Shiba Inu (SHIB) investors are bracing themselves for a bearish wave, as several market analysts are now predicting a downturn for this popular meme coin.
SHIB is now trading 45% lower than the high of February 4 – with the price chart hinting that further downside is highly likely.
However, amid the gathering storm around Shiba Inu, a new meme coin, Wall Street Memes (WSM), has exploded onto the scene – amassing over $1.1 million through its presale in less than four days.
Further Downside Possible for SHIB as Bearish Sentiment Prevails?
At the time of writing, SHIB is hovering around the $0.00000870 level. Per CoinGecko, the token has a market cap of just over $5.1 billion – a staggering $35 billion lower than during the bull run of October 2021.
SHIB’s value has steadily decreased since then, with the token now trading 89% lower than its all-time high.
Adding salt to the wound, SHIB is up just 7.7% since the start of 2023, in stark contrast to Bitcoin’s (BTC) impressive 67% rally.
The situation doesn’t look like it will get any better in the short term, with data from CoinGlass revealing that the Long/Short (24h) ratio for SHIB derivatives is now below 1 on most exchanges.
This indicates that there are more short positions than long positions – commonly interpreted as a bearish signal.
Much of the bearish sentiment surrounding Shiba Inu is driven by the development team’s broken promises concerning the Shibarium scaling solution and the project’s planned metaverse.
Both of these plans have been delayed on several occasions, and there’s still no concrete launch date – meaning investors’ patience is now wearing thin.
SHIB Bulls Brace for Descent to 0.0000078
Considering these factors, one of the likely trajectories is down for Shiba Inu – which will make for grim reading for SHIB bulls.
SHIB is now trading well below the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), clearly highlighting the token’s bearish trend.
Source: TradingView
More ominous is the giant bear flag on the daily timeframe – a pattern that usually precipitates a rapid price drop.
If a drop does occur, the likely destination will be the $0.0000078 level. This level held as support in June and December 2022 – and SHIB holders will be hoping for a similar reaction if this scenario plays out.
Should SHIB drop to this support zone, it would represent a 10% fall from today’s price.
Wall Street Memes Bursts onto The Scene & Raises $1.1m in Days
Despite the bearish outlook for Shiba Inu, there’s a beacon of hope emerging for meme coin lovers – Wall Street Memes (WSM).
Backed by an enormous community and appealing tokenomics, the Wall Street Memes project has raised over $1.1 million in less than four days.
One of the main catalysts for this instant success is Wall Street Memes’ massive social media presence, which stands at over one million “degens.”
The official Wall Street Memes Instagram account has amassed more than 523,000 followers, while the project’s Twitter page is not far behind, commanding an audience of 217,000.
This extensive community has even drawn the attention of some big hitters, with tech mogul Elon Musk engaging with Wall Street Memes on two separate occasions.
A key reason for the community’s colossal size is the trailblazing Wall St Bull NFT collection, which sold out in 32 minutes back in 2021.
Yet, Wall Street Memes’ team is continually pushing the boundaries of innovation and has recently launched a new NFT collection on the Bitcoin network – capitalizing on the popularity of Bitcoin Ordinals.
All of this has combined to create a massive buzz around the WSM token, designed to allow holders to benefit from the growth of the Wall Street Memes community.
Currently, Stage 2 of the 30-stage presale is in progress, meaning investors can buy WSM for just $0.0256. However, the token price will increase incrementally between stages.
Overall, Wall Street Memes presents a compelling alternative for meme coin fans worldwide – and if the project’s early momentum is any indication, things are just getting started.
Visit Wall Street Memes Presale
The post With Shiba Inu (SHIB) Leaning Bearish, Attention to Wall Street Memes Token Soars appeared first on CryptoPotato.
