that Shiba Inu introduced a number of significant improvements in the previous year.
An example of this is the layer-two Shibarium network, which has had a significant rise in the number of transactions over the last few weeks. Additionally, the beginnings of a Shiba Inu decentralized identification service have also been observed.
Given this, and the fact that the market is becoming more positive, you would anticipate that the price of Shiba Inus would continue to slowly increase over the next several months.
There is a possibility that it will reach $0.00002 by the spring, and then it will test $0.00003 by the later portion of the day.
