The Shiba Inu price has experienced an 8% drop, reaching $0.0000216, as the broader crypto market also saw losses of 4.5% in the past 24 hours. Over the course of a week, SHIB has fallen by 24%, and in the last 30 days, it has dropped by 16%. Despite these declines, the meme token has still managed to hold onto an 85% gain over the past year. The meme token segment of the market has seen its first major decline in cap since March, with SHIB and Dogecoin being particularly impacted by the loss of investor confidence. However, some meme coins are defying this downward trend and are showing promising signs of growth, including newer tokens that are holding their presales.
SHIB is currently experiencing a medium-term downturn, with weak indicators that do not show clear signs of an imminent recovery. The relative strength index has declined in the past 24 hours, and the 30-day moving average is also on a downward trend, indicating that the token has entered oversold territory. Despite these challenges, SHIB’s trading volume remains relatively high, at around $1 billion, showing signs of market interest. While the resistance and support levels continue to point downwards for now, there is hope for a recovery in the near future, especially with some interesting accumulation from at least one whale suggesting that smart money expects SHIB to bounce back.
The upcoming Bitcoin halving may have significant effects on prices, with the potential for strong selling action as miners face a 50% cut to their incomes. This could put pressure on SHIB and other coins in the short- and mid-term. However, with Bitcoin ETF volumes and interest rates stabilizing, the overall market is expected to see steady gains throughout the year. This should benefit the Shiba Inu price, as it is considered one of the strongest meme tokens in terms of fundamentals and is likely to benefit from any market rallies. It is predicted that SHIB could reach $0.00004 in the next couple of months and $0.00006 by the end of the year.
While SHIB is a promising meme coin, there are also other tokens in the market showing potential for significant gains. One such coin is Slothana (SLOTH), a Solana-based token that has raised over $10 million in its presale. SLOTH’s presale is set to close in just under 13 days, after which it will hold its airdrop and list on exchanges. The token has quickly gained popularity, with a strong following on social media. The team behind SLOTH has a successful track record with presales and meme coins, having previously launched the successful Smog (SMOG) token. Investors are optimistic that SLOTH will follow a similar trajectory and post substantial gains over its presale price. The choice of the sloth as the coin’s mascot appeals to retail investors looking to break free from traditional office-bound work.
New investors can participate in SLOTH’s presale by visiting the Slothana website, where they can purchase SLOTH at a rate of 1 SOL for 10,000 SLOTH (approximately $0.019393 per coin). The token is set to list in just under two weeks, and there is anticipation for a potential rally at that time. While investing in cryptocurrencies, including meme coins, is a high-risk asset class, tokens like SHIB and SLOTH have shown potential for growth and could present opportunities for investors seeking to diversify their portfolios. It is important to conduct thorough research and exercise caution when investing in volatile markets like the crypto space.
