The Shiba Inu (SHIB) ERC-20 token, inspired by the popular Shiba Inu dog breed, has experienced a volatile trading session recently. The token reached as high as $0.000009 but has fallen back to the $0.0000087 region, still up around 3% on the day. A possible reason for this rebound could be large buyers making purchases – according to data from IntoTheBlock, more than 21.5 trillion SHIB tokens were purchased by whales last week.
However, caution should be exercised by investors, as the SHIB price has been rejected from retesting its 21-day moving average multiple times over the past month. This could imply a continued downtrend, which has seen the token decline approximately 13% this month. In addition, SHIB faces significant technical selling pressure, following a recent “death cross” event, where the 50-day moving average crossed below the 200-day moving average.
Although the potential for SHIB to reach $1 per token is highly improbable, with the required market capitalization of $590 trillion surpassing the combined value of the entire world’s stock and real estate markets, the token’s supply is indeed being burned. However, with only 10.67 million tokens burned in the past 24 hours, this is insufficient to make a significant impact.
Given Shiba Inu’s bearish technical setup and limited prospects for exponential gains, investors looking for near-term upside might want to explore alternative low market cap or presale crypto projects. One potential option is AiDoge (AI), an AI-driven meme-generating tool and social media platform. The project aims to provide users with a platform for creating and sharing memes utilizing generative AI technology. AiDoge has already raised $11.6 million through its public presale of native $AI tokens.
Another interesting project is Love Hate Inu (LHINU), a meme coin that powers a blockchain-based social media polling platform. After a successful launch on major cryptocurrency exchange OKX, the token has experienced significant price fluctuations. The platform allows users to voice their opinions about controversial figures, making it a potential viral combination of meme coins and current affairs.
Finally, the Copium Token (COPIUM) could also be worth considering, as it recently saw a dramatic price rally following news of a 30% token supply burn. The token currently trades above $0.006, with more than 2,500 holders. In addition to its token and NFT airdrop competition, Copium’s humorous take on the experiences of crypto traders coping with losses could make it a big hit.
Source: Cryptonews
