Shiba Inu Is 84% Below All-Time High; Is Now the Right Moment to Purchase $SHIB at a Reduced Price?

At its present value of $0.000014, the Shiba Inu ($SHIB) token, which boasts a market capitalization of $8.26 billion, ranks as the second largest in the industry and remains 84% below its all-time high of $0.00008616, reached on October 28, 2021.

This situation is somewhat peculiar considering that at that time, $SHIB was merely another competitor to Dogecoin ($DOGE).

Fast forward to the present, and Shiba Inu now incorporates privacy features and has developed its own proprietary Layer 2 solution on its native Ethereum blockchain, known as Shibarium, which is fostering a community of developers and users.

In comparison to Dogecoin, Shiba Inu experienced greater overnight declines of approximately 2%, while $DOGE faced a 1% drop. Over the course of the week, Shiba Inu lost around 4%, whereas Dogecoin declined by 9%. Clearly, Shiba Inu is exhibiting characteristics typical of a volatile multi-billion dollar meme coin.

To gain a clearer perspective on Shiba Inu’s recent performance, it is notable that in the early hours UTC of July 16 this year, the token reached $0.00001998 but failed to maintain the psychologically significant $0.00002 level.

A market-wide downturn on August 5 effectively halved the price in less than a month, as $SHIB approached the critical $0.00001 mark before recovering to its current price of approximately $0.000014.

A stable relative strength index (RSI) of 45 suggests that there is potential for the token to reclaim $0.000016 soon as traders capitalize on the dip.

However, if the rate of token burns continues to be low as observed this week, Shiba Inu may face additional depreciation.

Source: TradingView

Shiba Inu’s $SHIB Dips To Attractive Prices, The Meme Games

Shiba Inu currently presents a favorable opportunity for dip buying. Nonetheless, uncertainty regarding the future of the meme coin has experienced holders contemplating whether any promising new projects might serve as a better store of value.

Some intriguing projects are so new that they are still available for purchase at fixed prices during pre-sale, positioning buyers advantageously for post-listing surges.

Referred to as crypto’s official Paris Olympics meme coin by enthusiasts, The Meme Games ($MGMES) has already secured $404,000 for its buy-to-win bonus multiplier since its launch alongside the Olympic games earlier this summer.

Investors who acquire $MGMES tokens can then choose their preferred meme coin avatar from options including Dogecoin, Pepe, DogWifHat, Brett, and Turbo, and observe them compete for a one-in-five chance to earn a 25% bonus on their initial investment.

$MGMES is currently available at a fixed presale price of $0.00935. In one day, it will incrementally increase to the next fixed price of $0.0094.

This means that today’s investors can acquire 10,000 $MGMES for just $93.50.

This represents the lowest price the token will reach for the remainder of the presale period, which coincides with this year’s Paris Olympics.

Participants can purchase $MGMES an unlimited number of times with no minimum purchase requirement, enhancing their chances of securing multiple 25% token bonuses.

The official project website and whitepaper encourage investors to stake tokens during the presale to benefit from the attractive 476% APY currently available.

This rate diminishes with the number of stakers, so participants are advised to stake early and in larger amounts to optimize yield. Importantly, staking is exclusively available on Ethereum.

Even though it is still in presale, $MGMES represents a more timely and potentially rewarding investment compared to Shiba Inu tokens like $SHIB and $DOGE.

Follow The Meme Games on Twitter and Telegram.

Visit the official website.

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