Shiba Inu (SHIB), the popular meme coin, has seen a 1% decline in its price in the past 24 hours, falling to $0.00000990, along with the broader cryptocurrency market. The coin has seen a 4% dip in the last week and 11% decline in the last month, but it is up by 22% since the beginning of the year. Despite the slump, some experts believe that SHIB may be close to bottoming out, and that the rise of Pepe (PEPE) may result in increased trading volumes for meme tokens, including SHIB.
In addition, SHIB is awaiting the full public launch of its layer-two network Shibarium, as well as the arrival of SHIB: The Metaverse, both of which signal a potential for substantial gains in the upcoming months.
SHIB’s chart suggests that it may be close to bottoming out, given the current position of its two main indicators. The coin’s 30-day moving average (yellow) is on the brink of falling below its 200-day average (blue), which usually signals the beginning of the end of a downturn. Additionally, the coin’s relative strength index (purple) is close to hitting 30, which signifies that it will soon become oversold, a signal for potential recovery.
However, while these indicators suggest that SHIB may be coming out of its slump, its support level (green) continues to fall, suggesting that the coin could reach new lows for a while before making a comeback.
The rise of Pepe has possibly whetted the market’s appetite for meme tokens, with Whale Stats indicating that SHIB is currently the most-traded ERC-20 token among whales. The expectation remains that the coin can continue to see further rallies, especially when Shiba Inu has the full public launch of Shibarium. Shibarium is Shiba Inu’s layer-two network which will allow users to conduct faster and cheaper transactions once it launches in the next few weeks. Shibarium’s beta is seeing a high number of testers and contributors, with the testnet recording over 400,000 transactions per day and 14 million wallet addresses.
SHIB: The Metaverse is also enjoying some development updates in recent days, which have boosted investors’ confidence in SHIB’s future. It is expected to return to $0.00001 in the coming weeks, before potentially losing another decimal place in the latter months of the year.
As SHIB continues to fall, traders may prefer to invest in coins with more short-term potential, with presale tokens offering some of the most promising opportunities in the market today. AiDoge, an AI-powered meme-generating platform, is one such coin that has already raised over $750,000. The coin runs on Ethereum and uses artificial intelligence that enables users to create fun and relevant memes and share them with the platform’s community. Once created, memes are upvoted and downvoted, with highly-rated memes earning creators rewards in $AI, the platform’s native token. The presale of the token has been incredibly successful, with 1 AI token now costing $0.0000264, and rising to $0.0000336 in the third stage of the sale.
In conclusion, while SHIB has been on a downward trend, its upcoming projects, along with the success of other meme tokens, have the potential to result in substantial gains in the upcoming months. Investors should keep an eye on these developments and consider diversifying their portfolios with promising coins like AiDoge.
