Shiba Inu Price Prediction as New York-based VanEck’s Subsidiary Launches Meme Coin Fund – Will SHIB Skyrocket?
SHIB has dropped by 1.5% today, with the Shiba Inu price landing on $0.00002242 as the crypto market suffers a 1% loss in the past 24 hours.
The meme token remains up by a very modest 1.5% in a week, although it has also witnessed 10% fall in a fortnight and a 20% decline in a month.
However, it’s not all bad news today, with VanEck subsidiary MarketVector launching a meme coin fund yesterday.
Such a fund could potentially boost SHIB’s price over time, especially when the coin is the second-biggest component of the fund, after Dogecoin.
It’s clear that SHIB is in the middle of a slump, yet its recent history suggests that it will enjoy a rebound quite soon.
Its 30-day average (orange) fell below the 200-day (blue) a couple of days ago, and is now quite low, suggesting that the market is overselling it.
Likewise, the coin’s relative strength index (purple) has remained below 50 since Monday, also suggesting that the time is ripe for an uplift.
Yet it’s worth pointing out that SHIB’s support level (green) has lowered in recent days, implying that the coin is too weak to prevent further losses in the near term.
However, the negative outlook may be about to change, with this week seeing the aforementioned news that MarketVector – a subsidiary of major New York-based institution VanEck – has opened its own meme token fund.
VanEck's MarketVector launched #MEMECOIN index.
It means money will be on #memecoins this cycle as it showed itself during Q1 euphoria.
I might rotate some bags to strong meme coins. pic.twitter.com/SdJEPqgFUc
— Johnny Woo | Never DM you for Money (@j0hnnyw00) May 9, 2024
As the tweet above shows, SHIB comprises 28.34% of the overall fund, ahead of PEPE but slightly behind Dogecoin.
This index launch could mean that we
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