The spotlight in the crypto market is firmly on Shiba Inu, with investors expecting strong volatility in light of the imminent Shibarium launch. So far, $SHIB has disappointed the bulls as it has plummeted 3% over the past day.
The past week’s meme coin rally has come to an absolute halt as other top tokens like Dogecoin, Pepe, and Bone ShibaSwap are also seeing a strong depreciation.
However, on-chain data suggests that the recent bearishness in $SHIB can be attributed to a sell-off from the bankrupt crypto platform Voyager and the token can soon see another bullish resurgence.
The continued support from Tier-1 exchanges like Binance and Crypto.com can also provide fresh legs to a Shiba Inu rally.
Meanwhile, newly-launched Sonik Coin has begun turning heads in the meme coin market, while Wall Street Memes token continues to gain strong traction and is emerging as an alternative to Shiba Inu.
Shiba Inu Slides Despite Upcoming Shibarium Launch
After experiencing a remarkable 22% bull rally, Shiba Inu is now facing significant bearish forces, as it has incurred the most substantial losses of any top 20 crypto assets in the past day.
$SHIB has plunged just over 3% in the past 24 hours and is now below the $0.000010 price level. Its market capitalization has also fallen below the $6 Billion mark, highlighting the bearish momentum.
TradingView, a technical analysis platform, gives a Sell signal to the token in the daily time frame, which further deteriorates to a Strong Sell when considering only the moving average indicators.
The on-chain data from Lookonchain reveals that the SHIB’s bearish trajectory over the past few days could be a result of a sell-off originating from Voyager. The bankrupt crypto exchange has sold $14.4 million worth of Shiba Inu tokens over the past 7 days in an effort to return client funds.
The good news for the bulls is that Voyager does not have any substantial amount of $SHIB tokens remaining. Thus, experts remain bullish on Shiba Inu’s short-term prospects, with crypto trader Andrew Griffiths believing that the recent correction has, in fact, presented excellent buying opportunities.
Popular crypto analyst @army_shiba believes that if the meme coin could target and hold the $0.0000108 price mark, it could see a strong surge of whale interest, resulting in another strong pump.
$SHIB investors would hope that a successful Shibarium launch can kickstart another bullish wave.
Major exchanges are also jumping on the Shibarium bandwagon. Crypto.com announced yesterday that it has listed $LEASH, another token from the Shiba Inu ecosystem, on its platform. Binance also gave a major boost to $SHIB when it approved it as a collateral asset and increased its OTC trading limit.
Sonik Coin Presale Kicks Off with Discounted Entry Price & Low Hard Cap – Could it be a Shiba Inu Alternative?
Although Shiba Inu dominates the headlines, it’s not the only coin attracting attention from meme coin investors.
Sonik Coin ($SONIK) is a new meme token that has just launched its public presale phase, allowing early investors to get involved at just $0.000014 per token.
$SONIK’s creators have allocated 50% of the total token supply to the presale, with the hard cap set at just over $2 million.
Additionally, the creators have set aside 10% of the token supply to provide DEX liquidity post-launch – a strategy designed to minimize slippage and price volatility.
As its name implies, Sonik Coin is inspired by the popular video game character Sonic the Hedgehog, featuring meme-friendly branding that looks set to capture the interest of investors.
However, it’s not just $SONIK’s branding playing into the token’s value – the creators have also implemented a staking protocol and set aside 40% of the total token supply for rewards.
According to Sonik Coin’s website, the current APY on offer is a whopping 3,392%, although this is expected to decrease as more holders stake their $SONIK.
While $SHIB continues experiencing volatility, Sonik Coin’s fair presale structure and staking incentives make it one to watch as the meme coin market continues evolving.
Wall Street Memes Also Bullish as Token Nears $24 Million in Presale, Experts Expect A 10x Surge
Another meme coin that generated headlines is Wall Street Memes, as its presale continues to generate tremendous hype and excitement. The token has now breached the $24 million mark in less than 3 months.
Experts believe that the token will continue its explosive growth even after its launch, with popular YouTubers like Crypto Dose calling it the next 10x meme coin.
The bullish price action would not be surprising as the meme coin is already catching the eyes of big-money investors. One whale recently purchased 460 ETH worth of $WSM tokens, making a total cumulative investment of over $1 million.
The Wall Street Memes token continues to receive promising backing from its community, in part due to its strong association with the Wall Street Bets Reddit group that led the ground-breaking GameStop bull run in 2021.
The Wall Street Memes group has since become the trendiest online trading community, boasting a million-strong internet army and farming 40 million impressions monthly across its social media. Even Elon Musk enjoys its edgy and on-point humour.
$WSM is aiming for a $1 billion market capitalization after its launch. After all, the developer team behind the token has a strong track record of building successful Web3 projects – its Wall St Bulls NFT collection sold out in just 32 minutes.
Investors can purchase the token through bank cards by swapping ETH, USDT or BNB in exchange for it.
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