Despite fundamental advancements, Shiba Inu has been unable to attain any positive price action this year, down 34% and continuing to make lower lows and lower highs.
With that in mind, the question arises: Is Shiba Inu nearing its bear market bottom, or is this $4.7 billion meme coin destined to lose even more value?
SHIB Sells Off Following Botched Shibarium Launch Despite Relaunch
In the build-up to Shiba Inu’s Ethereum layer 2 scaling solution “Shibarium”, the SHIB price rallied 89% in just over a month.
This felt like the end of a brutal bear market for the Shiba Inu community, as the SHIB price had retraced over 90% from its all-time high (ATH). However, the Shibarium launch was botched, with the network overloaded and millions of dollars trapped within a bridge tool.
Consequently, this caused a 35% sell-off, and the Shiba Inu developers having to relaunch Shibarium days later. A recent update from the Shiba Inu team shows that network withdrawals are now live, with users able to withdraw funds from Shibarium in anywhere between 45 minutes and a couple of hours.
Despite this, the Shiba Inu price has yet to recover. The Shiba Inu price chart below shows that it is currently trading at a key bear market support level.
The only time it broke this level was at the beginning of June amid the SEC’s crypto crackdown. However, SHIB displayed strong bullish momentum following the sell-off, quickly recovering above the support.
One of the main issues Shiba Inu faces is that the hype for Shibarium has now mostly fizzled out. The botched launch bolstered this and seems to have tainted Shibarium’s reputation despite its successful relaunch.
This is furthered by the lower lows and lower highs that the price has made throughout the bear market. As a result, we may see SHIB break below its current support, retesting its bear market lows of $0.000004815.
In the meantime, the success (or failure) of the Shibarium layer 2 will largely dictate its direction once it reaches this level.
A prominent member of the Shiba Inu community who goes by @army_shiba on Twitter recently explored the potential price targets for SHIB in terms of support and resistance levels.
According to the short-term analysis, the most likely lowest support for SHIB before a rebound would be $0.00000775. Meanwhile, bullish momentum could push the price as high as $0.00000901 in the short term.
Another analysis conducted by popular TradingView analyst DollarSaenz established a support trading zone for SHIB, with the support at its current level of $0.00000794 and the resistance at $0.0000015.
The analyst shared the trading idea on 12 August but updated the theory on 26 August, highlighting the recent good news regarding Shibarium’s relaunch. According to DollarSaenz, the price will likely push up from here, potentially reaching highs between $0.000015 and $0.00002.
Despite this, the Shiba Inu coin has seised to display bullish momentum, adding to the likelihood of further downside pressure. However, numerous other meme coins continue to thrivewith some looking to potentially overtake Shiba Inu.
Wall Street Memes Emerges as SHIB Alternative After Raising Over $25 Million
One potential new alternative to the likes of Shiba Inu and Dogecoin is Wall Street Memes, which is currently nearing the end of its presale having raised over $25 million.
The project has already begun to stake its claim as one of the next big meme coins, thanks to its numerous social accolades, such as boasting over one million social media followers and receiving Twitter engagement from Elon Musk.
Wall Street Memes began as an online meme brand, born out of the Wall Street Bets and GameStop saga that occurred in 2021.
The team posts stock and crypto memes across numerous social media channels and already has a successful crypto track record, having launched Wall St Bulls in 2021. The Wall St. Bulls project sold out in 32 minutes, raising $2.5 million.
One of its latest developments is the announcement that it will be launched on multiple tier-one exchange listings in less than 30 days. This could potentially push it to rival top meme coins like Dogecoin and Shiba Inu.
We saw a similar trajectory with Pepe when it reached a staggering $1.8 billion market cap following its Binance listing.
With that in mind, investors are poised with their last chance to buy $WSM at a discounted rate before its exchange launch on tier 1 exchanges next month.
Visit Wall Street Memes Presale
Stake-to-Earn Meme Project Sonik Coin Enables Presale Investors to Earn Yield Immediately
Sonik Coin is another project to capture the meme coin community’s attention recently. Inspired by Sonic the Hedgehog, Sonik Coin aims to be the “Fastest 0 – 100M market cap meme coin”.
While this is a tall order considering the meteoric rise of meme coin giants like Pepe and Shiba Inu, Sonik Coin presents several unique features that have yet to be seen in other meme coins.
Firstly, it offers a Stake-to-Earn mechanism, enabling holders to earn passive rewards simply by holding and staking $SONIK. As well as encouraging new investors to buy Sonik Coin, it also dries up the supply of Sonik Coin being traded on the market since most are locked up for staking.
Secondly, its presale investors can begin utilising its Stake-to-Earn feature immediately. Usually, users have to wait until the presale ends before staking goes live, but not for this speedy meme coin.
Interestingly, Stake-to-Earn has proved a successful blueprint for crypto projects, with Stake-to-Earn coin BTC20 recently experiencing a 6x rise following its presale.
Despite recently launching, Sonik Coin looks to sell out in a flash, having already raised over $600K with a $2,098,547 hard cap.
50% of $SONIK tokens are available at the presale, with another 40% allocated to staking rewards and the last 10% for exchange liquidity to facilitate seamless trading.