SHIB has experienced a 1.5% drop in price, landing at $0.00002242 amidst a 1% loss in the overall crypto market over the past 24 hours. Despite a modest 1.5% increase in the week, SHIB has seen a 10% decline in the past two weeks and a 20% drop in the last month. However, there is potential for a price boost with the launch of a meme coin fund by VanEck subsidiary MarketVector, which includes SHIB as its second-largest holding after Dogecoin.
Although SHIB is currently experiencing a slump, indicators suggest that a rebound may be on the horizon. The coin’s 30-day average has fallen below the 200-day average, indicating overselling in the market. Additionally, the relative strength index has been below 50, suggesting a possible uptrend. Despite a decrease in support levels, recent news of MarketVector’s meme token fund launch could bring positive momentum for SHIB. With the coin being one of the strongest meme tokens in terms of fundamentals, including plans for a privacy-focused network, the outlook remains positive for SHIB, with a projected price target of $0.00004 by the end of the summer.
The launch of a meme coin fund by MarketVector could potentially initiate a meme token season and increase demand for SHIB. However, SHIB is not the only coin poised to benefit from this trend, as there are several new meme tokens with potential in the market. Dogeverse (DOGEVERSE), a multi-chain cryptocurrency, has raised over $13 million in its presale and is positioned to bridge across various blockchain networks, potentially increasing its adoption and use. With a fixed supply of 120 million tokens, DOGEVERSE may experience deflation over time, leading to price appreciation, especially with the ability to stake the coin on multiple chains.
Investors have the opportunity to participate in DOGEVERSE’s presale by visiting the official website, where 1 DOGEVERSE coin costs $0.00031. This final presale price presents an opportunity for potential price appreciation once the coin lists on exchanges in the coming weeks. As the crypto market evolves, newer meme tokens like DOGEVERSE have the potential to bring more excitement and value to investors, offering unique features and capabilities compared to traditional meme tokens. With ongoing developments and advancements in the crypto space, meme tokens continue to attract attention and investment interest, presenting opportunities for growth and innovation in the market.
Overall, the current market conditions suggest a period of consolidation and potential growth for meme tokens like SHIB and DOGEVERSE. With increased institutional interest and the launch of new funds focusing on meme coins, the market landscape for these tokens may see positive developments in the near future. Investors should exercise caution and conduct thorough research before investing in high-risk asset classes like crypto, as there is always the possibility of losing all capital invested. As the crypto market continues to evolve, staying informed and being proactive in decision-making is essential for navigating the complex and dynamic nature of digital asset investments.
