The price of Shiba Inu (SHIB) has experienced a modest rise of 2% recently, bringing it to $0.00000811 as the overall digital currency market experiences a lukewarm upshift of 0.4%. However, a glance at the past week reveals a less inspiring performance, with SHIB only gaining a humble 0.1% since the beginning of the year in comparison to other major coins that have bounced back substantially.
This lackluster state of affairs follows the botched launch of Shibarium, a layer-two network associated with SHIB, which was marred by the loss of tokens and unfortunate outages. Despite these disappointments, the silver lining lies in the ensuing launch of an updated, more secure version of Shibarium, which could hold the potential for SHIB to make more gains in the near future. This is largely brought into focus by Shibarium’s progressive report and SHIB’s indicators, which suggest potential for persistent price rises in the near future.
For instance, SHIB’s relative strength index seems to have stopped its downward plummet and is stabilizing around the 40 mark. Also, the coin’s 30-day moving average is well below its 200-day average, signaling underperformance and possible significant upward corrections on the horizon. All these signs suggest that SHIB is done with the recent downfall, and is likely set to make gains in the short-to-medium term.
This positive outlook could be bolstered by the steady expansion of Shibarium, which, reportedly, already hosts more than 100,000 wallets despite being relaunched less than a day ago. The relaunched platform is expected to lure users back with its improved performance and exciting future prospects such as the migration of DEX ShibaSwap from Ethereum to the layer-two network.
However, for those seeking above-average gains promptly, SHIB’s progress towards recovery might seem slow. As such, an alternative worth considering would be presale tokens, which have been known to rally substantially upon their initial exchange listings.
One such attention-grabbing presale belongs to Sonik Coin (SONIK), an ERC-20 cryptocurrency that raised over $600,000 within a few weeks of its sale. Infusing the spirit of Sonic the Hedgehog, this playful coin is delivering to its supporters, who will play a pivotal role in sustaining its price once it is listed on trading platforms. Backed by its ambitious aim of becoming the fastest coin to reach a market cap of $100 million and decentralized tokenomics, SONIK offers a refreshing twist that might be worth considering for aspiring investors.
Please, note that digital currencies are high-risk investments that can lead to complete loss of capital. This article intends solely to inform and should not be taken as investment advice.
Source: Cryptonews
