Source: Bing Image Creator.
The Shiba Inu price has risen by 1.5% in the past 24 hours, with its move to $0.00000831 coming as the wider crypto market posts a 2.5% gain today.
SHIB has now risen by 4% in a week and by 3.5% in the last 30 days, although the meme token has risen by only 2.5% since the beginning of the year.
This gain pales in comparison with the year-to-date returns posted by other major tokens (e.g. BTC, ETH, XRP, SOL), yet this year has seen Shiba Inu introduce a number of important new updates, thereby strengthening its fundamentals in preparation for future gains.
And with lead developer Shytoshi Kusama outlining four future updates, 2024 could end up being a very big year for SHIB.
Shiba Inu Price Prediction as Four Major Updates Teased – Can SHIB Reach $10?
SHIB’s indicator currently find themselves in an uncertain position, consistent with either further gains or further falls.
Its RSI (purple) dropped to 50 over a week ago, and despite a slight increase in previous days looks like it’s stuck at the same middling level.
Source: TradingView
This could mean that it lacks the momentum to mount further gains anytime soon, as could its 30-day average (yellow), which is struggling to rise beyond its 200-day (blue).
It could also be significant that its support level (green) took a serious dive on November 21, implying that it may not be resilient against any further slips.
SHIB’s fortunes are likely to rest on the trajectory of the wider market, which could rise in the next few weeks, particularly if the SEC approves a Bitcoin ETF.
Yet this doesn’t mean that the Shiba Inu price won’t rise steadily in the more distant future, with the coin welcoming various key launches this year, including that for Shibarium and for its own name service.
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Dive into the excitement: https://t.co/9xYQzFbhU3 pic.twitter.com/UEwL5SD0qR
— Shib (@Shibtoken) November 27, 2023
And yesterday saw the release of an interview with Shytoshi Kusama, in which the developer discussed four areas in which SHIB is likely to see key updates in the coming months.
In particular, 2024 will see the Shiba Inu ecosystem pursue “absolute decentralization,” involving the introduction of more democratic governance across its four tokens and that of community-led elections.
On top of this, the developer also wants to provide SHIB with a more user-friendly UX and with more robust protection against scams, including self-sovereign identity and privacy measures.
So in theory, the introduction of such features, in addition to the eventual launch of SHIB: The Metaverse, could see the Shiba Inu price rise strongly in 2024.
Other Alts With Strong Fundamentals
While SHIB strives to boost its fundamentals, there are other alts in the market that look set to rally on the basis of strong utility.
At the top of this list is probably Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised more than $4.5 million in its increasingly successful presale.
Simplifying your #Bitcoin mining journey with #BitcoinMinetrix!
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Mining $BTC securely and transparently with a decentralized process! pic.twitter.com/lh0WFCUqJY
— Bitcoinminetrix (@bitcoinminetrix) November 28, 2023
Running on Ethereum, Bitcoin Minetrix will enable its users to mine Bitcoin (BTC) via the staking of its native token, BTCMTX.
By staking BTCMTX, users receive mining credits which they can then redeem to purchase Bitcoin hash power.
In turn, this provides them with newly mined BTC, while staking will also earn them new BTCMTX.
As such, Bitcoin Minetrix looks set to be a big money-spinner for users, while also widening and democratizing access to Bitcoin mining.
New investors can join the sale by going to the Bitcoin Minetrix official website, with the offering currently in the middle of its tenth stage.
This will end in just under three days, with 1 BTCMTX currently selling at $0.0119.
Given Bitcoin Minetrix’s promising fundamentals and increasing popularity, such a price could end up being eclipsed once the token lists on exchanges.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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