Shiba Inu ($SHIB) has experienced a significant decline of over 20% in the past week, leading to growing bearish sentiment among investors. This popular meme coin has struggled to regain its bullish momentum since reaching its peak on August 12. However, amidst Shiba Inu’s decline, a new meme coin called Wall Street Memes ($WSM) has emerged as a potential alternative, raising $26 million in funding.
The technical indicators for $SHIB reflect an ongoing bearish trend. The token’s value has plummeted nearly 30% from its recent high, and it has closed in the red for eight out of the last nine trading days. Additionally, $SHIB’s price has fallen below the 20-day and 50-day Exponential Moving Averages (EMAs), signaling a bearish shift in the short-term and medium-term trends.
The Relative Strength Index (RSI), which measures buying and selling momentum, currently stands at 40, indicating weak buying pressure. Unless $SHIB can reclaim and hold above its moving averages, the technical outlook remains negative. Furthermore, data from CoinMarketCap shows an 8% increase in $SHIB trading volume, leading many token holders to liquidate their holdings rather than weather the storm.
Despite these bearish indicators, there is hope for a potential rebound in Shiba Inu. The token recently rejected the support zone around $0.0000072 with a long wick, suggesting a significant volume of buy orders in that area. Prominent crypto analyst Avi Lev, with over 107,000 YouTube subscribers, has expressed a bullish stance on $SHIB, highlighting the misinformation surrounding Shibarium’s technical issues and predicting a rebound in the near future. Additionally, the Shibburn Twitter account has reported a 465% increase in the $SHIB burn rate in the past 24 hours, further fueling optimism for a relief rally.
While Shiba Inu faces challenges, Wall Street Memes ($WSM) has been making impressive progress as an alternative meme coin. During its presale phase, Wall Street Memes raised a staggering $26 million in funding, inching closer to its hard cap of $30.5 million. The native token, $WSM, is set to debut on multiple Tier-1 exchanges at the end of September, generating anticipation among investors. The recent launch of Wall Street Memes’ staking protocol has also contributed to its growth prospects.
Another meme coin worth noting is Sonik Coin ($SONIK), which has raised over $300,000 in its public presale phase. Sonik Coin distinguishes itself through an innovative staking protocol that allows token holders to lock up their tokens and earn passive income. With a current yield of 208% per year and a growing community, Sonik Coin aims to hit a $100 million market cap.
In conclusion, while Shiba Inu’s price has experienced a significant decline, alternative meme coins like Wall Street Memes and Sonik Coin are gaining traction. The future remains uncertain for $SHIB, but signs of optimism from key figures in the community and increased burn rates suggest a potential rebound. Investors should conduct their own research and exercise caution when engaging with any cryptocurrency.