Shiba Inu has been giving no reasons for hope over the last few months, as the SHIB price and market cap continue to plunge. The price stands at $0.000007175 now, with a 17.14% slip on the monthly chart. Investors are worried that a cascade of sell-offs awaits the meme coin, potentially taking it to a point with no return in sight.
Shiba Inu price overview, 20 June 2023, CoinMarketCap
SHIB Price Hits a New Low
At the time of writing, Shiba Inu is 91.88% down from its all-time high of $0.00008845 that was hit on Oct. 28, 2021, two years ago. Given that the crypto market has been going through a harsh, dry period over the last two years, it doesn’t evoke much shock. The problem, however, is that the SHIB price reached the highly alarming $0.0000058 horizontal support area recently.
What’s the big deal?
Well, the area had not been touched since the end of 2021. Although SHIB has climbed 6.95% over the last seven days, the weekly RSI gives a bearish reading. RSI is a reliable indicator utilized to analyze whether a market is overbought or oversold. In other words, it determines whether to accumulate or sell an asset.
Shiba Inu RSI analysis, 20 June 2023, TradingView
Since the RSI reading for SHIB is below 50, the coin is likely to be enveloped by stronger bearish waves in the coming days, despite a short bounce back. But since the trend is upward since 18 June, bulls can still save the meme coin from a steep fall.
Shiba Inu Price Prediction
The next nearest and strongest resistance for SHIB is $0.00000825. However, in the event that the SHIB price gets rejected, the dip could take the price down to $0.0000040. The erratic readings on the weekly and daily time frames make it difficult to make an accurate price prediction for SHIB or where it is headed in the coming days.
But if it continues along the descending line for the next two weeks, it won’t be long before the token’s existing $4B market cap bursts, and it is knocked out of the top-50 crypto chart. The time has come for the project to prove its market relevance.
The Road Ahead for SHIB
The road ahead for Shiba Inu doesn’t look promising for many reasons. To begin with, the broader market is turbulent, especially since the SEC lawsuits went public. Even if they don’t amount to anything and the industry wins the battle against the SEC, it goes on to show the predominant anti-crypto attitude of financial agencies and governments.
Another factor that has worked against the meme coin is obviously its ecosystem development that has been turtling its way forward over the last few years. That has contributed to SHIB’s plunge to new lows this month and is likely to pave the way for more crashes.
Although meme coins are touted to be useless coins, and therein lies their explosive potential, the same factor backfires when it comes to long-term relevance. It is hard for an asset to maintain its market relevance without anything solid supporting its value. And as much as we would like to believe that community strength will hold together a meme coin, that has proven to be baseless in the last two years.
Moreover, investors are looking for greener patches, dismayed by the persistently poor performance of meme coins like Dogecoin and Shiba Inu. The recent rise of Pepe, along with a series of its knock-offs, is a good indicator of this new shift in the market.
Their decision is justified since there is no point in holding high-cap cryptocurrencies – meme coins or otherwise – in the hope of multifold returns. Only emerging cryptocurrencies underpinned by interesting value propositions or use cases can reverse the trend this year.
SHIB is Dying: Which Altcoins to Invest in Next?
Shib’s imminent death has urged investors to pump money into new meme coins with larger room for growth. One good example is Wall Street Memes. In just a matter of weeks since its introduction to the presale market, Wall Street Memes Token (WSM) has rapidly gained traction and is currently approaching the $9 million milestone.
But if you thought the explosive potential is limited to meme coins, you couldn’t be more wrong. The presales of utility tokens like yPredict and Launchpad XYZ have been performing remarkably well as well, owing to their robust crypto ecosystems that lay the groundwork for stable growth and steady returns in the coming months.
Wall Street Memes (WSM) – The next big meme coin
With support from a 1 million+ strong global meme community, also known as Wall Street Memes, WSM is widely predicted to be the next Pepe in the market.
The Wall Street Memes team made their initial foray into the crypto space by launching the successful Wall St Bulls NFT collection on the Ethereum blockchain in 2021. To the pleasant shock of the NFT market, all the collectibles were sold out within just 32 minutes, establishing the community’s crypto foundation.
Introducing $WSM – yep, we’ve gone and done it.
The community token that’s flipping the Wall Street Memes game upside down! 🐂We have 50% of the #Token supply up for grabs in the #Presale and 30% set aside for rewarding our community.🔥
Let’s make some serious waves together,… pic.twitter.com/fH2TMGmglZ
— Wall Street Memes (@wallstmemes) May 27, 2023
In 2023, the team is returning to the crypto market. This time with a community-powered meme coin, aiming to provide early investors with the opportunity to create “generational wealth.”
The growing interest in Wall Street Memes can be primarily explained by its viral potential and the strength of its global community. While Elon Musk’s engagement with the memes has definitely added to the hype, the project’s long-term relevance is not solely dependent on it.
Despite lacking a defined utility, WSM demonstrates its sustainability by setting aside an impressive 30% of the total token supply for community rewards. Although the token launch for $WSM is scheduled for Q4, the increasing momentum of the presale suggests that it could go live sooner with a rapid 10X to 15X price rise. If the broader market conditions favor, it has the potential to surge even higher, possibly reaching up to 50X from the presale price.
Visit Wall Street Memes Presale
yPredict (YPRED) – Utility token with explosive potential
yPredict (YPRED) presale is one of the most talked-about crypto fundraisers of recent times. Investors are hoarding YPRED tokens at discounted prices before they go live on crypto exchanges.
The presale success has to do with the increasing excitement surrounding the underlying all-in-one AI ecosystem designed to reintroduce a statistical edge to crypto trading. It features a cutting-edge AI-based marketplace for crypto price predictive models developed by top AI experts, quants, and analysts.
This is where yPredict comes into play with price predictive models, accompanied by other insightful tools:
- AI Signals: Real-time trading signals generated by advanced predictive models created by the top 1% of AI experts.
- Sentiment Analysis: Real-time analysis of the sentiment surrounding popular cryptocurrencies.
- AI-powered Technical Analysis: Utilizing AI to identify the most effective indicators for each asset.
- Chart Pattern Recognition: AI-driven detection of promising chart patterns for selected coins, with recognition of over 25 patterns.
- Unlike meme coins driven by hype, yPredict is an AI-based utility token with significant explosive potential. If the ecosystem unfolds as planned, it has the potential to generate solid returns ranging from 10X to 15X in the coming year.
yPredict addresses the need for a more data-driven and informed approach to trading in the crypto market, and therein lies its market relevance.
Ecoterra (ECOTERRA) – A recycle-to-earn green crypto ecosystem
Ecoterra is another excellent utility token to invest in now. The project’s large growth potential is underpinned by its social mission to encourage more people and companies to join climate action.
It makes this possible through a recycle-to-earn ecosystem, which consists of:
- A recycle-to-earn app
- A carbon offset marketplace
- A recycled materials marketplace
- An impact trackable profile
Since the project has a remarkable scope for mainstream adoption – kindled by celebrity and brand adoptions – Ecoterra is one of the most promising cryptocurrencies to look forward to this year.