Shiba Inu Rises 80% Year-On-Year Despite Dip on International Dog Day

Shiba Inu’s price dropped 4% today, falling to $0.00001445 as the broader cryptocurrency market experienced a 3% decline over the past 24 hours.

Despite this recent dip, SHIB remains up 4.5% over the past week and 6% over the past two weeks, although it has decreased by 14% over the last 30 days.

On a longer timeframe, the altcoin has seen an 80% increase over the past year, highlighting its sustained long-term momentum.

Although it did not benefit from International Dog Day yesterday, the coming weeks are expected to bring growth for SHIB and the wider market.

Shiba Inu Rises 80% Year-On-Year Despite Dip on International Dog Day

International Dog Day, celebrated yesterday, is an occasion to appreciate dogs of all breeds and raise awareness for canine-related issues.

While one might expect this attention to boost interest in dog-themed meme tokens, it has not positively impacted the Shiba Inu price.

As the chart below illustrates, SHIB is currently in a downtrend.

Its relative strength index (purple line) has dropped to 30, indicating that SHIB has entered an oversold position.

Source: TradingView

Additionally, SHIB’s 30-period average (orange) is falling toward the 200-period average (blue). If it drops below this longer-term average, it could signal a reversal of the coin’s recent poor performance.

Notably, SHIB’s 24-hour trading volume has modestly increased over the past week, rising from approximately $100 million on August 18 to $300 million today.

This volume remains relatively low, suggesting that large holders (whales) are currently uninterested in the meme token.

However, Shiba Inu benefits from stronger fundamentals compared to most other major meme coins, with recent developments set to boost its ecosystem.

Last year saw the launch of its layer-two network, Shibarium, and the project is also developing its own layer-three platform. Additionally, a Shibarium-based version of its SHIB-burning Shiba Eternity card game is being rolled out.

Shiba Eternity’s closed beta is now live for all $LEASH stakers!
Exciting rewards and surprises await you.
Download and start playing now!
https://t.co/EHStM69gQS pic.twitter.com/8y3bEBC8y3

— Shiba Eternity (@shibaeternity) August 21, 2024

In the coming weeks, Shiba Inu is also expected to benefit from growing market-wide optimism.

This optimism is largely driven by the Federal Reserve’s upcoming rate cuts, and improved US economic data could further enhance positive sentiment.

Under these conditions, the Shiba Inu price could reach $0.000020 by the fourth quarter and $0.000040 by next year.

Alternative Meme Coins for Market-Beating Gains

SHIB’s recent underperformance may have disappointed many traders, but while they wait for a major move, they might consider exploring newer coins.

Although the market is often flooded with low-quality new tokens, successful presales can be an indicator of future growth.

A prime example is the new layer-two project Pepe Unchained (PEPU), which has raised over $10.8 million in its presale.

Pepe Unchained will alter the course of meme coins forever.
The whole world is starting to take notice.
$10 Million Raised.
This is a MONUMENTAL MILESTONE! Get ready for fireworks! pic.twitter.com/yrmU0WuvhV

— Pepe Unchained (@pepe_unchained) August 22, 2024

Pepe Unchained may have the strongest fundamentals among new meme coins, as it is launching a layer-two network for Ethereum.

The platform will offer users near-instant transactions and very low fees, potentially helping it capture market share from established L2s like Base and Optimism.

It currently boasts transaction speeds 100 times faster than Ethereum’s average, enabling it to offer double the staking rewards compared to a standard coin.

PEPU has a capped supply of 8 billion tokens, with 30% allocated to staking and 20% to the presale.

Another positive indicator is its nearly 12,000 followers on X, despite the token not yet launching.

The presale is nearing its end, but newcomers can participate via the official website, where 1 PEPU costs $0.0093477.

Given the coin’s early popularity and growth, its price could rise significantly above this level once it lists in the coming weeks.

Buy PEPU Now

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