The crypto market remains green in the weekly time frame after a strong weekly close of $30,475. Bitcoin has been able to trade above $30k for the past nine days as TradFi institutions continue to enter the market, including breaking news today that Fidelity is officially filing for a Bitcoin ETF.
While far below its all-time high, Shiba Inu holders are optimistic SHIB can be one of the top-performing tokens of the current bull market. The upcoming Shibarium upgrade and metaverse development have made investors bullish on the second-largest meme coin.
Shiba Inu’s roadmap updates seem to have re-sparked the meme coin mania – other meme tokens such as Pepe, Pepe 2.0 and the newly launched Wall Street Memes token are also exploding.
The presale at wallstmemes.com has now passed the $11 million mark, reached in just over a month since its launch, leading some analysts to speculate $WSM token could be one to watch in the coming weeks.
Shiba Inu Price Chart
In recent weeks $SHIB has outperformed the top meme coin DOGE on the daily time frame, quickly recovering its flash crash on June 10th.
The current crypto market is in a state of euphoria with Bitcoin’s institutional adoption. Asset management giant BlackRock’s application for a spot Bitcoin ETF opened the floodgates – other TradFi mega-institutions have since filed for Bitcoin ETFs, including Fidelity.
However, Shiba Inu’s rally is bigger than a Bitcoin-driven pump – it signifies the importance of community strength and rapid innovation. The Shib army is preparing for a bullish surge as the launch of the much-awaited Shibarium chain draws near.
Shibarium Could Spark Shiba Inu Recovery
Shibarium is the layer-2 scaling solution of the Shiba Inu blockchain. Built on Ethereum, this network will improve the scalability of Shiba Inu transactions – reducing cost while boosting the speed.
Recently, Shibarium’s testing network Puppynet crossed 20 million transactions, a milestone that resulted in $SHIB showing a bullish surge – even in the aftermath of the SEC’s lawsuit against Binance and Coinbase. The fact that these 20 million transactions came from 16 million different wallets highlights the hype regarding a successful Shibarium launch.
The Shiba Inu developer team is not stopping there. Lead developer Shytoshi Kusuma recently announced that his team has been working on Shibacals, a service that would link real-world assets to NFTs. This development reaffirmed the commitment to the Shiba Inu blockchain to become a key player in the metaverse.
On-chain data platform Into The Block reveals that there is enormous positive sentiment surrounding the token on social media. Furthermore, the TradingView technical analysis platform also gives a Buy signal to the token when considering the moving average indicators in the daily time frame. The Volume Weighted Moving Average (20) also points to an upcoming buying spree for $SHIB.
Shiba Inu Meme Coin Alternatives
Shiba Inu’s success on the back of strong innovation and its Dogecoin inspired aesthetic has led to many new meme crypto projects exploding in valuation, such as Pepe, PSYOP, Pepe 2.0, RefundCoin and more.
Wall Street Memes is another new contender, currently on presale and aiming to be the next Shiba Inu.
One of the most talked-about new meme coins to enter the market, the $WSM presale launched on May 26th, and has already raised $11.3 million in just over a month.
The Wall Street Memes project was born out of the same community spirit that inspired the historic GameStop and AMC short squeeze in 2021.
The team also has a proven track record in the crypto space – it launched a viral ‘Wall St Bulls’ NFT collection that sold out in just 32 minutes in 2021, and recently a collection of Bitcoin Ordinal NFTs. Due to these established projects, Wall Street Memes has a large community – driving the demand for the Wall Street Memes token.
The Wall Street Memes social channels have over a million combined followers with posts that amass 40 million monthly social media impressions. On several occasions Elon Musk has even engaged with its content.
The entire 2 billion WSM token supply will be available to the public, with team tokens or any private sale allocation. Furthermore, 30% of the tokens are allocated to rewarding the community, alongside a share of a $50,000 airdrop being awarded to five holders.
50% of the entire token supply is available during the presale, during which WSM is currently priced at $0.0304. Investors can buy WSM tokens using a MetaMask wallet and either a debit card or ETH or USDT.