Today, there is a contradictory situation in the market. The fact is that the vast majority of cryptocurrencies show a gradual decline in price. This applies both to the main coins by market capitalization (BTC and ETH) and large memcoins (DOGE and SHIB). According to the information portal CoinMarketCap, Dogecoin has lost up to 10% of its previous price over the last week, while Shiba Inu has dropped by 15%.
Some experts expect that the relaunch of the Shibarium project will have a positive impact on the price of SHIB. They also hope that Dogecoin will be able to show long-term growth in the future after Ilon Musk’s new tweet. Meanwhile, investors are increasingly opting in favor of the new Sonik project, which is currently on pre-sale and is independent of market sentiment.
Sonik – a new meme coin for passive income
The launch of a new memcoin came in mid-August, which instantly attracted the attention of potential investors. Sonik was inspired by a character from a famous TV series who has the ability to move very quickly. That’s why the project should “super-fast achieve a market capitalization of $100 million.” At the pre-sale it is in high demand: the amount of investment exceeds $600 thousand. Given that the pre-sale will have only one stage, the value of the asset will remain unchanged -$0.000014.
The entire Sonik project ecosystem is built on several key mechanisms. First, is Long Term Staking, which allows for passive income by storing coins. Secondly, it is Staking Utility, which also provides an opportunity to earn cryptocurrency. In this case, users only need to lock their assets for a week or more.
The tokenomics of the project inspires confidence in potential investors due to its transparency. The developers refused to hold a closed sale for insiders and instead provide users with open access to almost 300 billion coins. Thus, 50% of the tokens can be purchased now in the presale, and 10% after they appear on cryptocurrency exchanges.
Like all other memcoins, the development of Sonik directly depends on the support of the community. That’s why the team aims to attract as many potential investors as possible. This will help it achieve a market capitalization of $100 million and gain a foothold in the market.
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It is also important to note that the project has only one pre-sale stage. This decision is intended to accelerate the asset’s upcoming entry to the DEX listings.
Investors can purchase $SONIK within the framework of the presale. The value of the coin in this case does not exceed $0.000014.
Pros:
- The project is accessible to novice investors and has a large supply.
- Opportunity to earn passive profit thanks to steaking.
- Annual income can increase by 460%.
DOGE and SHIB forecast for September
The collapse of the digital currency market has affected all projects that are not on pre-sale. Major memcoins Shiba Inu and Dogecoin, unfortunately, did not become an exception. At the same time, even the launch of Shibarium and the potential transition to Proof-of-Stake did not have a positive impact on their prices.
Sources say that most Dogecoin holders have suffered losses due to the massive drop of cryptocurrencies in the market. Plus, many experts believe that this decline in the price of DOGE indicates an upcoming bearish trend. Also, the daily MACD (convergence/divergence of moving averages) shows a downward movement. If the situation does not change, the losses could reach the 56% mark.
However, it should be noted that on August 23, the coin showed a slight growth of 0.98%. Now it is worth $0.06333. Most likely, this is due to the post that Ilon Musk published in his X account (former Twitter).
In the same month, the famous entrepreneur again asked a New York court to dismiss the Dogecoin insider trading lawsuit. The fact is that Musk is accused of manipulating the market with the popular memcoin. There is a possibility that this trial also has an impact on the development of the coin.
According to experts, at the moment the price of DOGE also depends on its possible transition to Proof-of-Stake. On August 20, social network user @mishaboar left a negative comment on such a decision. The leading developer of the project is sure that the transition to PoS will cause a power imbalance and strengthen the control of exchanges.
Nevertheless, the asset is unlikely to show impressive growth in September. Analysts predict that the coin will continue to decline. On September 2, 2023, it may fall by almost 4% to reach $0.058410. In the middle of the month, it may fall by 12% to the level of $0.055591. At the same time, at the end of September the coin may fall in price to $0.055541.
Shiba Inu is another major memcoin that is also experiencing a decline this summer. Over the past seven days, the token has lost almost 10% of its price and is now trading at $0.000008331.
Despite all the predictions, the launch of Shibarium has not met the expectations of both community members and analysts. Moreover, the number of transactions with SHIB cryptocurrency started to decline rapidly. In the first half of the month, users conducted about 12 thousand transactions, and a few weeks later this number dropped to 5.6 thousand.
However, there is still a chance that the situation will change for the better. According to the IntoTheBlock portal, traders continue to place orders to buy this digital asset. For example, recently there have been announcements about buying 1.9 trillion and selling 1.2 trillion Shiba Inu coins.
Experts agree that a more successful relaunch of Shibarium could push the price of SHIB to new heights. It is quite possible that due to this, the asset will reach the $0.000011 mark.
In case the “bulls” continue to publish bids to buy and sell coins, the asset may start moving towards $0.000014. It is important to note that it needs to overcome the resistance level of $0.000011 before doing so.
The SHIB forecast for September 2023 shows that at the beginning of the month the price of the coin will be $0.0000085. In a few weeks it may reach $0.0000769. At the same time, the asset is likely to reach $0.00000833 by the end of the month.
Completion
There is every reason to believe that the collapse of the cryptocurrency market will continue in the near future. Major coins and memcoins will continue to fall in value under pressure from regulators and community participants.
Shiba Inu and Dogecoin will also continue their gradual decline until some big market event impacts them. Experts note that in the case of SHIB, it could be the relaunch of Shibarium in order to attract more potential investors. That said, DOGE could rise in price again if Ilon Musk continues to mention the asset on social media.
Until then, however, experts suggest paying attention to those projects that are on pre-sale. For example, Sonik is currently trading at a favorable price of $0.000014 and is not negatively affected by the market.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
