SHIB, the native token behind the memecoin powerhouse, has recently shattered a significant barrier by breaking above a long-standing downward-sloping trend line that suppressed the market for three months.
This breakout has ignited hope among traders, signaling the potential arrival of a new bullish surge. As excitement builds, market participants are turning their attention to the impending launch of Shibarium Mainnet, further fueling bullish sentiment as traders flood back into the project.
The Shiba Inu ecosystem is undergoing a remarkable transformation, with the project’s team implementing a series of comprehensive enhancements and introducing innovative products.
The highly anticipated Shibarium Mainnet, a cutting-edge Layer 2 blockchain designed exclusively for the Shiba Inu ecosystem, has garnered considerable attention as its testnet metrics continue to grow. Additionally, the project has begun shipping its advanced hardware wallet, which provides users with enhanced security for their SHIB holdings, and continues to burn SHIB tokens at an alarming rate.
With the ecosystem for SHIB coming back to life, let’s highlight the levels to watch moving forward and explore a new memecoin companion that could potentially produce higher returns than SHIB and DOGE combined.
What you'll learn 👉
Shiba Inu Ecosystem Sees Revolutionary Improvements as User Base Grows
Shiba Inu might reappear on everybody’s radar as it starts to roll out its revolutionary improvements, causing its user base to grow at a staggering rate.
According to emails from the project, the highly anticipated Shiba Inu hardware wallets are expected to be delivered later in July. The Shiba Inu wallet provides enhanced security for SHIB holdings and other cryptocurrencies. This is groundbreaking for memecoins as it makes Shiba Inu the first project to release its own hardware wallet, an extraordinary feat that most layer-1 mammoth projects are still yet to achieve.
■ @Tangem X #Shib Wallet Delivery Update— KURO🐾SHIBARMY JPN🇯🇵 (@kuro_9696_9696) July 3, 2023
The first batch of Tangem X SHIB wallets is on the way to our warehouse in Hong Kong.
Our logistic team will send you a fulfillment email after the item has been shipped.
The estimate delivery start date is July 24. pic.twitter.com/g5BXNJYddJ
In addition, the metrics for Puppynet, the testnet behind the Shibarium ecosystem, continue to grow at an alarming rate after reaching the significant milestone of 25 million total transactions. In addition, it seems that SHIB supporters are eager to participate in the testing after 17 million unique wallet addresses are recorded on the network.
The growth of Puppynet is causing investors to position themselves back into SHIB, as they expect massive price surges once the Shibarium ecosystem is released. The layer 2 blockchain platform will introduce a new ecosystem for developers to unleash decentralized applications on the Shibarium blockchain, helping to expand the ecosystem further and providing new opportunities for Shiba Inu users.
The ecosystem enhancements are also starting to show on-chain, as the number of new addresses surged by over 350% in Q2 2023 – according to data from IntoTheBlock;
Quarterly Update: #SHIB had a strong ending to Q2, with new addresses showing positive signs of growth. Daily new addresses reached over 4k on June 27th, up 357% from it 877 quarterly low on May 21st. pic.twitter.com/jbhlR8OUvl— IntoTheBlock (@intotheblock) July 3, 2023
This surge in new participants is a testament to the renewed interest and growing confidence in the SHIB ecosystem.
With the ecosystem for Shiba Inu primed for a revival in the coming weeks, let’s look at the market and highlight the important levels moving forward.
SHIB Price Analysis: Where Is It Heading After Breaking the Downward Sloping Trend Line?
SHIB has seen a rollercoaster of price action throughout 2023 after setting fresh 18-month lows during June as the token reached as low as $0.00000638.
The price capitulation was largely fuelled by the SEC using its regulatory powers to sue two major cryptocurrency exchanges and labeling over sixty altcoins, including SHIB, as unlicensed securities. The news sent a wave of panic through the industry as investors dumped their holdings to reduce exposure in the altcoin sector.
The capitulation can be seen on the following chart, which shows the price of SHIB from March 2023 to the current date;
We can see that SHIB has been in a bearish trend since breaking beneath an ascending triangle pattern in April 2023, causing the market to create consistent lower lows.
Nevertheless, the market has rebounded since hitting the support at $0.00000638 and recently broke above a downward-sloping trend line that stalled any bullish growth since the breakout beneath the triangle. There is a potential for the price to dip beneath the trend line, but the recent breakout and the RSI push above 50 indicate momentum is in the bullish favor.
The breakout is the first solid signal that the market has provided that suggests a reversal is in play, which could help SHIB start making a move back toward the April highs of around $0.000012.
So, where are the important levels that SHIB needs to break before turning bullish again?
The first strong resistance is located at $0.00000790 – which stalled growth during late June 2023. This is followed by resistance at $0.00000850, provided by a bearish .382 Fib Retracement, $0.000009115 (.5 Fib Retracement), and $0.00000978 (bearish .618 Fib Retracement).
The next resistance is expected at $0.00001, and a break above this level would confirm a bullish reversal in SHIB. In this case, added resistance lies at $0.00001050, $0.00001, and $0.000012.
Beyond the April 2023 highs, higher resistance lies at $0.00001288 (Oct 22’ HDC), $0.000014, and $0.00001575.
Is Wall Street Memes Capable of Surging Alongside Shiba Inu Over the Coming Months?
With the newly revived fascination for memecoins, fuelled by the incoming Shibarium Layer-2 and PEPE 2.0, fresh investors are starting to enter the space – looking for opportunities to capitalize on the thriving industry. Many investors are seeking outsized returns that are usually provided for early adopters in up-and-coming projects that are yet to hit public markets.
In particular, one memecoin is gaining mainstream traction as it becomes one of the fastest-growing presales in 2023. Wall Street Memes only opened its presale on May 26th, 2023, and has already reached the $11.5 million fundraising milestone as investors rush to position themselves early in the project touted to be the next memecoin sensation.
WSM is quickly becoming one of the most sought-after projects in the memecoin space due to its huge community, sound tokenomics structure, and ability to attract the attention of billionaire entrepreneurs like Elon Musk.
The project describes itself as a community-driven memecoin that wants to tokenize the movement that defeated greedy capitalists in 2021 during the GameStop fiasco.
Back then, the armchair investors challenged Wall Street to a battle on its own turf and emerged victorious as hedge funds were sent into bankruptcy. Now, Wall Street Memes is tokenizing that victory through WSM, allowing for further speculation with an added dose of humor.
Although the project has no intrinsic utility, its strength lies in the robust community supporting it, which has grown to over one million followers across its social media channels. The project intends to make a mockery of the traditional financial system while providing opportunities for individuals to participate in crypto investments.
Elon Musk Already Noticed the Hilarious Memes on Several Occasions
The unique blend of internet culture, meme-based humor, and decentralized finance has generated a huge buzz for its presale. It has even attracted the attention of Twitter and Tesla CEO Elon Musk. The tech mogul has been seen interacting with the Wall Street Memes Twitter profile on several occasions, commenting on the hilarious – and sometimes truthful – meaning behind the memes;
🤣— Elon Musk (@elonmusk) April 22, 2023
The interest from Elon Musk has further helped fuel the fire in the presale as investors believe further interactions from meme lovers and self-proclaimed Dogefather will help propel WSM to new heights once its presale ends.
Major Tier-1 Listings and Sound Tokenomics
In addition to the attention from Elon Musk, investors of WSM also believe that the huge community puts the project in a strong position to be listed on major tier-1 exchanges following its presale. Experts suggest that industry heavyweights like Binance and OKX would rush to list WSM first as they would benefit from the enormous trading volumes that will come with it.
Furthermore, the sound tokenomics behind the project will increase investors’ confidence and help major tier-1 exchange listings. The team has stated that they refuse to allocate any WSM for themselves as they want the entire supply to be in the hands of the community – demonstrating its long-term commitment to the project. 50% of the total supply is sold in the presale, with the other 50% being reserved to add liquidity to exchanges and provide airdrops in community campaigns.
Presale Selling Fast: Buy Before It’s Too Late
Overall, the entire eyes of the crypto world are looking at WSM, and it’s not surprising to see its presale selling fast. The great news is that you’re still early to the party, allowing you to get invested at presale prices which will provide substantial returns once the token hits exchanges.
Getting positioned as early as possible is important because the presale uses a rising pricing strategy, meaning its cost rises during subsequent presale stages. Therefore, those who invest earlier will leave the fundraising with higher unrealized gains.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com