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Shiba Inu is Going to Zero as SHIB Price Falls 10% and This Lesser Known Meme Coin Might Be the Next Crypto to Explode

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Simon Chandler

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Simon Chandler

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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Last updated:

October 18, 2023

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The price of Shiba Inu (SHIB) has dropped by 1.5% in the past hour, cutting away at gains the meme token had made as part of a market-wide rally this morning.

At $0.00000750, SHIB is up by a very modest 0.4% in 24 hours, with the altcoin down by 4.5% in a fortnight and by 6.6% in the last 30 days.

Even more worryingly, SHIB has also fallen by 7% since the beginning of the year, whereas many major tokens have actually recovered substantially, with Bitcoin (BTC) increasing by 85%.

This fall suggests that SHIB could be in the midst of a terminal decline, with newer meme coins – such as Thug Life Token (THUG) – generating considerably more hype and interest at the moment.

Shiba Inu is Going to Zero as SHIB Price Falls 10% and This Lesser Known Meme Coin Might Be the Next Crypto to Explode

SHIB’s dip in the past hour has left its price chart in a mixed and confused position, with its relative strength index (purple) resuming a decline towards 40, which is definitely more indicative of selling (rather than buying) pressure.

At the same time, SHIB’s 30-day moving average (yellow) looks as though it’s about to dip below its 200-day average (blue), a move that would indicate further losses.

One small source of potential comfort is the fact that SHIB’s support level (green) has risen slightly since the middle of June, suggesting that any further falls may not be too deep.

Still, things don’t look especially great for SHIB, and one of the reasons for this is that investors have grown tired of waiting for the arrival of Shibarium, its layer-two network.

<oembed url=”https://twitter.com/DuncanGray/status/1676878253011660803[/embed]

As a layer two, Shibarium is designed to make Shiba Inu transactions cheaper and faster, something which should help its ecosystem to grow.

However, it has remained in the testing phase for several months, with its full launch seemingly being pushed back every month.

Frustration with such delays helps to explain why SHIB has declined where many other coins have gained.

Such frustration has also led many investors to look for new sources of above-average gains, with a number of new meme tokens emerging this year to beat the market on various occasions.

One of the newest and most exciting of these is Thug Life Token (THUG), an ERC-20 meme token that has allied itself with the gangsta rap and hip-hop communities.

It launched its presale just over a week ago and has already raised $500,000, providing a sure sign that it’s making strong progress in accumulating a significant community of holders.

<oembed url=”https://twitter.com/thug_life_token/status/1676918472821862400[/embed]

Thug Life Token’s presale will have only one stage and will end in only 11 days, giving interest investors only a limited time in which to grab some of its supply.

Speaking of its supply, it will have a hard cap of 4.20 billion tokens, with 70% of this quantity reserved for the presale.

This will ensure that THUG remains relatively decentralized compared to many other meme tokens, while also providing its community with the kind of large stake in its future that will help support its price.

New buyers can join the presale by heading over to the official Thug Life Token website and connecting their software wallets, with 1 THUG costing $0.0007.

Such a price could easily surge once THUG launches on exchanges, something which is expected to happen by the end of the month.

Visit Thug Life Token Now

^{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.}