July 21, 2024
Shiba Inu (SHIB) Sees Positive Rebound: Is the Worst Over for the Meme Token?
Altcoins News

Shiba Inu (SHIB) Sees Positive Rebound: Is the Worst Over for the Meme Token?

Shiba Inu (SHIB) is now 1.5% more expensive than it was a day ago. The meme token’s advance to $0.00000712 is a 4% increase from its seven-day low.

SHIB is now up 2.5% over the past week, but the cryptocurrency is still down 4.5% over the previous month and 12% over the past year, in contrast to several other significant tokens (including BTC, ETH, XRP, and SOL).

However, its rebound today gives rise to the optimism that the worst of its 2023 is now behind it and that purchasers are prepared to benefit from its much-reduced price.

SHIB has been underperforming and oversold for a while, thus a recovery ought to happen soon enough.

Indeed, its signs appear to suggest that such a recovery may have just started, with SHIB’s relative strength index (purple) climbing substantially in recent days, from about 30 last week to approximately 50 today.

While SHIB’s 30-day exponential moving average (yellow) hasn’t yet started climbing, this suggests an increase in purchasing momentum. It also suggests that the decline below the coin’s 200-day average (blue) has stopped and that it is now prepared to start rising as the meme token rises.

The support level (green) for SHIB, which has sharply risen since last week’s finish, may currently be the most positive indicator.

This would suggest that more investors are purchasing the currency at a discount, raising its base and putting the token in position for future gains.

Although it’s unclear if whales have started to re-accumulate the token, a significant movement of over $32 million in SHIB today (from an unidentified wallet to an unidentified wallet) may indicate that its market may soon start to heat up once more.

With other meme tokens, it would be difficult to claim that there is any fundamental reason why a bounce or rally should occur soon, but in 2023, Shiba Inu made some significant efforts to bring some real use to it and its ecosystem.

Shibarium’s layer-two network launch remains a significant turning point for Shiba Inu, and as of right now, layer-two has handled over 3 million transactions with roughly 1.25 million wallets.

Even if these are inherently small statistics, their increase over the past few weeks shows the promise of the Shiba Inu ecosystem, which with the help of ShibaSwap and other dapps may quickly grow in size and significance.

If so, SHIB’s price would increase as a result, climbing to $0.0000080 in the next weeks and $0.000010 by the end of the year.

While SHIB may climb sharply in the not-too-distant future, it is probable that its development will rely on how positive the cryptocurrency market is as a whole, so we might not see significant gains for a while.

Meme Kombat (MK) is one of the newest and most intriguing presale tokens, and it offers a path to market-beating returns this year despite adverse conditions.

Meme Kombat is an Ethereum-based platform that lets players wager on the results of bouts between meme characters that are produced by AI, as its name would imply.

Surprisingly, after less than a month of operation, the MK token sale for Meme Kombat has raised more than $500,000.

This is a very positive indication since it shows that investors think Meme Kombat will expand as a platform, which will support the token’s value increase.

Investors have faith in Meme Kombat because it will achieve a feat that no other platform in the ecosystem has yet to do: provide a betting market on meme battles that are created by AI and are randomized.

In essence, it’s a betting platform with a twist including vibrant meme characters that will help the business advertise itself and draw in a loyal following.

Given that the presale has reached $500,000 and that additional customers may sign up by visiting Meme Kombat’s official website, it is clear that it is working.

MK has a hard limit of 120 million tokens and will cost $0.1667 during the whole auction.

The seller will receive 50% of this, while the remaining 30% will go to fighting and staking rewards, allowing owners to additionally receive passive revenue from MK.

Another factor contributing to MK’s successful presale is the availability of stakes. Given how swiftly MK has advanced through the gears, it has every opportunity to perform significantly once it lists on exchanges later this year.

Image: Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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