The meme coin sector is recovering after a crash in early Might, however one prime meme coin, Shiba Inu (SHIB), is just not performing properly over the previous few weeks.
In reality, SHIB’s worth is up solely 2% this week, whereas different distinguished meme cash like Pepecoin (PEPE), dogwifhat (WIF), and BOME have produced returns of 10% or extra throughout the identical interval.
Shiba Inu Worth Prediction – Is This a Meme Coin to Keep away from?
SHIB worth is buying and selling round $0.000023 at press time, up a modest 2% within the final 7 days. This underwhelming efficiency may probably be attributed to lackluster metrics on Shibarium, the Layer-2 resolution for SHIB.
There are solely 9 deployed contracts as we speak, and the variety of energetic accounts is constantly decrease than 1,500 in Might, with a median of round 100 new accounts created each day, and a few days seeing fewer than 50 new accounts. Final month, Shibarium produced over 25,000 new accounts on some days.
Additionally, Shibarium had fewer than 10,000 new transactions every day all through the month thus far. This can be a stark distinction from the higher exercise witnessed in April, when Shibarium skilled days with over 900,000 new transactions. So, these low Shibarium metrics may negatively impression SHIB’s worth motion.
Technically, the MACD line is beneath the MACD sign line, indicating bearish momentum. Moreover, the Relative Energy Index (RSI) on the each day chart is presently at 27, suggesting oversold situations. Nonetheless, this might additionally sign a possible reversal if Shiba Inu token consumers step in.
Given SHIB’s sluggish efficiency, holders could think about exploring different alternatives inside the meme coin sector in the event that they search greater returns. SHIB’s worth trajectory doesn’t look promising for the time being.
Pepecoin Whale Accumulates as PEPE Worth Pumps
Alternatively, PEPE token has seen 11% achieve this week, buying and selling round $0.0000086 at press time. PEPE is not removed from its all-time excessive set in March, round $0.00001.
Well-liked crypto analyst Chilly Blooded Shiller, boasting a formidable 274,000 followers on the social media platform X (previously Twitter), shared his bullish outlook on PEPE.
Based on Shiller, PEPE’s market construction stays easy and strong, positioning it as one of many strongest performers within the greater time frames. Shiller steered that PEPE’s rapid goal is to take care of its current upward momentum after which problem its all-time excessive zone.
Nonetheless quite simple on the $PEPE aspect.
One of many strongest markets on the HTF. Seeking to attempt to maintain this flip after which it is the problem to the ATH zone.
Some superb ranges for recent set ups alongside the best way as properly. https://t.co/O1L0OWJ20c pic.twitter.com/CEEk2qCHCs
— Chilly Blooded Shiller (@ColdBloodShill) Might 9, 2024
Additionally, he famous that there are a number of favorable ranges alongside the best way that might current recent entry alternatives for merchants (something round $0.000008 degree based mostly on his chart) and traders searching for to capitalize on PEPE’s potential.
Moreover, on-chain information from SpotOnChain revealed {that a} recent pockets (0x4f0) withdrew 357.34 billion PEPE ($2.91 million) from Binance at $0.00000815 yesterday. Notably, moreover PEPE, the pockets has solely withdrawn 3.32 ETH ($9,906) from Binance for fuel charges, indicating an accumulation of PEPE meme coin.
With an RSI of fifty on the each day chart, PEPE’s worth seems to be in higher form than SHIB for the time being, probably attracting extra investor curiosity.
High Meme Cash to Purchase Now in Might
99Bitcoins, a well-liked cryptocurrency platform with a media outlet and a YouTube channel boasting over 700,000 subscribers, shared a video as we speak highlighting their prime meme coin picks for Might, aimed toward capturing vital positive aspects.
One notable point out is Dogeverse, a presale gem that has already raised over $13 million in lower than 30 days, regardless of not being launched but. Designed as a multichain token, Dogeverse will likely be accessible on Ethereum, Binance, Polygon, Avalanche, Base and Solana, that includes superior bridge know-how for seamless multi-chain transitions.
With a stable roadmap, nice tokenomics, and staking alternatives providing a 69% APY, Dogeverse has progress potential, making it a meme coin to observe intently.
One other mission price mentioning is Sealana, a brand new Solana meme coin that has raised over $360,000 in its crypto presale thus far. Sealana includes a seal-themed mascot impressed by American cartoon tradition, embodying a humorous tackle the crypto and Web3 scene.
The token, represented by the image $SEAL, introduces Sealana the seal dealer, a marine mammal residing in his mother’s basement, consuming snacks and canned tuna whereas actively buying and selling within the Solana-based meme coin market. 1 SOL is equating to six,900 $SEAL at press time.
Because the meme coin frenzy continues, traders may probably maintain an in depth eye on initiatives like Pepecoin, Dogeverse, and Sealana, which all have potential for positive aspects within the upcoming weeks.
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