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Cryptocurrency News Articles
Meme Coin Market Rebounds, But Shiba Inu Falls Short
May 10, 2024 at 06:31 pm
The meme coin sector is rebounding after a recent crash with prominent coins like Pepecoin, dogwifhat, and BOME surging 10% or more this week. However, Shiba Inu (SHIB) is underperforming, showing only a 2% rise due to lackluster Shibarium metrics and indicators suggesting bearish momentum and oversold conditions. Analysts view SHIB's price trajectory as unpromising, indicating opportunities in alternative meme coins with better fundamentals.
The Meme Coin Market Recovers, but Shiba Inu Lags Behind
The meme coin sector has witnessed a resurgence following a sharp decline in early May. However, one prominent meme coin, Shiba Inu (SHIB), has underperformed in recent weeks.
Shiba Inu Price Analysis
At the time of writing, SHIB's price hovered around $0.000023, exhibiting a modest 2% increase over the past week. This underwhelming performance has been attributed to lackluster metrics associated with Shibarium, a Layer-2 solution designed for SHIB.
Shibarium's deployment has been characterized by a limited number of contracts, consistently low active account counts (averaging around 100 daily), and a significant reduction in daily transactions compared to April's peak. These metrics have cast doubt on the platform's potential to drive SHIB's price.
Technical indicators also portray a bearish sentiment for SHIB. The Moving Average Convergence Divergence (MACD) line remains below the signal line, while the Relative Strength Index (RSI) has dropped to 27, indicating oversold conditions. However, this could present an opportunity for a potential reversal if buyers step in.
Pepecoin Outperforms, Accumulated by Whales
In contrast to SHIB's sluggish performance, Pepecoin (PEPE) has surged by 11% this week, trading near $0.0000086. PEPE has approached its all-time high of $0.00001 set in March, capturing investor interest.
Cold Blooded Shiller, a renowned crypto analyst with over 274,000 followers, has expressed optimism for PEPE, citing its strong market structure and robust performance on higher time frames. He anticipates PEPE's immediate goal to be the consolidation of its upward momentum, followed by a challenge to its previous high.
On-chain data reveals a significant withdrawal of PEPE from Binance by a new wallet, indicating potential accumulation by whales. The wallet acquired 357.34 billion PEPE ($2.91 million) at $0.00000815, suggesting a bullish sentiment toward the meme coin.
Emerging Meme Coins to Watch
99Bitcoins, a popular cryptocurrency platform, has released a video highlighting their top meme coin picks for May, offering potential for significant gains.
Dogeverse
Dogeverse, a presale gem, has raised over $13 million in less than 30 days. Designed as a multichain token, it supports Ethereum, Binance Smart Chain, Polygon, Avalanche, Base, and Solana, facilitating seamless interoperability. With a solid roadmap, attractive tokenomics, and staking opportunities offering a 69% APY, Dogeverse presents growth potential.
Sealana
Sealana, a new Solana-based meme coin, has attracted over $360,000 in its presale. Inspired by American cartoon culture, it features a seal-themed mascot named Sealana the Seal Trader. The token ($SEAL) embodies the humorous aspects of crypto and Web3.
Conclusion
While the meme coin market rebounds, Shiba Inu has lagged behind due to underwhelming Shibarium metrics. On the other hand, Pepecoin has outperformed, attracting whale accumulation. Investors seeking potential gains may consider emerging projects like Dogeverse and Sealana, which showcase promising growth prospects. However, it's crucial to approach meme coin investments with caution and conduct thorough research before making any decisions.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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