The price of popular meme coin Shiba Inu (SHIB) has steadily declined for over a month, losing 18% of its value since January’s peak.
This poor performance has led many investors to question if SHIB remains a smart long-term investment in the current market conditions.
Some investors are even turning to the new meme coin project Meme Kombat (MK) as an alternative, believing it has more potential for growth and long-term profitability.
SHIB Price Plummets as Bearish Momentum Ramps Up
Shiba Inu is showcasing price action that suggests further declines may be coming. Since reaching a 52-week peak of $0.000011 on December 17, the world’s second-largest meme coin has plunged over 25% to its current price of $0.0000089.
From a technical perspective, SHIB shows a bearish setup, with the weekly chart revealing three consecutive closes in the red.
Moreover, SHIB now trades below its crucial 50-day exponential moving average (EMA) on both the daily and weekly timeframes – a negative signal.
Lower highs and lower lows have formed on the daily chart, indicating strong selling pressure.
Support around $0.0000088 has so far held up, but spot trading volumes are down 5% in the past 24 hours, suggesting that investors are growing tired of the current price action.
With negative momentum on show across most timeframes, a push lower looks likely unless SHIB can reverse quickly.
Should SHIB break support at $0.0000088, a potential downside target could be the wicks around $0.0000085, representing another 4% drop.
Shibarium Development Accelerates & Offers Hope for a Rebound
While Shiba Inu’s price action remains lackluster, glimmers of hope emerging on the development front could reinvigorate interest in the token.
Shibarium, SHIB’s layer-2 scaling solution, continues to gain stream despite the bearish momentum.
Data shows that new Shibarium accounts surged 175% from February 1 to February 3, suggesting heightened user activity. The network also crossed 1.35 million total wallet addresses, alongside over 1.4 million BONE transfers to date.
As Shibarium’s native token, greater demand for BONE could also positively affect SHIB. Moreover, leading exchange Gate.io recently added support for SRC20 tokens on Shibarium.
Exchange integrations like this could also bring greater visibility to the Shiba Inu ecosystem – and the SHIB token itself.
With significant milestones being hit, Shibarium offers a way for SHIB to move beyond being just a meme coin.
If development continues accelerating, the utility provided could make SHIB an intriguing speculative option in 2024 despite the token’s poor technicals.
Viral Meme Kombat Presale Targets $10m Milestone Ahead of Uniswap Listing
As Shiba Inu struggles from a price perspective, a new meme-inspired crypto-gaming project called Meme Kombat is gaining traction and could offer better long-term prospects.
Meme Kombat is a play-to-earn (P2E) combat game featuring popular internet meme characters like Doge, Pepe, and Nyan Cat.
Each character has unique attacks and abilities, and players can wager on animated battles between them using the native MK token.
Winners of each wager will receive more MK tokens as a reward, which can then be staked to earn passive income.
In the future, Meme Kombat’s development team plans to offer new meme characters and game modes to keep the gameplay engaging. As more users enter the ecosystem, this could be a positive demand driver for MK.
Currently, Meme Kombat is still in its token presale phase, meaning prospective investors can only buy MK through the official website.
The presale is in its final stage and has raised over $8.2 million of its $10 million hard cap. This means would-be investors may only have days left to buy MK tokens at the discounted price of $0.279 before they are officially listed on the Uniswap DEX.
Given the massive hype within the Meme Kombat Telegram community, this listing could trigger a significant price increase as more investors rush to purchase MK.
All in all, with its innovative crypto-gaming angle centered around hilarious memes, Meme Kombat seems primed to capture attention in ways that Shiba Inu currently cannot.
