The meme coin market continues to show high volatility levels, with Shiba Inu (SHIB) sliding over 4% since last Thursday.
SHIB is now hovering around the $0.0000079 level – the lowest price has been since July 28.
However, while established cryptocurrencies like SHIB struggle, several new meme coins are emerging and thriving – with presale project Sonik Coin (SONIK) recently hitting the $600,000 funding milestone in under two weeks.
Shiba Inu Sinks Lower as Bearish Technicals Signal Further Trouble
SHIB has closed in the red for four days in a row – and looks to be heading for a fifth today.
Although there was a slight reprieve in the middle of last week, the token has failed to sustain its bullish momentum, unsettling long-term holders.
The SHIB price is now well below the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), while the Relative Strength Index (RSI) currently has a value of 40.
This indicates that SHIB could be nearing oversold conditions but is not quite there yet – leaving room for further downside movement.
Adding to Shiba Inu’s woes, the Crypto Fear & Greed Index continues to fall lower and is now sitting at 39 – deemed “Fear” territory.
This suggests that the overall market sentiment around SHIB is pessimistic, potentially signaling further sell-offs soon.
Shibarium Coming Back Online Offers Glimmer of Hope for SHIB Holders
SHIB’s price drop comes amid growing concerns about the viability of its layer-2 scaling solution, Shibarium.
The network was meant to provide faster and cheaper SHIB transactions, but multiple delays and setbacks have plagued its rollout.
This has led to fading hype and waning interest from the crypto community, many of whom are eyeing alternative meme coin projects.
However, a recently released article from CoinDesk revealed that token withdrawals from the Shibarium bridge are now live.
The launch of withdrawals is a tentative sign of progress for Shibarium, suggesting that the developers are making headway on stabilizing the network.
As such, many SHIB holders have renewed hope that Shibarium can evolve into the high-profile scaling solution it was touted to be.
According to ShibariumScan.io, over 67,000 wallet addresses now hold SHIB on the Shibarium network, indicating high adoption despite its troubled launch.
If Shibarium’s developers can continue stabilizing while also rolling out additional features, the network could gain further traction – which would be warmly received by SHIB holders.
Rising Star Sonik Coin Raises $600k & Launches High-Yield Staking Protocol
While Shiba Inu continues to face significant challenges, new market entrant Sonik Coin (SONIK) is benefiting from the continued enthusiasm for low-cap meme coins.
Having recently crossed the $600,000 milestone in its presale phase, SONIK has become one of the most talked-about projects in the space.
Sonik Coin brands itself as a community-driven meme coin that aims to be the fastest token to hit a $100 million market cap.
To do this, the token’s developers intend to add valuable utility to SONIK, thereby setting it apart from the thousands of meme coins in the market with no use cases.
As outlined in Sonik Coin’s whitepaper, 40% of the total token supply is allocated for staking rewards – signaling the development team’s commitment to incentivizing long-term holding.
A further 10% of the SONIK supply will be used to provide liquidity for the token’s Uniswap listing, scheduled for once the presale concludes.
These factors have combined to fuel the optimism around Sonik Coin, with YouTuber Michael Wrubel, who has over 310,000 subscribers, stating that SONIK is his “next $1,000,000 meme crypto”.
With eight days left in the presale and SONIK tokens priced at $0.000014, some believe now could be the opportune moment to gain exposure to the project at the ground level.
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