News release by Finance News
New York, NY | April 28, 2023 07:54 AM Eastern Daylight Time
It's been an up-and-down month for Shiba Inu (SHIB) holders, with the token's price rising in the first half of April before pulling back in the following weeks.
Given this slowdown in price momentum, the chances of SHIB ever hitting $1 now appear slim – since the price would need to increase by over 9,700,000% to reach that level.
This means investors seeking viral projects with the potential to reach the $1 price point may need to look elsewhere – with new meme coin AiDoge looking increasingly likely to meet this criterion.
Shiba Inu Technicals Paint a Volatile Picture
Looking at the Shiba Inu price chart, it’s evident that the token is going through a highly-volatile phase. Long wicks on nearly all of the daily candles highlight the scale of the battle between buyers and sellers.
This volatility is nothing new for SHIB holders, given the token's "meme coin" characteristics. However, volatility has increased markedly since Elon Musk changed the Twitter logo to the Dogecoin (DOGE) icon.
At first, this was a good thing for Shiba Inu holders since the increased attention paid to DOGE had a knock-on effect on the SHIB price.
However, the positive momentum was short-lived after Shiba Inu printed a high of $0.0000117 – which has now held as resistance three times since mid-March.
An even more worrying factor for SHIB holders is that price appears to be forming a small bear flag on the 4H timeframe. Bear flag patterns tend to develop just before a downward impulse – hinting that more bearish momentum may be on the horizon.
If Shiba Inu surges to the downside, the likely target would be the wicks around $0.0000097. Price has rejected this area aggressively twice in recent months, highlighting the number of buy orders from bulls.
Adding more confluence to the downside move is that Shiba Inu now trades below the 50-day and 200-day EMAs. These are popular metrics that highlight an asset's medium-term and long-term trend – so the fact that SHIB is below them is viewed as a bearish signal.
However, there’s also a bull scenario that could play out for Shiba Inu. Per CoinMarketCap, the token’s 24H trading volume is still hovering around the $100 million region.
Moreover, Shiba Inu’s liquidity remains high on all major centralized exchanges (CEXs), including Binance and Coinbase, which signals that crypto investors are still actively trading SHIB.
For this trading activity to translate into an upwards impulse, there would likely need to be some form of catalyst – whether that be another social media move from Musk or a new use case from Shiba Inu’s developers.
Upcoming Shibarium Release Could Be a Turning Point for Shiba Inu
Much of the buzz around Shiba Inu since the start of 2023 has been driven by the pending release of "Shibarium."
Shibarium is Shiba Inu's long-awaited Layer-2 blockchain solution that addresses the low transaction speeds and high network fees associated with the Ethereum network.
By doing this, Shibarium will create a more compelling environment for developers to join the Shiba Inu ecosystem and create decentralized applications (dApps).
The testing phase for this Layer-2 scaling solution, "Puppynet," was launched in March to great acclaim from network users. According to on-chain data, over 100,000 wallet addresses used the test network within the first week of its launch.
Unfortunately, the full-scale release of Shibarium seems further away than ever. Updates from the development team have not been forthcoming in recent weeks, which has frustrated many community members.
Ultimately, the release of Shibarium is viewed by many as a potential "turning point" for the Shiba Inu project. Until now, Shiba Inu's use cases have remained limited, leading to a gradual decrease in token value.
However, assuming Shiba Inu’s team can release Shibarium without a hitch, it would add some much-needed use cases for SHIB – prompting more demand from the investment community.
Could AiDoge Beat Shiba Inu’s All-Time Highs?
Given the ongoing battle between bulls and bears, combined with the project’s extremely high token supply, it’s unlikely that Shiba Inu will ever hit the $1 region – unless there is a massive change in its tokenomics.
However, the new crypto project AiDoge has emerged as an alternative investment proposition for those seeking long-term price growth.
Put simply, AiDoge is an Ethereum-based platform that combines exciting artificial intelligence (AI) elements with a meme coin aesthetic – all while offering a truly unique use case.
Per the whitepaper, AiDoge's primary use case will be enabling users to generate high-quality memes in seconds through its AI-powered "meme generator." Users can provide text-based prompts to this generator, which will immediately spit out hilarious images without needing prior photo-editing experience.
The potential applications of this meme generator are endless. For example, users could create a meme immediately after a topical event, which can then be uploaded to social media. Given that the most popular memes are often those that are uploaded first, AiDoge's flagship feature could be highly beneficial.
In addition, AiDoge will have a "public wall" that allows users to upvote other user-created memes they like. The most popular memes will rise to the top of the public wallet – and reward creators with distributions of $Ai, AiDoge's native token.
Although AiDoge is still in its presale phase, early investors can buy $Ai tokens at a reduced price point relative to the intended listing price. At the time of writing, Stage One of the presale is ongoing, meaning $Ai tokens can be acquired for just $0.000026 – the lowest they'll ever be offered.
Those looking to keep tabs on AiDoge’s progress can join the official Telegram channel or follow the project’s Twitter page.
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.
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Alex Brown
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