- The Shiba Inu (SHIB) cryptocurrency has seen a drop of 1.5% in its price, landing at $0.00002242, amidst a 1% loss in the overall crypto market in the past 24 hours.
- Despite this, the meme token has seen a modest increase of 1.5% over the past week, although it has also experienced a 10% fall in the past fortnight and a 20% decline over the past month.
- However, there is potential for a boost in SHIB’s price with the recent launch of a meme coin fund by MarketVector, a subsidiary of New York-based VanEck, where SHIB is the second-largest component of the fund.
As VanEck’s subsidiary launches a meme coin fund, this article examines the potential impact on the Shiba Inu price. Will the meme coin fund launch cause SHIB’s price to skyrocket?
Shiba Inu Price Prediction Following Meme Coin Fund Launch
Despite the current slump in SHIB’s price, its recent history suggests a potential rebound. The coin’s 30-day average fell below the 200-day average a few days ago, indicating that the market may be overselling it. Additionally, SHIB’s relative strength index has remained below 50 since Monday, suggesting a ripe time for an uplift. However, the coin’s support level has lowered in recent days, implying potential further losses in the near term. This negative outlook may change with the recent news of MarketVector’s meme token fund launch.
The Potential Impact of the Meme Coin Fund Launch
The launch of the meme coin fund by MarketVector could lead to higher volumes for SHIB in the coming weeks and months, potentially boosting its price. Furthermore, SHIB’s current oversold status suggests incoming recoveries, while expected rate cuts could bring market-wide positivity in the coming months. SHIB’s strong fundamentals, including recent efforts to expand its ecosystem and utility, further support its potential for growth. Developers recently announced the upcoming launch of a privacy-focused layer-three network, for which it raised $12 million in funding last month. As such, the Shiba Inu price could potentially reach $0.00004 by the end of summer.
New Meme Tokens Bring More Potential
While the new VanEck fund could instigate a meme token season, SHIB won’t be the only coin to benefit. There are a variety of new meme coins in the market, some of which hold real potential. One such promising token is Dogeverse (DOGEVERSE), a multi-chain crypto that has raised over $13 million in its ongoing presale. DOGEVERSE’s existence on multiple chains could lead to more holders staking the coin, potentially increasing its price over time. The token’s fixed supply of 120 million tokens could also make it deflationary over time, further boosting its price potential.
Conclusion
In conclusion, while the Shiba Inu price has seen a recent drop, the launch of a meme coin fund by MarketVector could potentially boost its price in the coming weeks and months. Furthermore, the emergence of new meme tokens such as DOGEVERSE could also impact the meme coin market. However, as with any investment, potential investors should always conduct thorough research and consider the risks involved.
