Shiba Inu Price is Off 11% at $0.00001118 As Crypto Pulls Back After DOJ Action - Should Buy SHIB on the Dip
Shiba Inu price appears to have taken a breather after a consistent push by bulls for slightly over two weeks. This pressure is not unique to SHIB, as Bitcoin price is down 2.2% in 24 hours to trade at $20,796, while Ethereum price is exchanging hands at $1,527 after sliding 3.3%. The most popular meme coin, DOGE is also in the red and trading at $0.081 after a 5.5% correction in 24 hours.
Shiba Inu Price Rally Paused as Investors React to DOJ’s Crypto Enforcement Action
Investors appear to be holding back the aggressive action witnessed since the New Year, following a major announcement from the United States Justice Department on the international cryptocurrency enforcement action.
In a press conference held on Wednesday afternoon, Deputy Attorney General Lisa Monaco alongside other speakers, including Kenneth Polite Jr. from DOJ’s criminal division, US Attorney Breon Peace of the Eastern District of New York, the Treasury Department Deputy Secretary Wally Adeyemo and Brian Turner, the associate deputy director at the FBI said that they have arrested the founder of Bitzlato Ltd. and charged the firm with money-laundering.
Bitzlato was ordered to shut down operations with immediate effect, with the founder Anatoly Legkodymov extradited to the US. The move was to ensure that all ties Legkodymov had with Russia are severed.
Deputy Attorney General Lisa Monaco reckoned the move comes following coordinated enforcement actions between French and US authorities, including the FBI, thus disrupting “a busy corner of this criminal ecosystem.”
Bitzlato has been on the radar of the Treasury's Financial Crimes Enforcement Network (FinCEN), which had labeled the firm as a “primary money-laundering concern,” enough to isolate any business from the global financial system. The Treasury Deputy Secretary Wally Adeyemo added that the label categorizes the exchange as “an international pariah.”
The crackdown on the little-known exchange has been seen as the most noteworthy action against a criminal crypto network by the US. The crypto market reacted with an immediate dip sustained for nearly 24 hours.
Shiba Inu Price Rally Set to Continue
Shiba Inu price netted gains of over 34% in two weeks and 37% a month to trade at $0.00001112 at the time of writing. Following the DOJ enforcement action, SHIB retreated from a ten-week high of $0.00001291.
Contributing to the mounting selling pressure is the 200-day Exponential Moving Average (EMA) (in purple) at $0.0000118. Shiba Inu price needed to hold above this seller congestion zone to pave the way for another leg up to $0.000014 as it proceeds to $0.000018.
It seems this fallback is just but temporary, especially with the Moving Average Convergence Divergence (MACD) indicator holding in an upward direction above the mean line (0.00). Investors should keep in mind the MACD (line in blue) upholding a buy signal sent when it crossed above the signal line (in red).
Furthermore, the Money Flow Index (MFI) shows that buyers have the upper hand and are likely to continue pushing Shiba Inu price uphill. Traders considering buying the dip may want to wait for SHIB price to rebound from support provided by the upper boundary of the falling trend channel, or the buyer congestion at $0.00001.
A recent report by Nansen reveals that SHIB has been a favorite purchase among newly funded crypto wallets, a move largely attributed “to their announcement of their L2 network."
Shiba Inu Price Has Bullish Outlook but These Altcoins Could Offer Bigger Returns
Investors must deliberately choose the constituents of their crypto portfolios as early as the New Year starts and ensure they have the best risk management measures in place. One way to do that is to seek exposure to tokens in their presale stages.
Other than buying up-and-coming altcoins at a bargain, investors get a chance to be early adopters in projects that may shape the future of crypto.
Meta Masters Guild (MEMAG): A Must Buy Play-to-Earn Crypto in Q1 2023
Investors interested in emerging play-to-earn (P2E) and play-and-earn cryptos could start by considering Meta Masters Guild (MMG). Describing itself as the first mobile-focused web3 gaming guild, the ecosystem hopes to introduce high-quality blockchain-integrated games that people enjoy spending time on.
Meta Master Guild edges above existing P2E platforms like Axie Infinity, The Sandbox, and Decentraland by releasing games people want to play and not for earning money only. However, there will be plenty of avenues for community members to earn including rewards for playing the games, building games with the team, supplying in-game assets, creating content, and attending events.
Players on the world's first mobile-focused web3 gaming guild will earn a currency referred to as Gems. These tokens are versatile as they allow the player to swap them with MEMAG, the platform's native token, which can be staked for more rewards. Some users may buy in-game NFTs with Gems or cash out by exchanging with other cryptos like ETH.
Meta Master Guild is already in the second stage of the presale having raised $651k. Investors are buying 1 MEMAG for $0.01 but this price is time-limited and will rise soon.
FightOut (FGHT): The Future of Move-to-Earn
FightOut is a new crypto project hoping to redefine the fitness lifestyle with the Web3 era in mind. It is a Move-to-Earn (M2E) app with a gym chain that gamifies the fitness lifestyle. Users in the ecosystem are rewarded for completing predetermined workouts and challenges while earning badges and growing within a dynamic community.
A tokenized economy will help run the ecosystem where users earn FGHT tokens for completing M2E tasks.
Unlike existing Move-to-Earn crypto ecosystems such as STEPN, users on FightOut will not need expensive NFTs. Instead, FightOut employs simple tech solutions with digital avatars to ease the web2 audience into the metaverse.
The FightOut team is elated to announce the first CEX listing for FGHT on LBank Exchange with $3.05 million raised so far.
C+Charge (CCHG): Enabling Wider Access to The Carbon Credit Industry
C+Charge is a new crypto project likely to pique the interest of EV drivers and other people championing a cleaner planet. The team behind C+Charge believes that every EV driver should also benefit from the perks of the carbon credit industry.
That’s why C+Charge is building a well-rounded mobile application to cater to the charging needs of electric vehicle drivers. This app will manage payments at charging stations in addition to other key features like a carbon credit tracker, payment options, charging station locator, and real-time charger wait times among others.
Using web3 solutions C+Charge will allow users to create NFTs with all the carbon credits. Meanwhile, payments will be made via CCHG, the ecosystem native token.’
C+Charge is issuing CCHG in a presale that has raised $320k, far ahead of the first listing on a crypto exchange.
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