The price of Shiba Inu (SHIB) has been steadily declining in recent weeks, now hovering around the $0.0000079 level.
Many investors are now wondering what's next for SHIB as the once hugely popular meme coin continues to slide.
Meanwhile, several up-and-coming meme coins like Sonik Coin (SONIK) and Wall Street Memes (WSM) are positioning themselves as alternative additions to the watchlist.
SHIB price action signals further downside potential
Since peaking on August 12, SHIB's value has dropped nearly 30%, wiping off almost $2 billion from its market cap.
After posting a bullish close for six weeks in a row, SHIB has erased most of those gains in the past seven days, with the token now trading around $0.0000079.
On Thursday, SHIB tapped a strong support zone around $0.0000072, which has held firm since June.
The long-wick rejection on the daily price chart indicates buyers are still eager to acquire SHIB at lower levels; however, the overall momentum is still clearly to the downside.
More worryingly for SHIB holders, the price has cleanly broken a rising trendline that had been in play since June 10.
In many cases, once the price breaks a trendline like this, it can head back to where it first began – which could represent a further 24% decline for SHIB, should this scenario play out.
Shibarium woes & bearish market sentiment deepen Shiba Inu’s decline
Given Shiba Inu’s bearish technicals, many investors are wondering what’s next for the token.
The launch of the Shibarium mainnet was widely expected to be a positive catalyst for SHIB’s price – yet this event proved to be the opposite.
Shibarium ran into technical issues shortly after launch, meaning that transactions were paused for nearly a day.
This failed rollout has caused uncertainty and negativity around the project, prompting many SHIB holders to sell their stakes.
Shibarium’s developers restarted the network on August 18, but the damage may already be done.
Adding to Shiba Inu’s woes, the Crypto Fear & Greed Index has fallen to 37 – the lowest since SVB's collapse back in March.
This bearish stance was backed up by fellow crypto analyst DietaFlex on Twitter, who expressed his previous “interest” in shorting SHIB in early August.
Prominent market commentator Crypto Chef M also posted a SHIB price chart on Twitter, highlighting his belief that the token’s bias is to the downside – compounding the worries of token holders.
Which meme coins to watch as Shiba Inu struggles?
As SHIB struggles with price action and technical setbacks, investors are searching for other meme coins to ignite some buzz back into the space.
Emerging projects like Sonik Coin and Wall Street Memes are already attracting speculators, given their viral meme appeal and ambitions to evolve into more substantial ecosystems.
Sonik Coin brings staking to the meme coin space & raises $300K in a week
First up is Sonik Coin (SONIK), a brand-new community-driven meme coin that aspires to be the fastest-growing project in the space.
With a currently ongoing presale and promises of staking rewards exceeding 200% APY, Sonik Coin bets on humor and energy inthe meme coin niche.
Looking at the meteoric rise of meme coins like PEPE and WOJ, early Sonik Coin backers are optimistic about the project’s potential.
Sonik Coin’s presale has raised $300,000 in one week, with investors able to secure SONIK ahead of the token’s possibe open market debut.
Notably, Sonik Coin’s creators have ensured the token has real utility by implementing a staking protocol that allows holders to lock up their SONIK and earn passive rewards.
According to the Sonik Coin whitepaper, 40% of the total SONIK supply has been set aside for staking rewards, while a further 10% will be used to provide DEX liquidity.
This liquidity allocation is designed to reduce price slippage once SONIK is listed on Uniswap – fostering a more stable trading environment for all.
With unique branding that taps into Sonic the Hedgehog’s popularity, many early backers believe SONIK has the potential to quickly gain viral momentum and awareness among meme coin enthusiasts.
Wall Street Memes generates significant excitement & raises over $25M as presale enters final stage
Another project that could be set to capitalize on Shiba Inu’s recent price decline is Wall Street Memes (WSM).
Wall Street Memes is a new meme coin tapping into the spirit of the meme stocks phenomenon, aiming to bring that irreverent energy to the crypto space.
The project has raised over $26 million in its presale and recently launched a staking service, with yields currently advertised at 118% APY.
Wall Street Memes’ presale is now in its final stage, with the potential listing on “multiple” Tier-1 exchanges set on September 27.
Some early WSM investors believe this could be a pivotal moment in the project’s life cycle, given that the token’s creators have previously tasted success through the launch of Wall St Bulls NFTs – which sold out in just 32 minutes in 2021.
Additionally, Wall Street Memes already has an online community of over 1.1 million people, giving the project a built-in audience to potentially drive awareness and adoption of WSM.
As HIB continues to struggle, WSM’s staking model, pending exchange listings, and cultural branding could attract disenchanted investors looking for a new meme coin.