SHIB price prediction: Bulls preparing for next leg up at 0.00000776 level.

SHIB price prediction: Bulls preparing for next leg up at 0.00000776 level.

The Blockchain Industry: Exploring Shiba Inu (SHIB) and Emerging Meme Tokens

Source: TradingView Source: TradingView

The blockchain industry has witnessed tremendous growth and innovation in recent years. One of the notable projects in this space is Shiba Inu (SHIB), a meme token that has gained attention and popularity among cryptocurrency enthusiasts. However, SHIB’s performance has been lackluster compared to other cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). In this article, we will delve into the reasons behind SHIB’s current state and explore the potential of emerging meme tokens.

Shiba Inu’s Performance and Future Potential

The price of SHIB has experienced minimal movement in the past 24 hours, with a 3% gain in the last seven days. While SHIB has seen a 7.5% increase in the last 30 days, it remains down by 4% since the beginning of the year. This is in stark contrast to Bitcoin’s 81% and Ethereum’s 60% gains over the same period.

One of the factors contributing to SHIB’s underperformance this year is the delayed rollout of Shibarium, Shiba Inu’s layer-two network. Shibarium’s launch is highly anticipated, as it is expected to significantly boost SHIB’s value by enabling faster and cheaper transactions. Additionally, the introduction of Shibacals (NFTs) is also expected to positively impact SHIB’s price.

Technical Analysis of SHIB

Technical indicators provide further insight into SHIB’s current state. The coin’s relative strength index (RSI) has dropped from 50, indicating weakening demand and the potential for further losses. Furthermore, SHIB’s 30-day moving average is approaching its 200-day moving average, potentially signaling a death cross and suggesting further price declines.

On a positive note, SHIB’s support level has increased in the past week, implying that any additional losses may be limited. Despite these technical indicators, it is crucial to consider the fundamental factors driving SHIB’s performance.

Shibarium’s Impact on SHIB’s Future

The delayed launch of Shibarium has had a negative impact on SHIB’s price in recent weeks. While Shibarium has been launched in beta, its full release has been repeatedly postponed. This has created market concerns about potential issues with Shibarium, even though no significant problems have been reported.

The latest expectation is that Shibarium will finally see its long-awaited rollout in August. However, it is necessary to approach this timeline with caution, considering previous delays. Nevertheless, the launch of Shibarium will undoubtedly be a significant milestone for Shiba Inu, facilitating faster and more affordable transactions. This, in turn, will make developing SHIB-related apps more attractive, potentially driving up demand for the meme token.

Shiba Inu Price Prediction

Assuming Shibarium is launched next month and Shibacals follow soon after, SHIB could potentially reach $0.000010 in the following weeks. If the overall market sentiment becomes more bullish, SHIB has the potential to rise even higher, possibly reaching $0.000020 or beyond by the end of the year.

Rival Meme Tokens and the Emergence of Burn Kenny (KENNY)

Another reason for SHIB’s underperformance is the emergence of rival meme tokens that have attracted investors through significant price rallies. One of the most promising meme tokens in the current market is Burn Kenny (KENNY), an ERC-20 coin based on the popular Kenny character from South Park.

Burn Kenny is preparing to launch the presale for its KENNY token, with 40% of its total supply allocated to the sale. What sets Burn Kenny apart is its deflationary mechanism. The project plans to gradually burn 30% of its overall token supply, making KENNY a deflationary meme token. This burning process will commence 24 hours after the end of KENNY’s presale, where the token will be available at a price of $0.0001875.

Investors can participate in the presale by visiting the Burn Kenny website and linking their wallets. KENNY can be purchased using USDT, ETH, or fiat currency. While the meme token market is becoming increasingly crowded, Burn Kenny’s burn dynamics could potentially give it a competitive edge and attract investors.

Conclusion

The blockchain industry continues to evolve, and meme tokens like Shiba Inu (SHIB) and Burn Kenny (KENNY) have captured the attention of cryptocurrency enthusiasts worldwide. SHIB’s current performance and future potential are closely tied to the launch of Shibarium and the introduction of Shibacals. Meanwhile, emerging meme tokens like Burn Kenny are introducing unique features such as deflationary mechanisms to attract investors.

It is important to note that investing in cryptocurrencies, including meme tokens, carries inherent risks. The information provided in this article is for informational purposes only and should not be considered investment advice. As always, it is crucial to conduct thorough research and exercise caution when participating in the blockchain industry.

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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.

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