The Shiba Inu price has dropped by 5% in the past 24 hours, with its fall to $0.00000794 coming as the cryptocurrency market as a whole suffers a 2% loss today.
SHIB is now down by 6% in the past week, and while it remains up by 10% in the last 30 days, it has also declined by 3.5% in the past year.
This long-term decline suggests big problems for Shiba Inu, yet 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 resuscitate interest in SHIB, which could rally strongly in the New Year.
Shiba Inu Price Prediction as Technical Analysis Shows Downward Trend Since August 2022 – Is a Breakout Possible?
While the overall market has also fallen overnight, SHIB has suffered more than most other major tokens.
This is reflected in its indicators, which signal a notable loss of momentum.
For example, its RSI (purple) dived below 45 last night, and while it has begun rising back up again, it still remains below 50, suggesting sluggish buying pressure.
Likewise, its 30-day average (yellow) is now falling at a shallow gradient, signalling that buyers are leaving the coin and sellers arriving.
Still, its trading volume remains relatively high, at $250 million, so there may be enough ongoing activity to help support its price.
The reason for today’s damage is that Binance has 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.
— Crypto Tony (@CryptoTony__) November 22, 2023
This has hurt the vast majority of cryptocurrencies, yet it seems that more speculative tokens such as SHIB have carried the brunt of the impact.
But what’s particularly concerning for the meme token is that today’s losses mean that it has actually declined over the past year, when many major cryptos – e.g. BTC, ETH, XRP, SOL – have recovered substantially.
This raises a big question mark over SHIB’s future, even if the Shiba Inu development community is working actively in making the token and its ecosystem more useful.
For instance, 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 eventually sees its launch next year, the coin could rally big.
For now, an end-of-year market rally could help push the Shiba Inu price back up to $0.000010.
Alternative Meme Tokens For Big Rallies
Because SHIB has underperformed this year, many traders may prefer to invest in newer meme tokens, particularly those that still have their big initial growth spurts to look forwards to.
One coin that looks to be in line for a considerable rally soon enough is Meme Kombat (MK), an ERC-20 cryptocurrency that has raised close to $2 million in its ongoing presale.
Don’t forget that we are going to be giving away 10,000 USDT when we hit $2 million raised in presale
— Meme Kombat (@Meme_Kombat) November 20, 2023
What’s distinctive about Meme Kombat is that its platform will enable users to bet on AI-generated meme battles.
It renders these battles in real-time and transparently randomizes the results, 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 receiving winnings in the same token.
Sweetening the deal further is the fact that holders can also stake MK, earning themselves a passive income on top of any winnings they make.
This interesting formula appears to be succeeding in winning over investors, with new buyers able to join the sale by going to Meme Kombat’s official website.
1 MK currently costs $0.205, yet this will rise again in just under two days.
Of course, it could rise even higher once the token lists on exchanges in the next few weeks, such is the speed at which it has raised money in its sale.
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.