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At its current price of $0.000014, the Shiba Inu ($SHIB) token, with a market cap of $8.26 billion, is still 84% below its all-time high of $0.00008616, reached on October 28, 2021. This may seem peculiar, especially considering that, at the time, $SHIB was merely another competitor to Dogecoin ($DOGE).
Shiba Inu’s Evolution
Fast-forward to today, Shiba Inu has expanded its offerings with privacy features and has developed its own Layer 2 solution on the Ethereum blockchain, known as Shibarium. This platform is fostering a growing community of developers and users, enhancing the token’s utility beyond being just a meme coin.
Market Performance Comparison
In terms of market performance, Shiba Inu experienced slightly heavier losses than Dogecoin, with an overnight drop of about 2% compared to Dogecoin’s 1% loss. Over the past week, Shiba Inu has declined by around 4%, while Dogecoin dropped by 9%. This volatility is characteristic of multi-billion-dollar meme coins.
Recent Price Trends
To better understand Shiba Inu’s recent performance, we note that on July 16, 2023, the token peaked at $0.00001998 but failed to sustain above the crucial $0.00002 mark. Following a market-wide crash on August 5, the price was nearly cut in half, nearing $0.00001, before bouncing back to its current level of approximately $0.000014.
Potential for Recovery
With a stable relative strength index (RSI) of 45, there is potential for the token to regain the $0.000016 level as traders look to capitalize on the dip. However, a low rate of token burns this week could pose challenges for Shiba Inu, potentially leading to further depreciation.
Investment Opportunities: The Meme Games
Despite these challenges, Shiba Inu presents a good dip-buying opportunity. Yet, many seasoned meme coin holders are contemplating the future viability of their investments and the potential for more promising projects to serve as a better store of value.
Introducing The Meme Games ($MGMES)
One such promising project is The Meme Games ($MGMES), which has recently gained attention as crypto’s official meme coin for the Paris Olympics. Since its launch earlier this summer, it has successfully raised $404,000 for its buy-to-win bonus multiplier.
How The Meme Games Work
Investors who purchase $MGMES tokens can choose a meme coin avatar, like Dogecoin or Pepe, and watch them race for a chance to win a 25% bonus on their initial purchase. Currently, $MGMES is available at a presale price of $0.00935, with a daily incremental price increase. Today, a purchase of 10,000 $MGMES tokens costs just $93.50, representing the lowest price during the presale season, which coincides with the Paris Olympics.
Staking and Investing
Investors can buy $MGMES tokens without any minimum purchase requirement to maximize their potential bonuses. The project’s website also highlights the option to stake tokens during the presale to enjoy a high annual percentage yield (APY) of 476%. This yield decreases as more participants stake, emphasizing the advantage of early and significant staking. Notably, staking is only available on the Ethereum network.
A Promising Future
Even in its presale phase, $MGMES appears to be a more timely and rewarding investment opportunity compared to established tokens like Shiba Inu ($SHIB) and Dogecoin ($DOGE). For updates and more information, stay connected with The Meme Games on Twitter and Telegram or visit the official website.
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