The Shiba Inu ($SHIB) price has dropped 9% from Thursday’s high, with the token trading around the $0.00000765 level.
$SHIB’s sharp drop has led to questions about the token’s future – with many wondering whether its price potential is dead in the water.
In other news, the Wall Street Memes ($WSM) presale has now raked in an incredible $11 million, reflecting investors’ appetite for community-backed meme coins.
A Week of Volatility Prompts Caution from $SHIB Holders
It’s been a whirlwind week for Shiba Inu holders, given the coin’s extreme level of volatility.
Price soared early last week, breezing through the 20-day Exponential Moving Average (EMA) on the daily price chart and hitting a high of $0.00000846.
Unfortunately, $SHIB could not breach the 50-day EMA – and immediately rejected the indicator, prompting a sharp drop in value.
Price is now stuck between the 20-day and 50-day EMAs, with no clear directional bias presenting itself.
The price stagnation over the past three days has led to a sense of unease among the investor base, given Shiba Inu’s history of capitulation.
Market sentiment has turned cautious, with $SHIB holders hoping for a catalyst to swing the token’s price in either direction.
Shibarium Development Provides Beacon of Hope for Shiba Inu
Amid this uncertainty, many meme coin enthusiasts are deliberating whether the ongoing volatility is the “new normal” for Shiba Inu.
However, crypto influencer Myles G, who has an audience of nearly 150,000 on YouTube, released a video detailing his short-term optimism – referencing the recent development updates for Shibarium.
Shibarium is an upcoming layer-2 network for the Shiba Inu ecosystem that will be built on the Ethereum blockchain.
This layer-2 network is expected to go live later this year and aims to expand the Shiba Inu ecosystem to include decentralized finance (DeFi) apps, metaverse worlds, and blockchain-based games.
Shiba Inu’s developers are simultaneously working on a service called “Shibacals” that will be used to link real-world assets (like artwork) to NFTs – thereby helping prove ownership.
This ambitious development strategy has stirred excitement among $SHIB holders – many of whom are hopeful that these upgrades can add significant value to the token.
As such, although the $SHIB price has been rocky of late, the ongoing ecosystem developments suggest that there could be a bright future ahead for this popular meme coin.
Which Meme Coins Could Outpace Shiba Inu?
While the $SHIB price remains turbulent, a new entrant in the meme coin arena has attracted attention – Wall Street Memes.
This fresh-off-the-block coin has garnered massive interest from the trading community and raised a remarkable $11 million through its presale phase.
Wall Street Memes Poised to Disrupt Meme Coin Space After Raising $11m
Wall Street Memes ($WSM), the self-proclaimed champion of the “little guy,” is a meme coin currently shaking up the status quo in the crypto market.
With the viral power of crypto-based memes, Wall Street Memes aims to “tokenize” a community of over 1.1 million people by launching the $WSM token.
Importantly, Wall Street Memes’ team has already demonstrated their ability to generate demand for a viral digital asset, with their Wall St Bulls NFT collection selling out in just over half an hour in 2021.
This netted the creators a cool $2.5 million – solidifying the Wall Street Memes brand in the crypto-sphere.
Now that the Wall Street Memes team is gearing up to launch $WSM on Tier-1 crypto exchanges, many early investors speculate that the token could be primed for an exponential price increase.
Over 9,000 people have already opted to join the project’s Telegram channel, which has seen massive growth due to the presale’s early success.
The Wall Street Memes presale is currently in Stage 19 out of 30, meaning that eager investors have snapped up nearly two-thirds of the token allocation.
With $WSM available for just $0.0304, some believe this could be a golden opportunity to get in at the ground floor of a potential crypto revolution.
Visit Wall Street Memes Presale
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