Is Shiba Inu a Good Investment? Shiba Price Drops While New AI Meme Coin Goes Viral - 100x Potential in 2023?
The crypto market is back on track and has posted a 1.34% increase in the past day.
The foremost cryptocurrency, Bitcoin, is leading this bullish rally, but meme coins like Dogecoin have also seen remarkable changes in fortune.
However, popular 'Dogecoin killer' Shiba Inu is having a rough day as it is trading in a contrarian manner.
So far, the ERC-20 token is down by 0.82%, with more downtrend expected in a market that is seeing increased levels of competition for investors' attention.
Meanwhile, in the meme crypto ecosystem, AiDoge, a new promising project, is catching the attention of investors.
This emerging project uses artificial intelligence (AI) to create contextually relevant memes.
The platform's native token, $AI, has already secured more than $1.96 million in its first three weeks of presale.
This token's fast rise could be the beginning of another crypto boom for the emerging sector.
$SHIB Sheds Weight in a Bullish Climate
The crypto market is still a long way from crossing the Rubicon, but the nascent industry has been largely positive since 2023, as opposed to the bearish straits of 2022.
However, $SHIB has largely underperformed in this current bullish run, and the digital asset is still struggling to maintain the attention it gained in 2021.
At press time, $SHIB is trading at $0.000009805, indicating a downtrend of 1.46% in the last 24 hours. This decline has led to Shiba Inu's market cap sliding to $5.7 billion-plus, although its 24-hour trading volume of over $142 million points to an increase of 56.95%.
Regarding its longer-term performance, $SHIB has had a string of poor results. The canine-themed asset has shed 4.49% in the past week, with a further loss of 12.91% in the last 30 days.
Its 90 days performance is also in the red zone with a 33.42% loss suffered.
$SHIB has also lost in the 180 days race with minus 17.4% shown on its charts. The only compensation is its year-to-date (YTD) increase of 21.04%, which is negligible compared to the significant rallies other cryptocurrencies have experienced in the last five months.
During its five months stint, the crypto market had risen more than 20% back to the $1.2 trillion market cap.
Projects such as Bitcoin and Ethereum led the charge, and several meme coins also posted massive gains.
Given this, $SHIB's poor season could be a direct result of the plethora of meme tokens that have risen in 2023 compared to the broader market's performance.
Meanwhile, memes are now seen as a communication tool, and more social media users are adopting them to pass information.
To ensure users are not lost for a relatable meme, a new crypto project using complex algorithms has recently launched.
AiDoge: Futuristic Generative AI Memes
AiDoge is an innovative meme project incorporating a powerful artificial intelligence (AI) meme-generation tool that allows users to create high-quality memes using a text prompt.
The AiDoge ecosystem includes its token, $AI, which can be used to buy platform credits, text-based prompts, and an AI-driven meme generator.
Users simply type in what meme they want to mint, and the advanced generator will generate high-definition memes based on current crypto news and popular meme data sets.
To ensure users get up-to-date and high-quality memes, the AiDoge platform trains its software with millions of meme datasets just like a regular AI machine.
The AI incorporation is aimed at revolutionizing the internet meme creation sector.
Members who create the most exciting memes receive $AI tokens for their efforts. They can also stake their tokens and earn passive income on the platform.
Staking benefits not only cryptocurrency investors but also long-term engagement and ecosystem sustainability.
The ongoing $AI presale is generating huge interest from global investors, with over $2 million in investment raised.
The $AI is attracting interest from crypto enthusiasts from all regions as its project, AiDoge, seeks to disrupt the internet meme industry and leverage the growth trajectory of the artificial intelligence (AI) ecosystem.
To purchase $AI tokens during the ongoing presale, traders must have ETH, USDT, or funds in their bank accounts.
The ERC-20 token is currently priced at $0.0000272 and will rise to $0.0000276 when a new presale stage begins in four days.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.