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Tim Hakki
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Tim Hakki
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Why Trust Cryptonews
At its current price of $0.000014, the $8.26 billion market cap Shiba Inu ($SHIB) token, the second largest in the sector, is still 84% short of an all-time high of $0.00008616, posted on October 28, 2021.
That’s a little odd when you consider that $SHIB back then was just another Dogecoin ($DOGE) rival.
Fast forward to today and Shiba Inu houses privacy features and its own proprietary Layer 2 on its home chain Ethereum, called Shibarium, which is cultivating a community of developers and users.
Relative to Dogecoin, Shiba Inu posted heavier overnight losses of about 2% compared with $DOGE’s 1% loss. Over the week, Shiba Inu shed about 4% whereas Dogecoin shed 9%. Clearly, Shiba Inu is behaving like a typical volatile multi-billion dollar meme coin.
However, to better understand the extent of Shiba Inu’s recent performance, we can see that in the early hours UTC of July 16 this year, the token hit $0.00001998 but was unable to catch and hold the psychologically important $0.00002 threshold.
A market-wide crash on August 5 effectively halved the price less than a month later, as $SHIB headed perilously close to $0.00001 before rebounding to its current level around $0.000014.
A stable relative strength index (RSI) of 45 indicates there’s a chance the token could recapture $0.000016 shortly as traders buy the dip.
However, if the number of token burns remains low as it has this week, Shiba Inu could face further devaluation.
Shiba Inu’s $SHIB Dips To Attractive Prices, The Meme Games
Shiba Inu is currently a good dip-buying opportunity. However, uncertainty about the meme coin’s future have seasoned meme coin holders wondering if any promising new projects will be a better store of value.
Some exciting projects are so new that you can still buy them at fixed prices in pre-sale, to be in pole position for post-listing gold rushes.
Dubbed crypto’s official Paris Olympics meme coin by degens, The Meme Games ($MGMES) has already raised $404,000 for its buy-to-win bonus multiplier, since launching alongside the Olympic games earlier this summer.
Investors that purchase $MGMES tokens then select their favorite meme coin avatar, between Dogecoin, Pepe, DogWifHat, Brett and Turbo, and watch them race for a one-in-five chance to claim a 25% bonus on their initial purchase.
$MGMES is currently selling at a fixed presale price of $0.00935. In a day, it rises incrementally to the next fixed price of $0.0094.
This means today’s investors can purchase 10,000 $MGMES at just $93.50
This is the lowest price the token will be at for the rest of the presale season, which runs concurrently with this year’s Paris Olympics.
Participants can purchase $MGMES an unlimited number of times with no minimum purchase requirement to increase their chances of securing multiple 25% token bonuses.
The official project website and whitepaper encourage investors to stake tokens during the presale to take advantage of the tidy 476% APY on offer right now.
This figure decreases with the number of stakers, so participants will want to stake early and stake big to maximize yield. Notably, staking is only available on Ethereum.
Even though it’s only in presale, $MGMES is a more timely and rewarding investment than Shiba Inu tokens like $SHIB and $DOGE.
Follow The Meme Games on Twitter and Telegram.
Visit the official website.
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.
