Contrary to circulating apprehensions, Shiba Inu (SHIB) experienced an impressive 6.5% hike, even as rumors about the largest SHIB holding wallet going for a possible sell-off of its tokens gained momentum. Ignoring this potential storm, SHIB outperformed, breaking its downtrend since mid-April, surpassing its 21 and 50-Day Moving Averages (DMAs).
Aiding this bullish surge, factors like a recent ruling that XRP is not a security seemed to have bolstered the overall crypto market. With this uptick, the SHIB army can anticipate retests of resistance in the $0.0000097 area, and potentially soar to $0.00001, if the momentum persists. However, one can not discard the lurking possibility of increased selling pressure induced by the largest SHIB whale.
Fascinatingly, Shiba Inu’s ongoing development also shows promising signs for its supporters. With the live public beta version of the project’s Ethereum layer-2 scaling solution Shibarium, the Shiba Inu universe could see a decrease in transaction fees and speedier transaction times. This would also open doors for innovative, new Shiba Inu-related projects. In conjunction with this, platforms like the ShibaSwap Decentralized Exchange (DEX) and the Ethereum blockchain-issued NFT collection, SHIBOSHIS, contribute to the increasing utility of the ecosystem.
It seems like now might be an advantageous time to accumulate SHIB tokens, if one assumes the positive trajectory of its future ecosystem. But let’s not forget, with its promising outlook SHIB still remains a high-risk endeavour.
For adventurous crypto enthusiasts who thrive on such risks and seek potential exponential opportunities, smaller-cap meme coins may be worth the gamble. Wall Street Memes (WSM) has seen remarkable growth. A community boasting over 1 million members, the $WSM token has garnered a whopping $14.5 million through its presale alone.
Analysts believe its community strength could propel the $WSM token to be listed on top-tier crypto exchanges like Binance. With profitable ecosystem airdrops as part of its strategy, Wall Street Memes could be a buzzing token to jump on, for those willing to ride the high-risk wave of crypto flows.
However, remember, crypto investments are high-stakes games. They can be profitable but come with a substantial chance of losing all your capital, and are not to be confused with investment advice. Happy crypto exploring!
Source: Cryptonews
