The crypto market is preparing for a potential Bitcoin ETF boom in early 2024. Meanwhile, Shiba Inu (SHIB) and Pepe (PEPE) are gaining traction in the market. Both are riding the meme coin wave. However, according to crypto analyst Kelvin Munene, both have different trajectories and potential outcomes.
Shiba Inu: From beyond the meme to the mainstream
Originally a product of the 2021 altcoin craze, Shiba Inu has evolved significantly. Unlike many meme-driven cryptocurrencies, Shiba Inu is building an ecosystem that has significant real-world utility. At the center of this evolution is the Shibarium layer-2 Blockchain, designed to increase scalability and support the development of decentralized applications (dApps) on the Shiba Inu network.
Moreover, its decentralized exchange ShibaSwap is poised to challenge the dominance of established players like Uniswap. These developments show that Shiba Inu is not just a temporary meme coin. It also reveals that it is positioning itself as a major player in both the meme and broader crypto markets.
🚨 NEWS: Shiba Inu's layer-2 'Shibarium' witnessed a 130% increase in daily transactions, reaching nearly 35,000.
$SHIB is down 7% this week despite this. pic.twitter.com/eTOIZparz6
— BlockNews.com (@blocknewsdotcom) November 22, 2023
Shiba Inu faces challenges, but…
Shibarium’s latest statistics show a promising increase in transactions. This indicates strong network activity. The network reported nearly 35,000 and over 29,000 transactions on two consecutive days. Thus, it recorded a significant recovery from earlier lows. With over 3.6 million transactions to date, Shibarium’s growth trajectory is clear.
However, the popular meme coin faces challenges. Currently, its price at $0.00000816 is trading close to important resistance levels. The next target for SHIB is to surpass $0.000010, which could set the stage for a new bull run and potentially reach new highs in the first quarter of 2024.
SHIB 24-hour price chart. source: CoinStatsPEPE: The meme coin that moves the market
Inspired by the ubiquitous frog meme, Pepe (PEPE) has also made a splash in the crypto world. cryptokoin.com As you follow from , PEPE entered the market in early 2023. However, Pepe quickly reached a market value of $2 billion. Thus, it underlined the power of meme coin culture in the crypto space.
PEPE 1 month price chart. Source: CoinStatsDespite the price correction, Pepe’s durability is remarkable. The cryptocurrency has gained over 100% in the last three weeks. This shows that investor interest continues. The critical turning point for Meme coin is the $0.00000150 mark. If it surpasses this level, it is possible for meme-coin to make a run towards the $0.00000200 mark. Thus, it is potentially likely to return to its previous highs.
The road ahead for meme coin projects
These developments paint a complex picture about the future of meme coins like Shiba Inu and Pepe. With its expanding ecosystem and increasing transaction volume, the Shiba Inu is showing signs of maturing beyond its udder origins. Meanwhile, Pepe’s market movements suggest that meme-driven cryptocurrencies may still have significant market impact.
Moreover, the approval of a Bitcoin ETF in early 2024 is likely to further catalyze the crypto market. It is possible that this will provide a favorable environment for meme coin projects such as Pepe and Shiba Inu. Therefore, their performance in the coming months will be reflected in their trajectory and the broader theme of how meme-focused digital assets fare in a rejuvenating market.
