The price of Shiba Inu (SHIB) fell significantly by 8% today to $0.0000216. This reflects a broader 4.5% decline in cryptocurrency markets over the past 24 hours. Over the past week, SHIB is down 24%, and while it has experienced a 16% drop over the past 30 days, it is still up 85% over the past year. This downward trend coincides with the first significant decline in market cap for the meme token sector since March, with tokens such as SHIB and Dogecoin being particularly affected by the recent decline in market confidence.
Nonetheless, certain meme coins are bucking the trend and showing signs of growth, especially the latest token that is having a successful pre-sale. However, SHIB remains in a medium-term decline, with indicators weak and no clear signs of an imminent recovery. Both the Relative Strength Index and the 30-day moving average continue to decline, indicating oversold territory for the token.
A recovery may take a few days, but SHIB's roughly $1 billion increase in trading volume suggests some market interest. Nonetheless, resistance and support levels continue to trend downward, requiring traders to be patient. But signs accumulating from at least one whale point to expectations of a recovery in the near future, potentially bolstered by broader market positivity.
The upcoming Bitcoin halving event could impact prices, likely leading to a short- to medium-term decline due to lower income for miners. However, as Bitcoin ETF volumes and interest rates stabilize, a steady rise is expected throughout the year, benefiting tokens like SHIB that boast strong fundamentals.
Shiba Inu Price Prediction
Despite the short-term difficulties, SHIB is poised for growth with a potential price target of $0.00004 in the coming months and $0.00006 by the end of the year.
Emerging Meme Coin: Slotthana
While SHIB remains a prominent player, Slotthana (SLOTH), a Solana-based coin, has emerged as another promising meme coin on the market. With a pre-sale of over $10 million, Slotthana has garnered significant attention and is expected to close within 13 days prior to listing on the exchange. The popularity of the coin is due to the team's successful performance on previous meme coin launches, especially the Smog (SMOG) token, which saw significant gains after pre-sale.
Slotthana's choice of memes, especially the mascot, the sloth, resonates with investors seeking financial freedom from traditional work obligations. The pre-sale of the coin provides new investors with the opportunity to participate prior to listing, which could trigger a significant increase in the coin's value.
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