For the first time since May 2023, the price of Shiba Inu was able to overcome the threshold of $0.0000098. After that, according to CoinMarketCap data, the price dropped to $0.0000091, but soon regained its previous positions. Experts believe that such a rebound occurred due to the statement of Binance representatives that the token can now be used as a collateral asset to pay for cryptocurrency loans.
At the same time, the excitement around Shibarium began to subside. This led to a decrease in the trading volume of the coin by almost 66%. At the time of writing, it amounts to $245.6 million. Other meme coins have also appeared on the market, which are attracting the attention of investors.
New meme coins with the potential for rapid growth
Experts highlight two tokens. Here they are:
- Wall Street Memes – a memcoin with a unique concept and a million subscribers. It is actively bought by whales.
- Sonik – a new meme cryptocurrency with a steaking function. It is predicted to grow rapidly.
Wall Street Memes
Wall Street Memes is a token that went on sale at the end of spring. It represents a kind of “fight against capitalism” and helps to earn cryptocurrency. The asset has already raised more than $22.5 million and is gradually approaching the final stage of pre-sale. Right now, it can be purchased for $0.0331.
This digital asset has a very interesting history. It started with the community on Reddit, which decided to resist the hedge fund Melvin Capital. The idea was to cause a sharp increase in the shares of the GameStop chain of stores. As a result, Wall Street Bets managed to briefly raise the value of securities by 14,300%. Due to the actions of investors, the funds lost almost $7 billion, and Melvin Capital was closed.
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Another interesting event was the sale of NFT Objects – Wall Street Bulls. In just half an hour after the collection appeared on the network, $2.5 million was raised. At the same time, market participants bought more than 3 thousand unique NFTs on the Ethereum blockchain.
Now Wall Street Memes is a project with serious support from market participants. The Twitter account of the developers has almost 300,000 followers. According to experts, this can have a positive impact on the further development of the token. In addition, Ilon Musk, known for his ability to influence cryptocurrency, also paid attention to the project and noted it in his profile. As you might expect, this caused a stir around the digital currency.
The tokenomics of the project is also worth mentioning. The developers presented 2 billion coins, of which 50% are already on presale. The remaining assets will be accrued in the form of staking rewards (30%). They will become available for purchase already after the release on crypto exchanges (20%).
Right now, the $WSM token is on the 28th stage of the presale and is priced at $0.0331. By the final presale, it will rise in price to $0.0337.
Pros:
- You can get $50,000 worth of tokens for free as part of airdrop.
- Availability of an online gift store.
- Interactive, updates and unique content for early investors.
Sonik
Sonik is a new memcoin that launched as part of a pre-sale this week. It is a promising asset that supports the steaking mechanism and is very popular. This is evidenced by the pace of the presale and the amount of funds raised (more than $134 thousand in just a few days). The distinctive feature of the coin is its fixed value of $0.000014.
Sonik has a large supply volume (about 300 billion coins). The presale is transparent. The developers refused to hold the assets for themselves and insiders. Instead, they decided to provide 40% of the tokens for rewards and 10% for liquidity.
The team also has an ambitious plan to reach a market capitalization of $100 million. Experts believe that this is possible with the active support of the community and favorable market conditions.
You can buy $SONIK now for $0.000014. According to the developers’ statements, this value will not change after the asset is listed.
Pros:
- Low cost of the promising coin.
- Staking mechanism will help to increase passive income.
- Thanks to one stage, the token’s entry to exchanges will be accelerated.
Prospects of Shiba Inu
Over the course of three years, the asset continues to develop rapidly. For example, in March 2022, the team announced the upcoming release of its own meta-universe – Shibarium. Its release should take place in August this year. The company’s own trading platform was also launched, which was named ShibaSwap.
Such a multidisciplinary development of the project, according to experts, only strengthens the startup’s position in the market. In addition, it attracts more and more potential investors.
As already mentioned, a serious drop in the trading volume of Shiba Inu was recorded in early August. Nevertheless, the forecast for this month looks quite optimistic.
If memcoin can overcome the resistance level of $0.000011, the next mark will be the price of $0.000014. The trading volume at the moment amounted to 4.1 trillion coins, which is 41% more than the figures for the previous period. In this case, the asset will continue to grow, the demand for it will increase, and a bullish trend may begin in the market.
It is also reported that Shiba Inu’s burn rate increased by 100% on August 7. According to online tracker Shibburn, users have transferred more than 62 million coins in the last 24 hours. The largest transaction amount during that time was about 34.5 million.
According to analysts, this rate of memcoin destruction increases the level of asset scarcity on the market. As a result of the burning, as a rule, the demand for coins among potential investors begins to grow rapidly. Also, SHIB’s prospects are improved by the launch of Shibarium, which took place on August 16.
Conclusion
The market of digital assets has a high volatility. This is evidenced by the fluctuation in the price of such a significant and popular token as Shiba Inu. Both favorable circumstances and market pressures can affect the growth of digital coins. For example, the launch of the Shibarium meta universe is expected to help $SHIB regain its position. That said, however, the cryptocurrency’s heavy reliance on community support could lead to a decline in the asset’s price.
Experts report that Shiba Inu has a close-knit and active community, so despite the falls, the token is likely to continue to grow.
Market participants are also supported by a new project, Wall Street Memes, which is currently on presale. The startup’s team has been known on the market for a long time and therefore inspires confidence among potential investors.
However, it should be remembered that investing money in volatile assets implies risks. It is better not to invest large sums in projects if you are not sure about the profitability of these startups.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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