The Shiba Inu price has fallen 5% in the past 24 hours, with its drop to $0.00000794 coming as the cryptocurrency market as a whole is suffering a 2% loss today.
SHIB is now down 6% over the past week, and while it’s up 10% over the past 30 days, it’s also down 3.5% over the past year.
This long-term decline signals big trouble for Shiba Inu, but the altcoin has made concerted efforts in 2023 to provide itself with reality utility and become more than a meme token.
As such, further market-wide recovery is likely to revive interest in SHIB, which could rise strongly in the New Year.
Shiba Inu Price Prediction As Technical Analysis Shows Downtrend Since August 2022 – Is A Breakout Possible?
While the overall market also fell overnight, SHIB suffered more than most other major tokens.
This is reflected in its indicators, which indicate a noticeable loss of momentum.
For example, its RSI (purple) dipped below 45 last night, and although it has started to rise again, it remains below 50, suggesting sluggish buying pressure.
Similarly, its 30-day average (yellow) is now falling on a shallow gradient, indicating that buyers are leaving the coin and sellers are arriving.
Still, its trading volume remains relatively high, at $250 million, so there could be enough ongoing activity to help support its price.
The reason for today’s damage is that Binance settled various charges with the US Department of Justice for $4.3 billion, with Changpeng Zhao stepping down as CEO and paying his own fine.
Almost a billion withdrawn from #Binance since yesterday pic.twitter.com/uY5tubJiI1
— Crypto Tony (@CryptoTony__) November 22, 2023
This hurt the vast majority of cryptocurrencies, but it seems that more speculative tokens like SHIB bore the brunt of the impact.
But what’s particularly worrying for the meme token is that today’s losses mean it’s actually declined over the past year, when many major cryptos – e.g. BTC, ETH, XRP, SOL – have recovered significantly.
This raises a huge question mark over SHIB’s future, even as the Shiba Inu development community is actively working to make the token and its ecosystem more useful.
For example, 2023 saw the launch of the Shibarium layer-two network, as well as the rollout of Shiba Inu’s own name service.
Such launches are all part of a plan to give Shiba Inu some solid fundamentals, and once SHIB: The Metaverse finally launches next year, the coin could go up big.
For now, an end-of-year market rally could help push the Shiba Inu price back to $0.000010.
Alternative meme tokens for large rallies
Because SHIB has underperformed this year, many traders may prefer to invest in newer meme tokens, especially those that still have their big initial growth spurts to look forward to.
One coin that is soon in line for a significant rally is Meme Kombat (MK), An ERC-20 cryptocurrency that has raised nearly $2 million in its ongoing presale.
Don’t forget that we will be giving away 10,000 USDT when we reach $2 million raised in pre-sale🤩
Time is getting close so get those >$100 buys in fighters!$MK pic.twitter.com/CRrn8lrZ0I
— Meme Kombat (@Meme_Kombat) November 20, 2023
What is distinctive about Meme Kombat is that its platform will allow users to bet on AI-generated meme battles.
It replays these fights in real-time and randomizes the results in a transparent manner, providing users with an entertaining focus for their bets.
Users can bet against each other or against the platform itself, using native token MK to place bets and also receive winnings on the same token.
What further sweetens the deal is the fact that holders can also invest MK and earn themselves a passive income on top of any profits they make.
This interesting formula seems to be winning over investors, with new buyers able to join the sale by heading over to Meme Kombat’s official website.
1 MK currently costs $0.205, but it will go up again in just under two days.
Of course, it could go even higher once the token lists on exchanges in the next few weeks, such is the speed at which it raised money in its sale.
Visit Meme Kombat now
Disclaimer: Crypto is a high risk asset class. This article is provided for informational purposes and is not investment advice. You can lose all your capital.
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