Shiba Inu Price Prediction Following Meme Coin Rally; Love Hate Inu a Better Buy?
Shiba Inu was one of the primary beneficiaries of Elon Musk's recent publicity stunt, in which he changed Twitter's logo to Dogecoin's logo – leading to a massive rally in the price of meme coins.
Within the first few hours of Musk’s Twitter change, the price of SHIB/USD had surged by over 10%. Since then, SHIB’s price has consolidated just below the $0.000011 level, where buyers and sellers appear to be battling it out for supremacy.
However, investors seeking an alternative to Shiba Inu may wish to consider a relatively new project called Love Hate Inu. Love Hate Inu’s strong community and unique use cases have led many analysts to speculate that it could be a better long-term hold than SHIB.
SHIB/USD Technicals Hint at Looming Downside
Even though Love Hate Inu has begun attracting attention from all corners of the market, many retail investors remain intrigued by Shiba Inu's recent price spike. As mentioned above, this spike has been driven by Elon Musk's latest actions, which once again spotlighted meme coins.
Whenever a highly-public event happens, such as changing the Twitter logo to DOGE's logo, it naturally leads to demand from retail traders. In turn, this leads to temporary price increases based on "buzz" rather than fundamentals.
From a technical perspective, nothing significant has changed in the SHIB/USD price chart. Looking at the Daily timeframe, SHIB appears trapped in an ever-growing bear flag, which usually forms before a downward impulse.
Any bearish impulse would likely end at the next significant support level, located around the $0.0000078 region. Should this scenario play out, it would result in a 31% price drop from the value we see today.
For this hypothesis to be negated, the SHIB price would need to break above the nearby resistance level at $0.0000118. If this occurred, we could see an upward push to the wicks around the $0.0000128 region, which was last seen in mid-February.
Shibarium Controversy Sparks Debate Amongst Community Members
Aside from further Musk-driven hype, there’s no looming catalyst for the SHIB price to rise. In fact, some recent developments regarding the Shibarium layer-2 beta testnet have led the investment community to consider alternative projects.
On March 17th, a prominent Shiba Inu community member highlighted that this testnet had the exact same chain ID as the Rinia testnet – Shiba Inu's original blockchain. Moreover, the community member also pointed out that Shibarium's testnet was extremely similar to Polygon's Mumbai testnet.
Naturally, this revelation prompted considerable discussion in the Shiba Inu Discord channel, with many community members speculating that the pending Shibarium layer-2 network might have "copied" other established blockchains. However, one of the leading developers tweeted saying he'd made a mistake and a new chain ID would be used.
This event's negative connotations led the SHIB price to fall by over 4%. Unfortunately for SHIB investors, this also came at a time when the broader crypto community was becoming excited by the prospect of Shiba Inu's scaling solution redefining what meme coins can actually be capable of.
This scaling solution, known as "Shibarium," is being built on the Ethereum blockchain and aims to lower network fees and boost transaction speeds. Given these upgrades, many traders believe Shibarium's release could be a turning point for SHIB – adding much-needed utility to the popular meme coin.
Shibarium will also integrate a burning mechanism into Shiba Inu's tokenomics. This means that a portion of the associated network fees will be deployed to a burn contract whenever a transaction is made. Over time, this mechanism will decrease the total supply of SHIB – and make the remaining tokens scarcer.
Love Hate Inu Emerges as Viable Alternative for Meme Coin Investors
However, at the time of writing, no official release date has been set for Shibarium. As such, SHIB holders may need to wait a while before reaping the rewards of this significant event.
Due to this, many investors have begun looking elsewhere for tokens with more immediate price potential. One of these tokens is Love Hate Inu – a pioneering meme coin project with a unique rewards mechanism.
Like Shiba Inu, the Love Hate Inu platform is built on the Ethereum blockchain. Love Hate Inu’s native token is LHINU, which has a capped supply of 100 billion tokens and will be used within the project’s cutting-edge “Vote-to-Earn” (V2E) protocol.
Could Love Hate Inu’s V2E Be the “Next Big Thing” in the Crypto Market?
As noted in Love Hate Inu’s whitepaper, the V2E protocol will work by rewarding users who participate in the polls hosted on the platform. These polls will specifically focus on viral topics; for example, Tate’s recent release from prison.
By voting in these polls, users will instantly earn LHINU tokens. Notably, users must own and stake LHINU for at least 30 days before being allowed to cast votes – this ensures voters have "skin in the game," thereby boosting poll accuracy.
The investment community is buzzed about this new earnings protocol, leading to over 14,000 people joining the official Telegram channel. However, Love Hate Inu’s team isn’t resting on their laurels, as they’re also looking to integrate this protocol into major metaverse experiences in the next 12 months.
Although Love Hate Inu is still in development, early investors can buy LHINU through the ongoing presale at a low price point. Tokens are currently priced at $0.000105 – 38% lower than the future exchange listing price.
However, only 11.25 billion LHINU tokens are being allocated for each price point during the presale – meaning those who opt to invest the earliest will put themselves in line to make the most significant gains, should any price increases occur post-listing.
