The Shiba Inu ($SHIB) price is rebounding, with the token rising over the last week.
Following two bearish daily closes in a row, $SHIB is now exhibiting upwards momentum, prompting traders to reconsider their sentiment towards the token.
Meanwhile, fellow meme coins Wall Street Memes ($WSM) and Thug Life ($THUG) are also making waves as their respective presale phases continue to gather momentum.
Shiba Inu on Cusp of Rally as Trader Optimism Spikes
At the time of writing, $SHIB is trading around the $0.00000757 level, rebounding aggressively from the nearby support level at $0.00000735.
This rebound has provided the fuel needed for a possible rally, boosting investor optimism in $SHIB.
Price has also respected the rising trendline on the 4H time frame, which has been in play since June 28.
$SHIB has rejected this trendline three times in the past fortnight – indicating a firm support base for upward movement.
These recurring rejections indicate that crypto investors are “buying the dip,” hinting that Shiba Inu could have the potential for sustained momentum if it continues to hold above this crucial trendline.
Further adding to the bullish hypothesis, price is attempting to break through the 20-day and 50-day Exponential Moving Averages (EMAs) on the 4H chart, which would signal a dramatic shift in market sentiment.
This sentiment shift may already be occurring CoinGecko community analysis states that more than 66% of users are “feeling good” about $SHIB today.
$SHIB Price Boosted By Token Burns & Shibarium Excitement
Several factors are playing into Shiba Inu’s resilience and impressive price rebound.
Firstly, as noted by the Shibburn Twitter account, over 64.8 million $SHIB tokens were burned in the past 24 hours.
This represents a 362% increase from the previous day – indicating a significant reduction in supply that may be contributing to the bullish price movements.
Secondly, the main Shiba Inu News Twitter account, which boasts over 331,000 followers, tweeted that the lead $SHIB developer Shytoshi Kusama is dropping hints that the long-awaited Shibarium network will launch next month.
Shibarium is a Layer-2 blockchain network being built for the Shiba Inu ecosystem on top of the Ethereum blockchain.
This network promises to offer faster and cheaper $SHIB transactions, along with improved scalability – helping the Shiba Inu ecosystem grow and thrive.
Overall, the ongoing token burns and exciting Shibarium developments paint a promising picture for $SHIB in the short-to-medium term.
Which Other Meme Coins Look Primed for Growth?
As Shiba Inu gears up for a bullish phase, other meme coins are also presenting interesting growth opportunities.
Wall Street Memes and Thug Life are two such coins, both experiencing huge momentum in their respective presale phases.
Wall Street Memes Could Be the Next Meme Coin King After Raising $12.8m
Wall Street Memes ($WSM) has been gaining significant attention as it capitalizes on the cultural impact of internet memes within the crypto community.
The concept behind Wall Street Memes revolves around merging the world of finance with meme culture, which has proven to be a winning combination in recent years.
During the project’s ongoing presale phase, Wall Street Memes has managed to raise $12.8 million, showcasing the strong interest of early adopters.
The token’s appealing tokenomics, which sees large portions of the supply dedicated to marketing and community rewards, adds to its allure and highlights the developers’ focus on long-term sustainability.
This approach has been a huge hit with early investors, given that the Wall Street Memes telegram channel has grown to over 11,000 members.
Moreover, high-profile influencers are beginning to take note. Crypto Mario, who has nearly 500,000 subscribers, released a video claiming that $WSM could be the “next leader of meme coins.”
Endorsements like this have undoubtedly helped increase the buzz around Wall Street Memes, which has now reached fever pitch.
With the ongoing presale now in Stage 21 out of 30, over two-thirds of the token allocation has already been snapped up – meaning investors only have a limited time left to acquire $WSM at a discounted rate before its exchange listings.
Thug Life Rides Meme Coin Wave with Ambitious Roadmap & Nears $500,000 Milestone
Thug Life ($THUG) is another meme coin currently making waves in the crypto scene.
Inspired by the popular “Thug Life” meme, the $THUG token has managed to capture the interest of retail traders worldwide.
The token’s ongoing presale has been highly successful, with over $480,000 raised in just one week.
Thug Life’s presale is unique in the sense that 70% of the token supply is reserved for early investors.
This strategy ensures that the community, not the developers, controls most of the token supply.
Adding to the excitement is Thug Life’s branding, which features the globally recognized persona of Snoop Dogg.
While there is no direct connection between Snoop and Thug Life, the fact that the well-known rapper is familiar with the crypto market suggests that there may be opportunities for future collaborations.
With Thug Life’s roadmap already laying out plans for CEX listings, token burns, and a $100 million market cap, the project looks set for success in the months ahead.
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