Shiba Inu's Bearish Slide and Wall Street Memes' Bright Prospects
Shiba Inu (SHIB), a prominent meme coin, has faced a challenging month, with its price plummeting by 36%. Currently trading around the $0.0000072 level, a low last seen in early July, SHIB has endured four consecutive weeks in the red. This downward trend coincides with a broader decline in the cryptocurrency market, reflected in the Crypto Fear & Greed Index's "Fear" territory rating at 30.
Adding to SHIB's woes, the token's value has dipped below the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs) on the daily chart. Analysts often view this as a bearish signal, indicating a potential for further short-term declines.
The fading hype around SHIB and the less-than-stellar rollout of Shibarium have significantly impacted its price, raising questions among investors about its ability to recover.
As Shiba Inu's outlook remains gloomy, ChatGPT offers a forecast for the token's value in the coming weeks. Emphasizing SHIB's sentiment-driven nature as a meme coin, ChatGPT suggests that ongoing negativity in sentiment could lead to further short-term declines.
If selling pressure persists, pushing SHIB below the nearby support level of $0.0000070, ChatGPT predicts the price might drop as low as $0.0000060 within the next month. Such a decline would take SHIB to its lowest price point since September 2021.
This pessimistic projection from ChatGPT has left many Shiba Inu investors anxious, with concerns about the possibility of another leg down.
Amidst the struggles of SHIB, there's a glimmer of hope in the meme coin space with Wall Street Memes (WSM). This project, inspired by the popular r/WallStreetBets community, has rapidly gained attention, becoming one of the most anticipated meme coin launches.
Wall Street Memes boasts over 1.1 million followers on social media platforms like Twitter and Instagram, and its native token, WSM, raised over $25 million from early investors during a successful presale. WSM is now in its final presale stage, offering one last opportunity for investors to purchase tokens at $0.0337 before its official listing in just over two weeks.
The imminent exchange listings have attracted the interest of prominent figures in the crypto community, with some calling it the "biggest meme coin launch" of the year. ChatGPT also acknowledges the potential for a price surge after WSM's market debut.
Factors contributing to this potential price pump include the strength of the Wall Street Memes brand and the high level of engagement within the WSM community. With the current momentum, WSM is positioned as a promising contender in the meme coin space, sparking excitement among investors.
In summary, Shiba Inu faces challenges with a bearish trend and uncertainty about its recovery, while Wall Street Memes is generating substantial hype and optimism for a successful launch. Investors in both tokens are closely watching these developments to navigate the volatile meme coin market.