Shiba Inu (SHIB), the ERC-20 meme coin token powering the Shiba Inu web3 ecosystem, last traded around $0.0000075, more than 90% below its 2021 all-time highs in the $0.000088 area. .
For now, the crypto token is consolidating within the recent ranges of $0.000007-8 and is just below its 21 and 50-day moving averages (DMAs).
Shiba Inu experienced a sharp price decline in June, falling from around $0.0000086 to more than two-year lows below $0.000006 amid FUD created by US Securities and Exchange Commission lawsuits ( SEC) against Coinbase and Binance.
In the lawsuits, the agency named a number of top-tier cryptocurrencies as securities, though it did not name Shiba Inu.
SHIB has been able to recover an impressive 25% of these lows.
But for the year, the crypto token is still trading around 7% lower, versus year-to-date gains of around 84% and 56% for bitcoin (BTC) and ether (ETH).
In fact, with SHIB still in a clear downtrend from its all-time highs, price predictions remain pessimistic, at least in the short to medium term.
Price Prediction: What’s Next for Shiba Inu (SHIB)?
If SHIB was able to break above its 21 and 50 DMAs in the $0.0000075-77 area, it could face significant resistance as it retests support-turned-resistance at $0.0000084, which roughly coincides with the downtrend from the all-time highs and the 100 AMD. .
Bears may view a rally back to such levels as a good opportunity to add short positions with a view to targeting a retest of the yearly lows.
Of course, if the SHIB was able to break above this key resistance zone, it could be set up for a quick rally to test yearly highs around $0.000016.
But on the way back to the yearly highs, SHIB would face formidable resistance at the 200DMA near $0.00001, which also coincides with the March/April lows, and around the April highs near $0.000012.
SHIB lags behind Blue-Chip crypto market recovery
Despite the recovery of other major cryptocurrencies like bitcoin and ether this year, Shiba Inu has not seen a substantial rally.
For one, that means investors entering the market at this point would still be “buying the dip”, with SHIB still more than 90% below their record highs.
But on the other hand, the failure to recover the crypto token could be seen as a damning accusation that investors are “moving on” from the Shiba Inu to other newer and more exciting meme coins, like Pepe.
If that’s the case—namely, that the Shiba Inu meme coin is essentially going out of style—this could spell dire prospects for SHIB.
But the community and the Shiba Inu development team continue to make impressive efforts to infuse the crypto token with utility that could generate long-term value.
Community Building Out SHIB’s Utility: Is Now a Good Time to Start Accumulating?
according to him Shiba Inu official websiteA public beta version of the project’s Ethereum Layer 2 scaling solution, Shibarium, is available.
Once the alpha version of Shibarium goes live, this should facilitate the development of the Shiba Inu ecosystem through lower transaction fees and faster transaction times, as well as provide a new home for the development of new innovative related projects. with Shiba Inu.
And the Shiba Inu team already has a bunch of these projects in the works.
The ShibaSwap decentralized exchange (DEX) has been active for some time, where Shiba enthusiasts can trade SHIB, LEASH, and BONE tokens and generate passive income through token and liquidity mining.
ShibaSwap can also be used to trade non-fungible tokens (NFTs) of the popular SHIBOSHIS collection.
The NFT collection issued by the Ethereum blockchain can also be purchased via Open sea.
The developers are also building a dedicated decentralized Shiba Inu metaverse called SHIB: The Metaverse and a free collectible card game called Shiba Eternity.
Time will tell if the development of the Shiba Inu ecosystem will be enough to push SHIB back to all-time highs.
For those who are optimistic about the future of the ecosystem, now is probably a good time to start accumulating SHIB tokens.
Shiba Inu (SHIB) Alternative to Consider – Wall Street Memes (WSM)
Wall Street Memes, one of the most popular retail investment communities on the internet, rose to fame in the 2021 stock meme craze and has recently been expanding its relevance in the cryptocurrency space with the pre-sale of its new token. $WSM.
The success of the $WSM pre-sale, which has raised over $13.8 million in just over a month, is hardly surprising given the size of the Wall Street Memes community.
Not only are there 523,000 hyper-engaged community members in your Instagram account wallstbetsthere are another 214k on Twitter and over 100k on his other two Instagram channels, wallstgonewild and wallsstbullsnft.
In total, Wall Street Memes has a strong social community of 1 million degens, which analysts believe almost guarantees the $WSM token will be listed on tier 1 crypto exchanges like Binance.
Since 30% of the token supply is retained for community rewards, airdrops to holders can reasonably be expected to be a large part of the ecosystem.
In fact, the first $WSM airdrop it is open now.
analysts They are already predicting great things for Wall Street memes when you trade on the exchanges and you can be a part of that.
Visit Wall Street Memes here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.
