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Despite the difficult phase for the memecoin market, it is still Shiba Inu (SHIB) that dominates the Ethereum (ETH) market. With more than 1.4 million users, there is a lot of speculation about the future of this major memecoin. How much can Shiba Inu become worth and which crypto memes can piggyback on it?
Shiba Inu is still the number 2 of the crypto market with a market cap of a whopping $10.2 billion. With this, it may be $7 billion behind the number 1, Dogecoin (DOGE), but it is worth a whopping twice as much as the number three of the memecoin market, Pepe Coin (PEPE).
It is therefore no surprise that the Shiba Inu is still convincingly one of the largest Etheruem memecoins.
Despite the initial lack of utility, Shiba Inu has always worked hard to expand its utility. For example, it launched its own Layer 2 ecosystem with Shibarium. This quickly proved to be a great success and has already raised over $1.6 million within this network.
In addition, this meme coin has also made several attempts to become applicable as a means of payment. Recently, news emerged that Shiba Inu is now finally available as a means of payment on Kronos. With this, it takes its first step to become a standard means of payment.
However, this good news has not yet led to the hoped-for profits.
Shiba Inu is experiencing significant bearish momentum
However, despite many attempts to further develop the ecosystem, even the number two of the meme coin market has had to accept significant losses.
Over the past week, the entire meme coin market fell, with Shiba Inu also having to accept a loss of 5.63%. Dogecoin did not fare much better over the same period, falling by 4.64%.
This difficult week has caused the SHIB price to be 33.97% less valuable than a month ago. The meme coin is still worth 59.66% more than last year.
Shiba Inu hit its all-time high of 2024 on March 4, but has since fallen by over 62%, leaving many investors wondering if this decline can stop anytime soon.
The RSI has recently dropped back towards 37, indicating an increase in selling pressure. The 30-day average of SHIB has also been below the 200-day average for weeks now. This is a sign of weak selling pressure.
SHIB RSI is decreasing – Source: TradingView
The recent decline in SHIB’s price has also caused the price to become less valuable than all of its EMAs, both short and long term.
It therefore seems that the price cannot recover in the near future without the help of external factors.
The only thing that seems to help Shiba Inu at this point is the launch of an ETH ETF. Since the SHIB token is on the Ethereum blockchain, a significant influx of new capital into Ethereum could also cause the Shiba Inu price to rise.
However, it could still be months before the first ETH ETF is launched and for that reason, more and more investors are shifting their attention to other crypto options that have more potential in the short term.
Below we describe the best altcoins of the moment.
Shiba Shootout (SHIBASHOOT) – New Mobile Game Sets in the Wild West
Shiba Shootout is described as one of the cryptos that could potentially compete with big memecoins like Shiba Inu. This project uses a hilarious design just like Shiba Inu, but unlike Shiba Inu, it manages to offer the necessary utility through its innovative Wild West game.
In the mobile game Shiba Shootout, which will soon be released on both the Apple App Store and Google Play store, users will be able to compete against each other in Shiba Showdowns. In this Wild West world, users can try to become the best Shiba Sharpshooter. Of course, these Shiba Sharpshooters will be richly rewarded. A whopping 5% of the entire token supply is reserved for Shiba Sharpshooters rewards.
Investors are also able to stake their SHIBASHOOT tokens. As much as 20% of the token supply has been set aside for this Cactus Staking system. In the case of Shiba Shootout, users will literally see their wealth grow. The larger their capital, the larger their Cactus will be. There is also Saving Saddlebags. Here, users can lock up their tokens for a longer period of time in order to qualify for even larger rewards.
The presale of Shiba Shootout is still in full swing and SHIBASHOOT tokens currently cost $0.0194 each. This price will however increase further in the next phase of the presale. Almost half a million dollars has already been raised in this presale. Tokens can be purchased via ETH, BNB, USDT and credit card.
Visit Shiba Shootout Presale
WienerAI (WAI) – Memecoin is receiving attention from both the AI crypto and memecoin communities
WienerAI is a unique new memecoin that is relevant to both the AI crypto and the memecoin community. This memecoin is designed by a hilarious wiener dog. In the case of WienerAI, this wiener dog also serves as an AI trading bot.
WienerAI’s AI trading bot allows users to ask questions related to the crypto market. Through these questions, they can try to gain an advantage over the rest of the crypto market. The advice gained can also be applied immediately as users are also able to buy and sell tokens through this trading bot.
The AI trading bot is not the only way for users to realize potential profits. Users are also able to lock up the WAI token for attractive rewards. Although the presale is still in full swing, this is already possible. More than 6 billion tokens have already been locked up for a current APY of no less than 163%.
The WienerAI presale also quickly proved to be a great success. This presale has already managed to raise almost $7 million in early investments. WAI tokens currently cost $0.000725 each, but will continue to increase in the next phase of the presale. Tokens can be purchased via ETH, BNB, USDT and credit card.
Visit WienerAI Presale
Base Dawgz (DAWGZ) – New Memecoin Launches Borderless Decentralized World
Base Dawgz is a new memecoin project that is working on launching a decentralized world without borders. This idea was inspired by base jumping. The freedom that comes with base jumping is what the team behind this project wanted to translate to the blockchain. By creating a decentralized world, they want to realize this freedom.
Base Dawgz is leading a new generation of memecoins that are not just being developed as a joke, but actually have real utility. In the case of Base Dawgz, users are able to easily move their tokens across multiple blockchains. To realize this multi-chain functionality, the native DAWGZ token is available on the ETH, SOL, BNB, and AVAX blockchains in addition to the BASE blockchain.
With Base Dawgz, users can count on a project that is fair, secure, and transparent. The project has been fully audited by SolidProof. At the same time, there is transparent tokenomics. 20% of the total token supply of 8.453 billion tokens is available during the presale, while 20% of the token supply is reserved for staking rewards. 20% of the supply is reserved for liquidity, while 15% is reserved for both DAWGZ rewards and marketing. The remaining token supply is set aside for listings.
The Base Dawgz presale raised over $1 million in its first week. The Base Dawgz project has now raised over $2.3 million in early investment. Tokens are currently priced at $0.00581 each for a few days, but will continue to rise in the next phase of the presale. Tokens are available for purchase in BASE, ETH, BNB, SOL, and AVAX.
Visit Base Dawgz Presale
Disclaimer: This is a paid article, from a third party. Cryptocurrencies are a highly volatile and unregulated investment. Readers should do their own research before taking any action regarding the promoted company or any of its mentioned businesses or services. CryptoBenelux is not responsible, directly or indirectly, for any damage or loss caused by or in connection with reliance on any goods, services or content mentioned in the press release.
Source: https://cryptobenelux.com/2024/07/04/shib-domineert-ethereum-memecoins-hoeveel-kan-shiba-inu-waard-worden-en-welke-crypto-memes-liften-mee/
