Shiba Inu ($SHIB) has tanked over 20% in the past week as investors grow increasingly bearish on the popular meme coin.
Having lost considerable momentum since the high of August 12, $SHIB is struggling to regain bullish traction.
However, while $SHIB falters, the new meme coin Wall Street Memes ($WSM) is showcasing strength, providing a viable alternative for those looking to avoid Shiba Inu’s price swings.
It has been a challenging ten days for $SHIB holders, with the token’s value crashing nearly 30% from its local high.
$SHIB has closed in the red in eight of the last nine trading days, marking its worst run since early March.
More worryingly for investors, $SHIB’s price has easily bypassed the 20-day and 50-day Exponential Moving Averages (EMAs) to the downside – signaling that the short-term and medium-term trends have flipped bearish.
The Relative Strength Index, which measures buying and selling momentum, sits at 40, reflecting weak buying pressure.
Unless $SHIB can reclaim and hold above its moving averages, the technical picture remains decidedly negative.
Moreover, with CoinMarketCap data showing that $SHIB trading volume rose 8% in the past day, many token holders are opting to liquidate their holdings rather than withstand the storm.
Given this confluence of bearish catalysts, can Shiba Inu recover soon?
The good news for investors is that $SHIB rejected the support zone around $0.0000072 with a long wick, indicating a high volume of buy orders in the area.
Avi Lev, a prominent crypto analyst with 107,000 YouTube subscribers, uploaded a video detailing his bullish stance on $SHIB.
In this video, Lev highlighted the misinformation surrounding the technical issues associated with Shibarium’s launch, pointing out that he expects $SHIB to rebound in the near term.
This forecast aligns with information from the Shibburn Twitter account, which highlights a 465% increase in the $SHIB burn rate in the past 24 hours.
While the market’s outlook on Shiba Inu may still be bearish, these signs of optimism from key figures in the community and the increased burn rate suggest that $SHIB may be able to stage a relief rally after the recent sell-off.
Although Shiba Inu has been struggling lately, numerous other meme coins are withstanding the bearish wave and making impressive progress.
One of the standout performers has been Wall Street Memes ($WSM), now in the final stage of a highly-successful presale phase.
During this presale, Wall Street Memes has raised a staggering $26 million in funding, inching closer to its hard cap of $30.5 million.
Prospective investors have one final chance to purchase $WSM, Wall Street Memes’ native token, ahead of the token’s exchange debut – scheduled for the end of September.
Although no specific names have been mentioned, Wall Street Memes’ website notes plans to list on “multiple” Tier-1 exchanges, adding to investors’ anticipation.
Additionally, the recent launch of Wall Street Memes’ staking protocol has boosted engagement, offering a compelling feature that could enhance $WSM’s growth prospects following its open market debut.
An array of high-profile influencers, including Satoshi Stacker, who boasts over 282,000 YouTube subscribers, are taking note of $WSM, speculating that it could be the “next meme coin to take off.”
With Wall Street Memes’ Telegram community growing to nearly 20,000 people and the presale momentum showing no signs of slowing, the enthusiasm around $WSM appears well-founded – positioning it for a strong launch in the coming month.
Another meme coin that’s performing admirably while Shiba Inu struggles is Sonik Coin ($SONIK).
Sonik Coin has raised over $300,000 in its public presale phase so far, which allows early backers to purchase $SONIK tokens for just $0.000014.
Once the presale’s hard cap of $2 million has been hit, $SONIK will be listed on Uniswap– the world’s largest DEX by daily trading volume.
Beyond viral meme appeal, Sonik Coin sets itself apart from its peers through an innovative staking protocol allowing $SONIK holders to lock up their tokens and earn passive income.
According to Sonik Coin’s staking dashboard, the current yield on offer is 208% per year – with over 11.5 billion $SONIK tokens already staked.
Looking ahead, Sonik Coin’s whitepaper notes plans to continue building the $SONIK community and hit a $100 million market cap.
Although ambitious, these plans look increasingly achievable given the project’s early traction and real-world utility – positioning $SONIK as a token to watch closely in the weeks ahead.
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