Shiba Inu price is keeping the meme coin hype live with its massive rally this week, netting 20% in gains. The second-most popular meme coin has slowed down its aggressive push from support at $0.000008 to new 2023 highs of $0.00001291.
Following the minor retracement, SHIB currently trades at $0.00001140. If investors continue to cash out for profit, Shiba Inu may be forced to seek refuge at $0.00001050 ahead of another potentially massive rally to $0.000014 and $0.000018, respectively in the coming week.
Ethereum Whales Zero in on SHIB, As Shiba Inu Price Builds Momentum for The Next Breakout
Despite the dip in price, SHIB was earlier today the most traded token among the top 100 Ethereum whales. According to WhaleStats, a platform tracking crypto whales, Shiba Inu toppled Curve DAO (CRV) from the top position, implying that interest in the meme coin is growing.
WhaleStats data revealed that Shiba Inu was one of the most used smart contracts among the top 100 Ethereum whales over 24 hours. Hashflow (HFT) emerged top in this category, above Numeraire (NMR), SHIB, Chiliz (CHZ), and Boba Network (BOBA).
Shiba Inu Price Uptrend On Hold, But Indicators Are Screaming Buy
The 15th largest crypto, boating $6.7 billion in market cap, tested but failed to break above resistance at the 200-day Exponential Moving Average (EMA) (in purple) at $0.00001182. Bulls tried their best to make their way through the seller congestion zone, reinforced by the red band, but only managed a long candle wick.
Despite the spike in activities among the whales, as seen with WhaleStats, the velocity of funds flowing into Shiba Inu markets is slowing down. Notice the Money Flow Index (MFI) indicator starting to drop toward the neutral zone.
With the hurdle at $0.00001182 intact, bulls may want to let go of Shiba Inu so that they can buy again possibly at $0.00001050. Such a retracement should not worry investors, as it may be a blessing in disguise – allowing Shiba Inu to collect more liquidity for a stronger pushback on the seller congestion at $0.00001182.
The positive outlook portrayed by the Moving Average Convergence Divergence (MACD) may be one of the factors keeping Shiba Inu price buoyant above $0.000011. A buy signal sent by the momentum indicator is still in place in addition to the MACD holding above the mean line.
Key Fundamentals Backing the Resumption of Shiba Inu Price Uptrend
Shiba Inu price is sitting on top of robust support areas while facing relatively weak hurdles to the upside. Based on insights from IntoTheBlock (ITB), almost 19,000 addresses that previously purchased roughly 65 trillion SHIB between at $0.000011 are ready to throw their weight behind the meme token to guarantee a bullish outcome.
The same IOMAP model reveals the absence of strong seller congestion zones to the upside. For now, the only significant bump SHIB bulls must jump over, lies at $0.000012, an area where 18,500 addresses previously bought approximately 11 trillion SHIB.
Shiba Inu Burn Rate Up 64%
The token burn rate for SHIB is up a colossal 64% in 24 hours, with almost 25 million tokens removed from the network’s supply. According to Shibburn.com, the platform tracking the program, over 410 trillion SHIB have been destroyed.
There are 571 trillion tokens left in supply, and 17 trillion of these are currently staked. The Shiba Inu community believes that reducing the supply of the meme coin will propel it to highs above $1 in the next bull market.
Shiba Inu Alternatives Promising A Better Risk/Reward Ratio
Investors may want to diversify their crypto portfolios with new altcoins in their presales. In addition to allowing investors to become early adopters at a bargain, the selected up-and-coming crypto projects have the potential to shape the future of this dynamic space. Previous tokens like TAMA rallied extensively on their first exchange listings, bringing over 1,800% in short-term returns.
Meta Masters Guild (MEMGA)
Investors have been flocking to Meta Masters Guild (MMG) to buy into one of blockchain’s revolutionary Web3 gaming platforms. The team is currently working with Gamearound to create a blockchain mobile guild for users who spend time playing games they like.
Users in this ecosystem will not need to pay or buy expensive NFTs to get started. MMG is using the play-and-earn approach to reward players in a currency called Gems. This in-game currency can be converted to MEMAG, the platform’s native token for staking, or converted to other crypto assets like ETH.
The guild is expected to launch with three games namely: Meta Kart Racers, Raid NFT, and Meta Masters World. Users will also be rewarded for other contributions to the ecosystem, including game development, content creation, supply of in-game items, and giveaways.
MMG is already in the second round of the presale having raised $700.3k in a short period. With $0.01 investors buy 1 MEMAG but the price will increase again in about a week.
Fight Out (FGHT)
Investors are turning to Fight Out for the best Move-to-Earn presale. So far, it has raised over $3 million, targeting fitness enthusiasts and people who believe a healthy lifestyle should be affordable to all.
Fight Out is a Web3 platform, that allows community members to earn from the effort they put toward their well-being. Users are rewarded in REPS, an in-app currency for completing workouts and challenges.
Users joining the app are allocated a sole-bound avatar – think of as an NFT that gives you an identity within the metaverse. This avatar, although not tradable, grows alongside your fitness progress.
Fight Out will also run physical gyms where members will interact and grow together. The gym chain will offer many services including a fitness bar.
Calvaria (RIA)
Calvaria’s presale is almost $3 million with investors having scooped up tokens worth $2.87 million. Only 7% of the tokens are left with the team about to close the final stage ahead of the first exchange listing.
While investors who bought in the first stage at $0.01 are sitting at a paper profit of 225%, those who buy now are likely to experience even better returns amid an increased market-wide adoption of play-to-earn tokens.
Calvaria vaunts two game versions – a free-to-play one and the other a play-to-earn, running on the blockchain. The first game version is available on mobile play stores like Google Play and Apple Store.
It will be used to attract more people to adopt crypto to start making revenue with the P2E version. Calvaria also features an online player v player mode, staking, and its own NFT marketplace.
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