Shiba Inu Price Rises Another 33% as Meme Coins Continue to Explode

Unwavering enthusiasm has swept the coin market as Shiba Inu surges 33% today. Indeed, the token has exceeded the $15 billion mark in market capitalization.

But this monumental success is widespread across the market, and newer projects like Smog are also seeing success. Currently, the token is up 80% this week, recently boasting a market cap of $80 million.

The price of the Shiba Inu has soared alongside the broader coin market. Currently, the meme coin is trading at $0.0000268, its highest level since March 2022.

SHIB hits 2-year high as analysts anticipate macroeconomic gains

SHIB is up 33% today, 177% this week, and 196% this month. Its remarkable success has far outpaced market leader Dogecoin, up 111% this month.

As shown in the Shiba Inu price chart below, the recent pump follows the first time Shiba Inu found support at the daily 200 EMA time frame.

This illustrates a significant change in dynamics. Subsequently, this likely meant the end of the Shiba Inu bear market. So this is the start of the next bull rally.

This decision sparked enormous enthusiasm among members of the Shiba Inu community and analysts. In a recent tweet, prominent X account SHIB Bezos speculated that Shiba Inu might excel in his HUD.

He wrote: “SHIB prices remain BREAKED HERE, and based on the previous breakout pattern which is very similar to this one, an 810% rise to a new all-time high is likely. »

SHIB Bezos posted a price chart depicting a falling wedge breakout on the weekly timeframe. This chart pattern is usually followed by an upward move, a particularly bullish factor given the high time frame of the chart.

Meanwhile, TradingView analyst Alan Santana also forecasts a long-term bullish trend for Shiba Inu. Santana argues that a breakout of a symmetrical triangle will result in a new ATH in the coming months.

“Shiba Inu’s major bullish breakout this week generated the highest weekly trading volume since late 2021, the previous bullish phase.”

He continued: “Looking at this type of action, the first time volume hits this high after such a long time, it indicates that a new market cycle is starting. The very high volume is also supported by a very strong RSI. The table is simple.

The analyst expects SHIB’s rally to reach $0.000056. Additionally, they expect a longer-term price target of $0.00014, representing a gain of 418% from the current price.

While this represents a solid gain for SHIB, it presents significantly less upside potential than last cycle. This is largely due to its staggering $16 billion market capitalization.

With this in mind, traders looking for high potential alternatives should identify newer, lower market cap meme coins.

Multi-Chain Smog Token Surges 80%, Sparks Hype with Airdrop

A suitable project is Smog, a multi-chain cryptocurrency that holds a market cap of $80 million and has pumped 80% this month.

Enter the dragon’s lair with Smog, a new dragon-themed meme coin spreading its wings on the Solana and Ethereum blockchains.

As a fearsome beast, Smog rules the meme coin market. His goal is to incinerate all of his enemies while performing the “greatest airdrop of all time.”

Its multi-chain approach provides broad exposure to liquidity, a key factor in its success. Currently, Smog is up over 80% this week, 130% since records began on CoinMarketCap in February, and over 7,000% since records began on DEXScreener.

Yet its $80 million market cap combined with multi-chain functionality presents huge upside potential, with countless meme projects now touting multi-billion dollar valuations.

But another factor that sets Smog apart is its highly anticipated airdrop. With 35% of its total supply allocated to the competition, community members worked hard to get their share.

The tasks are described on the project’s Zealy page, inviting users to complete quests to increase their chances of eligibility. However, holders obtain their initial entry by simply purchasing and holding the Smog token.

In an effort to foster long-term success, Smog also offers a staking mechanism, offering an APY of 42%. So far, 16,967,988 tokens have been deposited into the staking dashboard, illustrating the strong belief from community members in its long-term potential.

Currently, those who purchase Smog from its website will receive a 10% discount. But this offer ends soon, so they need to act fast.

Visit the Smog website

reference: watcher.guru

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