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Shiba Inu (SHIB) price is down almost 50% from the $0.00001575 high recorded on February 4. The high came after a 100% rally that started on December 29 as investors fled to meme coins. Possibly, they were buying the dip after the FTX contagion swept the market. At the time, meme coins were the preferred choice, with SHIB’s industry peer, Dogecoin (DOGE), rallying 50%.
Nevertheless, Shiba Inu price continues to trade with a bearish bias as bears lead the market horizontally. Seemingly, the token burns are not achieving the expected result. This is plausible considering the meme coin has recorded massive losses since the onset of 2023. Moreover, the Shibburn tracking service indicates that the network burned 13,800784 million SHIB tokens in the last 24 hours. This was in two transactions, whiplashing 11,405,359 and 2,395,425 tokens, respectively. In the last week, 3,913,261,2416 SHIB tokens were burned.
HOURLY SHIB UPDATE$SHIB Price: $0.0000085 (1hr -0.08% ▼ | 24hr -0.33% ▼ )Market Cap: $5,006,325,037 (-0.36% ▼)Total Supply: 589,351,366,872,821
TOKENS BURNTPast 24Hrs: 13,800,784 (0% ▲)Past 7 Days: 3,913,261,246 (-40.72% ▼)
— Shibburn (@shibburn) June 1, 2023
In a different but related news, the Shibarium ecosystem scored another watershed moment recently with the beta test version of its Layer-2 network. Data from Puppyscan indicates that the number of wallet users connected to Puppynet is above the 16 million market level. This records an outstanding 16,491,548 at the time of writing. With these numbers, cumulative transactions are now at 15,320,954.
The stunning statistics are a testament to the commitment made by Shibarium creators to the SHIB Army. Reportedly, they promised, “to implement incredibly low fees and expedited transactions on the Layer-2 network.” This explains why the number of wallets joining the Shibarium beta continues to grow.
Nevertheless, the above bullish stats are not reflected in Shiba Inu price.
Shiba Inu Network Fundamentals Weighing Down On SHIB
Shiba Inu (SHIB) price is suffering the brunt of negative network developments. For starters, community conflicts continue to affect SHIB Token’s official Discord was paused on May 30, citing community conflicts. Reportedly, Shiba Inu’s fast food chain Welly’s Burger sent 37 Ethereum (ETH) to the SHIB Army. However, Trophias, a well-known controversial member of the SHIB Defense Breed, intercepted the funds.
The time-hallowed conflicts continue to affect Shiba Inu price, suppressing SHIB to its three-month low at around $0.00000848 at the time of writing. An increase in selling pressure beyond the current price level could see the meme coin make a 5% drop down to the support floor at $0.00000781 or, in the extreme case, extend lower to collect sell-side liquidity below that level.
This bearish outlook is supported by the Relative Strength Index (RSI) outlook. Its southward bend indicated bulls exiting the market. Moreover, based on the direction the RSI was heading, it would soon cross below the signal line (yellow band), a move often interpreted as a sell signal.
If traders heed this call, Shiba Inu price could head lower, potentially creating a lower low and, ultimately, a new all-time low.
The Awesome Oscillators (AO) were also in the negative zone, which suggests that the bears had the upper hand.
Shiba Inu Price Flipside
Conversely, the position of the RSI within the 30 range hinted at a looming pullback, as SHIB was oversold. An influx of buyers and a growing buyer momentum could see the Shiba Inu price recover. In such a case, the meme coin could break above the dominating downtrend line at $0.00000900, clearing the path for further gains.
Northbound, Shiba Inu price could ascend above the 50-, 100-, and 200-day Exponential Moving Averages (EMA) at $0.00000919, $0.00000998, and $0.00001064, respectively. In a highly bullish case, SHIB could tag the $0.00001161 resistance level, flipping it into support and using it as the jumping-off point to board above the $0.00001375 resistance level. A decisive move above this level could see the meme coin continue the January rally.
This postulation, though a distant possibility considering the current gloom in the market, draws support from the Awesome Oscillators, which were soaked deep in green and inching closer to the midline. This suggests that bulls were putting in the work.
SHIB Alternative
Meme enthusiasts and every other trader, for that matter, should consider WSM, the ticker for the Wall Street Memes ecosystem. It is a new cryptocurrency initiative that debuted on May 25 with a stunning raise of $100,000 in its presale barely minutes after launch. Boasting upwards of a thousand followers across all social media outlets, the Wall Street Memes project has shown to have tremendous community support and potential.
Notably, the Wall Street Memes ecosystem has availed a total of two billion WSM tokens for use, alongside a presale of 1 billion tokens. This represents half of the total supply available to the community for a 30-stage auction. It is worth mentioning that there will be significant rises in the prices set at every stage.
Introducing $WSM – yep, we’ve gone and done it.The community token that’s flipping the Wall Street Memes game upside down! 🐂
We have 50% of the #Token supply up for grabs in the #Presale and 30% set aside for rewarding our community.🔥
Let’s make some serious waves together,… pic.twitter.com/fH2TMGmglZ
— Wall Street Memes (@wallstmemes) May 27, 2023
Further, the Wall Street Memes targets an ERC-20 token WSM hard cap of $30,577,000. Remarkably, despite there being no promotion whatsoever, almost $100,000 rushed into the new coin in just the first few hours. Based on this record of accomplishment, the first stage (costing $500,000) will come to a close.
The project will reward early entrants with record gains of about 35%, meaning investors must act now and buy WSM. Based on the project whitepaper, the remaining tokens will be shared across the community in a short while, eliminating the possibility of a rug pull.
Moreover, no insider trading will be allowed as the tokenomics provide an open and honest representation of the distribution of the remaining 50% of the overall quantity. In the medium term, 30% of these tokens will be distributed as community awards, while the remaining 20% will be used to act as exchange liquidity.
Read More:
Wall Street Memes – Next Big Crypto
Early Access Presale Live Now
Established Community of Stocks & Crypto Traders
Featured on BeInCrypto, Bitcoinist, Yahoo Finance
Rated Best Crypto to Buy Now In Meme Coin Sector
Team Behind OpenSea NFT Collection – Wall St Bulls
Tweets Replied to by Elon Musk
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