Shiba Inu ($SHIB) has emerged as one of the top digital asset investments of 2024, outperforming Bitcoin, Ethereum, and even its top competitor, Dogecoin. With a current price of $0.00002547, Shiba Inu has seen a remarkable 200% increase from its price a year ago. In comparison, Bitcoin is up 158%, Ethereum has added 115% over the year, and Dogecoin has grown by 137.5% in the last 365 days.
Despite its impressive performance, Shiba Inu is facing resistance indicated by the red trend line, while its support level shown by the green trend line is increasing. Over the past month, Shiba Inu has remained relatively stable, trading slightly above its 30-day moving average represented by the blue line on the graph. The relative strength index (RSI) for Shiba Inu is hovering around the high 60s, indicating that the token may be close to being overbought.
The recent surge in buying activity for Shiba Inu can be attributed to the news of the US SEC approving exchange-traded funds (ETFs) for Ethereum, which powers Shiba Inu’s native blockchain. The project team behind Shiba Inu has recognized the importance of long-term sustainability and has announced a $12 million fundraise towards a new privacy-focused layer-3 blockchain.
While Shiba Inu continues to perform well, diversifying a cryptocurrency portfolio is essential for long-term success. The emergence of new projects, particularly in the GambleFi sector, presents opportunities for investors. GambleFi refers to crypto-native online gambling platforms that are gaining traction in the market. Tokens like Mega Dice ($DICE) are serving as playing chips and loyalty cards, revolutionizing the gaming industry.
Mega Dice Casino
Mega Dice’s ICO started in mid-April, and the project has already attracted over $1.2 million in investments. The casino, which launched last year as the world’s first licensed crypto casino accessible through Telegram, has amassed a significant player base. Customers playing with the $DICE token will unlock exclusive benefits, competitions, and VIP experiences as part of the loyalty program. Additionally, Mega Dice has announced a buyback and burn program to increase token scarcity and drive value.
It is important to note that investing in cryptocurrencies carries inherent risks. This article is intended for informational purposes only and should not be considered investment advice. Investors should conduct their own research and due diligence before making any financial decisions in the cryptocurrency market.