Shiba Inu Pares End of Week Gains. Has This Meme Coin Had Its Day?

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Shiba Inu (SHIB) price had a remarkable close of the week. It rose 15% in market value between Thursday and Saturday to record an intra-day high of $0.00000853 on July 15.

https://twitter.com/TokenBeam/status/1679838372569944064

However, the popular meme coin has engaged in a load-shedding exercise since, with almost 10% of the gains already wasted

Relatedly, the past week proved to be historic for the cryptocurrency industry as a whole. This followed a break in the Ripple Labs versus SEC case. The victory, though partial, marked the first successful outcome for a cryptocurrency company in a legal case against the SEC. The positive ruling not only brought significant attention to Ripple but also sent prices soaring across the crypto market.

Shiba Inu Price On Network Announcement

A possible reason for the Shiba Inu price surge is the upcoming Blockchain Futurist Conference in 2023. The event, scheduled for August 15-16 in Toronto, marks the fifth edition of Canada’s largest blockchain and crypto gathering. One exciting highlight of the event is the substantial participation of SHIB, proudly assuming the position of the Official Title Sponsor.

📢 @Shibtoken is an Official Title Sponsor of Blockchain Futurist Conference 📢

They're bringing the power of a decentralized currency to millions across the globe 🚀

👀 Catch them at #Futurist23
🗓️ August 15-16, 2023
📍 Toronto, Canada

Tickets ➡️ https://t.co/88dmFBeoI8 🌟 pic.twitter.com/vbgy823iKk

— Blockchain Futurist Conference (@Futurist_conf) July 14, 2023

The Shiba Inu ecosystem is eager to extend the transformative potential of blockchain technology to millions globally. This comes amid its position as a key player in the decentralized currency realm. With their prominent sponsorship, SHIB aims to actively contribute to the conference’s triumph and connect with a vast network of attendees. Notably, after this announcement, the SHIBA INU coin experienced an increase in value, enhancing anticipation and excitement surrounding the event.

SHIBA INU Price Analysis

On the four-hour chart of SHIB/USD, the meme coin has retraced approximately half of the gains it amassed in the final days of the previous week. Over the course of the last three days of that week, the coin saw an increase of 15.7%.

Unfortunately however, it encountered a decline of around 8% on the subsequent day.

Technical indicators are pointing towards a potential bearish trend that could persist for a while. The Moving Average Convergence Divergence (MACD) histogram is positioned below the zero line, indicating negative momentum.

Similarly, the Relative Strength Index (RSI) is on the verge of crossing below the mid-line, signaling weak market sentiment. As a result, the outlook suggests that the coin may face further losses in the coming hours.

The decline in weekly gains could be attributed to profit-taking as investors cash in on the recent gains.

Furthermore, there is a debate in the market stating meme coins like SHIB and Dogecoin (DOGE) might experience some massive popularity decline in the near future. This is associated with the AI coin mania that has since been introduced in the market.

Shiba Inu and Dogecoin Could Fall Short To AI CryptoAI crypto has been getting increased attention in the crypto community, with analysts suggesting meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) could have their popularity decline as projects i…https://t.co/GlDbB8K8Tj

— CRYPTO BUZZ FLASH (@cryptobuzzflash) July 16, 2023

However, it remains unseen whether these coins expose the real threat to the two most popular meme coins. This AI coin narrative might have also been a reason behind SHIB’s recent decline. It is also worth mentioning that the Shiba Inu ecosystem is a worthy contender in the meme and crypto sphere ecosystems. With the ongoing token burns, the Shiba Inu price still has prospects to recover based in supply-demand dynamics.

HOURLY SHIB UPDATE$SHIB Price: $0.00000792 (1hr -0.14% ▼ | 24hr -1.96% ▼ )
Market Cap: $4,672,688,406 (-1.97% ▼)
Total Supply: 589,348,489,915,810

TOKENS BURNT
Past hour: 8,317,922 (1 transaction)
Past 24Hrs: 90,319,630 (7220.41% ▲)
Past 7 Days: 386,639,943 (-67.43% ▼)

— Shibburn (@shibburn) July 17, 2023

While SHIB is showing signs of further decline ahead, there is another token making its name in the meme coin market.

Promising Alternative To SHIB

The Presale of Thug Life token has sold out and collected a whopping $2.06 million on July 16. The presale was launched on June 28 and has since raised a substantial sum in a short period. This shows that investors have a lot of enthusiasm for this cryptocurrency. The presale token price was $0.0007.

Thug Life coin emphasizes the common occurrence of experiencing setbacks and converting them into chances for profit. This portrays the token as a symbol of strength, perseverance, and goodwill within the crypto ecosystem. The token runs on the Ethereum (ETH) network.

https://twitter.com/thug_life_token/status/1680341397147389952

The project is now preparing for the introduction of the highly anticipated Decentralized Exchange (DEX) in phase 2. This is expected to bring even more opportunity and excitement.
After the DEX launch, the token website will launch its airdrops and giveaways, followed by CEX listings.