The trading value of Shiba Inu (SHIB) has experienced a burdensome drop today, with a modest 0.4% decline noted. This places it at a dismayingly low $0.00000722. Specifically, over the past week and the past 30 days, verifiable losses of 2% and 9% respectively have been recorded. More disappointing still is the 10.5% depreciation since the outset of this year. Observers may be discouraged by these figures, especially following the introduction of the layer-two network, Shibarium, which failed to stimulate expected upward performance.
However, some may argue that this decrease in the meme token’s value is primarily due to overarching market pessimism. A glimpse of positivity could be just what SHIB needs to initiate a rally, especially given its oversold state in recent times. The chance of an eventual reversal may even be more likely because of this dip.
In terms of market indicators, the 30-day moving average for the coin has remained way below the 200-day average for some time now. A strong indication that the token has been undervalued hence sold at a hefty discount. Another worth mentioning metric, SHIB’s relative strength index, has persisted below 50 since mid-August, which may portend an upcoming rebound.
The lows in the short-term can’t overshadow prospects for a repricing upwards in the medium and long-term. The introduction of the Shibarium network at the end of last August was a successful move. It’s no minor achievement that the network has accommodated over 3.1 million transactions since its inception, all of which has increased usage for the new network.
While SHIB seems to be struggling in the current market, others, like Meme Kombat (MK), are garnering commendable attention. The ERC-20 token is playing off the popularity of memes and betting on AI-generated battles between them. Its presale is said to be one of the most anticipated, promising notable potential for quick, above-average gains.
MK offers bona fide utility with its staking feature that provides a passive income to holders while enabling them to place larger bets. The token price, standing at $1.667 during the sale, may soon ratchet up due to its limited supply and novel functionalities. As SHIB navigates the choppy waters, it may be a good time to explore potential budding eras in the crypto world. However, one should not overlook the high-risk nature of this asset class and conduct their own research before jumping in.
Source: Cryptonews
