Shiba Inu may have failed to kill Dogecoin, but it’s still been wildly successful by almost any metric. The token gained 7.9 million percent from launch to its all-time high in 2021.
However, the shine of Shiba Inu has faded significantly during the crypto winter. The token is down nearly 90% from its all-time high and has struggled to break out of a sideways trading channel. Now, traders see more bad news ahead for $SHIB.
Shiba Inu Set To Break Below Support, Fall to $0.0000075 in June
Shiba Inu has been trapped in a trading channel between $0.0000084 and $0.0000097 for most of the past month. The token has struggled to break out in either direction as traders have been focused on other meme coins.
Trading volume in $SHIB is now below $100 million according to CoinMarketCap. That’s a poor sign for Shiba Inu, which relies heavily on consistent trading demand to keep up the price of its meme token.
$SHIB recently retested its support and currently sits at a price of $0.0000085.
Unfortunately for Shiba Inu investors, major price prediction platforms think that a positive outcome for $SHIB this month is the price remaining flat. The most favorable prediction comes from CoinPriceForecast, which predicts a price of $0.0000089 by the end of the month.
More pessimistic forecasts suggest $SHIB could break below its support. WalletInvestor has a 14-day price target of 0.0000076. That’s significantly below the support level at $0.0000084 and could be the beginning of a prolonged slide for $SHIB.
If Shiba Inu does fall below support, the next token’s next substantial support level is at $0.0000062. If $SHIB falls to this level, that would represent a 27% loss from today’s price.
There are few bullish catalysts that could help Shiba Inu turn things around. The project saw a surge of support in March for the launch of its Shibarium network. However, there have been few updates on the roll-out since then and many community members are feeling frustrated with its progress.
Wall Street Memes Raises $2.25 Million in First Week of Presale
While Shiba Inu looks set to slide, Wall Street Memes has raised more than $2.25 million during the first week of its presale and looks like it could be the next big meme coin.
Created by the same development team that launched the Wall Street Bulls NFT collection in 2021, the project makes fun of the greed and recklessness of Wall Street. It has significant overlap with the r/WallStreetBets community, which has more than 400,000 combined followers on social media.
Wall Street Memes plans to sell half of its 2 billion token supply of $WSM during the presale, raising more than $30 million in the process. It’s an ambitious goal, but the fast pace of the sale so far suggests that the presale is likely to sell out.
Right now, early investors can buy $WSM tokens at a price of $0.0262—nearly 30% below the planned list price. The project plans to list on major DEXs and CEXs at the end of the presale and it could explode once trading begins.
Another benefit of investing in the Wall Street Memes presale is access to an exclusive airdrop giveaway. Five lucky investors will receive $10,000 worth of $WSM each ahead of the token’s launch.
AiDoge Sells Out $14.9 Million Presale, IEO Set for June 19
Another meme coin to watch is AiDoge, which just wrapped up one of the hottest crypto presales of 2023, raising more than $14.9 million from investors. This meme coin now looks ready to take the mantle of top shiba inu-themed meme token from Dogecoin ad Shiba Inu.
AiDoge has positioned itself perfectly at the intersection of two of the hottest trends in crypto: memes and artificial intelligence. The project is building a generative AI algorithm that will enable anyone to create a viral new meme in seconds.
All users have to do is describe the meme they want to create, and the AI algorithm will bring it to life with an image and text. Creators can mint their new meme as an NFT in just a few clicks. So, they have verifiable ownership over the meme when it goes viral.
Users will need $AI tokens in order to buy credits to generate memes. They can either spend $AI for credits or stake $AI to earn daily credit rewards. The latter enables users to create unlimited memes while supporting long-term investment in AiDoge.
Although the AiDoge presale has sold out, investors can still buy $AI tokens at the list price between now and the token’s June 19 launch. According to crypto analysts, AiDoge could be the next token to 100X.