Shiba Inu Price Drops 11% As Traders Flock To A Cat-Themed ICO

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The Shiba Inu price plunged 11% in the last 24 hours to trade at $0.00002694 on trading volume that soared 108% to $3.132 billion.

The token has seen quite a dip since the start of the week, prompting some to speculate that SHIB might lose its position as the second-largest meme coin by market cap to Pepe, which recently saw a 27% weekly surge. But, with PEPE struggling to grow further, Shiba Inu is likely not in any real danger from the next in line.

Shiba Inu Price Prediction

The Shiba Inu price started a mild drop at the start of this week, similar to many other cryptos, following Bitcoin’s lead. However, as Monday came to a close, the project’s price suddenly started spiraling down, as the full force of the bearish wave finally hit.

The project saw its Bollinger bands widen sharply, as the price pushed the bottom band deeper down. Then it saw a mild recovery, only for the price to continue its drop once more, which left it at the support at $0.000026. Since then, the price started seeing another recovery over the last seven hours or so, but the resistance at $0.000027 is keeping it from advancing too far up.

The project’s Bollinger bands have now tightened again, signaling uncertainty among the traders, which could mean that the price recovery might be cut short.

Shiba Inu Price Prediction

The meme coin’s Relative Strength Index (RSI) value has seen an increase from the oversold zone to the neutral area, and it continued to move up. However, now that it reached the value of 60, it seemingly started struggling. This signals that the traders might not believe that SHIB will continue growing, and are instead using the opportunity to take profit.

In other words, even though SHIB has been on a recovery, the hesitance among the traders has already caused some to react by selling again, which will cut the recovery short, before the RSI reaches the value of 70, which is the start of the overbought zone, and usually the value at which a trend reversal starts.

But, the narrowing of the bands suggests uncertainty, as mentioned earlier, so even the sell-off that seems to be starting might not be so severe. The project might see its RSI drop to the value of 50 before stabilizing or bouncing back up. With Bitcoin currently trading sideways, SHIB might start doing the same, as it awaits the next move of the wider market.

Promising Alternative To Shiba Inu

While the entire crypto sector is currently quite weak, there are alternatives that traders looking for new and exciting opportunities might consider.

One such candidate is Catslap (SLAP), a project that launched recently and went viral thanks to its slapping mini-game, which lets you slap entities including Chris Rock, Kamala Harris, and Pepe The Frog.

Initially, the game was just a fun distraction, but even as such, it managed to generate over 10 million slaps in only a few days. However, after the project introduced rewards for slaps, thanks to its Slap-To-Earn model, the game truly blew up, reaching over half a billion slaps in only a little over a week.

This reflected extremely positively on the project’s number of token holders and participants. Even its price saw a fairly strong surge, and while it is currently down 11% in the last 24 hours due to the new bearish wave, it is still 12% up on a weekly basis. In fact, it reached an ATH of $0.010 last week.

14,000+ Slappers be slappin 😺
There ain’t no stopping the $SLAP squad, this is a way of life pic.twitter.com/uXpLT0RkB6
— Catslap (@CatSlapToken) December 8, 2024

Still, the project has intrigued many, not only with its game and potential for growth, but also with its use of a countdown for making major announcements.

The community waited for two weeks for the previous announcement, which unveiled the project’s first CEX listing on MEXC, which caused its price to skyrocket. Now, the timer is counting down to the next big announcement, which will be in 9 days, and many are already speculating that the project might announce a Binance or Coinbase listing next.

ClayBro, a crypto YouTuber with over 133k subscribers, speculated in a video yesterday that Catslap could be one of the future majors, predicting 100x potential for the meme coin.