The Shiba Inu price has dived by 8% today, with its price dropping to $0.0000216 as the broader crypto market lost 4.5% in the past 24 hours.
SHIB has now fallen by 24% in a week and by 16% in the last 30 days, with the meme token holding onto an 85% gain in a year.
Its declines come at a time when the meme token segment of the market has seen its first major decline in cap since March, with the likes of SHIB and Dogecoin bearing the brunt of the recent loss in confidence.
However, some meme coins are going against the current grain and showing promising signs of growth, including certain newer tokens that are holding their presales.
Shiba Inu Price Prediction as Meme Coin Market Cap Sees First Decline Since March
SHIB is in the middle a medium-term downturn, with its indicators remaining weak today and not showing any clear signs of an imminent recovery.
Its relative strength index (purple) has declined again in the past 24 hours, after showing a modest recovery to 60 yesterday.
SHIB’s 30-day moving average (orange) is also still declining, despite already being substantially below the coin’s 200-day average (blue), meaning that the token has entered oversold territory.
It’s possible that this decline may continue for a few days yet before we see a concerted recovery, although SHIB’s elevated trading volume – at about $1 billion – does show some encouraging signs of market interest.
Still, its resistance (red) and support (green) levels continue to point downwards, for now, so traders will need some patience.
🚨 692,400,000,000 #SHIB (19,260,837 USD) transferred from #CryptoCom to unknown wallethttps://t.co/EanzRBG2jj
— Whale Alert (@whale_alert) April 8, 2024
Yet it’s likely to return to growth soon enough, with the past week or so seeing some interesting accumulating from at least one whale.
This suggests that smart money expects SHIB to recover in the near future, with the wider market likely to help it pick up again once more positivity returns.
The upcoming Bitcoin halving could have some pronounced effects on prices, although with miners taking a 50% cut to their incomes, we could see some strong selling action as they weather the financial pressure.
This could drag down SHIB and other coins in the short- and mid-term, yet with Bitcoin ETF volumes and interest rates stabilizing, the market will see steady gains over the course of the year.
This will help to boost the Shiba Inu price, with SHIB being one of the strongest meme tokens in terms of fundamentals, so one of the likeliest to benefit from rallies.
It could reach $0.00004 in the next couple of months, before reaching $0.00006 by the end of the year.
This Hidden Coin is Bucking the Trend
SHIB, however, isn’t the only promising meme coin in the market, with a number of newer tokens emerging in recent weeks and showing the potential for big gains.
Near the top of any list of such coins would be Slothana (SLOTH), a Solana-based coin that has raised more than $10 million in its presale.
🚀 Hold onto your branches, Slothana faithful! 🌿 We’re gearing up to drop some major news: the official launch date is on the horizon! ⏰ Get ready to mark your calendars and set your alarms, because a countdown timer will soon grace our site. Let the hype for the Slothana…
— Slothana (@SlothanaCoin) April 14, 2024
SLOTH’s presale will close in just under 13 days, at which point it will hold its airdrop and list on exchanges.
And judging by the speed by which it raised over $10 million, it’s likely to have a successful listing.
Indeed, it has quickly become a popular token, with its official X account now having over 19,000 followers.
Part of the reason why SLOTH has become popular quickly is that its team has a pedigree with regards to presales and meme coins.
They had previously launched the successful Smog (SMOG) token, which listed a couple of months and posted big gains over its presale price.
This has clearly provided investors with the confidence that something similar will happen with Slothana.
On top of this, Slothana has positioned itself nicely in terms of its choice of memes, with the coin choosing the humble sloth as its mascot.
This plays to the desire of many retail investors to earn enough money to escape the need for more routine and office-bound work.
New investors can get involved in its presale by going to the Slothana website, where they can buy SLOTH at a rate of 1 SOL for 10,000 SLOTH (about $0.019393 per coin).
It will list in just under a fortnight, at which point it could enjoy a substantial rally.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
