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The Shiba Inu price has dropped by 3.36% in the last 24 hours, but its weekly growth stands at 7%. Will the token soar or go down further?
Meanwhile, Wall Street Memes has reached the 26th stage of its presale and has raised more than $18.7 million so far. Is it a better investment?
Shiba Inu Drops 3% in the Last 24 Hours
In the last 23 hours, Shiba Inu has experienced a minor 3.36% drop.
At 1:52 am EST, SHIB was trading around the $0.0000086 mark, with a 24-hour drop of 3.5% in its market capitalization, which is now $4.9 billion, and a steep decline of 17.70% in its trading volume, which now rests at $170 million.
Despite the recent decline, the monthly price chart shows that Shiba Inu has climbed by 9.6% since early July. The main reasons behind them include an overall bullish sentiment about the crypto market and the recent attempt by Shiba Inu to shed its memecoin tag.
Shibarium Beta Bridge Live
On July 28th, Coindesk reported Shibarium blockchain Ethereum bridge has gone live. It is expected that this bridge will start operating next month.
The Shibarium-Ethereum bridge facilitates interoperability between Shibarium and Ethereum, allowing users to transfer tokens between the two.
🔥 Shibarium Beta Bridge has gone live for public testing! 🎉
Be among the first to try out this revolutionary cross-chain solution.
Remember, always exercise caution and verify authenticity before connecting your wallet to any website.
PLEASE DO NOT USE YOUR REAL ASSETS!… pic.twitter.com/7yfhX8gQc6
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) July 26, 2023
According to Shytoshi Kusama, chief developer of Shibarium, the bridge will incrementally unlock its operations, initially only allowing users to transfer testnet ETH tokens from Ethereum to Shibarium. The transfer speed, he revealed, will be 30 minutes.
However, there is no news about whether real assets are supported on this bridge.
The Shibarium testnet has seen 27 million transactions, and over 16 million wallets have been created till now, indicating that the demand for this project is high.
Shiba Inu Price Analysis
Shiba Inu has been moving up in a jagged pattern since June 12th, with more green candles pushing the token to higher levels in the price charts. While there are minor retraces here and there, like the current 3% drop, these are often followed by consecutive greens that make a bullish engulfing pattern.
At press time, SHIB’s RSI is 60, slightly close to being in the overbought zone. Combined with a positive MACD, that indicates positive sentiment around this token.
In terms of long-term growth, First1Bitcoin has reported that Shiba Inu is making a bullish wedge pattern on Binance, which is a bullish reversal pattern which may indicate that further highs are on the way for this token.
The overall sentiment about Shiba Inu continues to be positive amidst the recent minor decline. Most are hoisting bullish flags for this token on CoinMarketcap, thanks to the recent bridge launch. SHIB’s price can potentially go up once the bridge becomes operational next month.
Shiba Inu’s Alternative – Wall Street Memes
Wall Street Memes is a presale crypto project closing in on the last phases of its presale. With over $18.7 million already raised, the $20 million target could be reached any day now.
Wall Street Memes separates itself from other crypto presales due to its community-centric nature. A token focusing exclusively on memes and related experiences, Wall Street Memes doesn’t feign any utility but leverages its social media traction and humor to captivate the interest of the community.
Inspired by Wall Street Bets, the legendary Reddit group that engineered a Gamestop short-squeeze, Wall Street Memes aims to do the same for memecoins, turning assets that are perceived to be useless into wealth-generating investments for the community.
This principle permeates through every social media post by Wall Street Memes, which often mixes humour with the current financial situation.
It's been a good run.
(Credit / @TheBabylonBee) pic.twitter.com/1RFtNjBcXe— Wall Street Memes (@wallstmemes) July 30, 2023
These posts have also earned the attention of Elon Musk, founder of Tesla and the unofficial Dogecoin hype man, whose words have moved the memecoin markets so many times in the past.
Interested parties can visit wallstmemes.com to participate in this presale.
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