Shiba Inu (SHIB) price has barely moved in the past 24 hours, with its current level of $0.00000753 representing a 1% loss over the past week.
SHIB is up 14% in the past 30 days, however, with its latest move coming as a number of pro-Ukrainian celebrities used Shiba Inu memes to fight Russian disinformation online.
Even the Prime Minister of Estonia recently tweeted a thank you to the network responsible for such memes.
However, such a use of Shiba Inu-related memes isn’t actually new, with the practice dating back at least a year, meaning it’s unlikely to have a substantial impact on the price of SHIB.
But with the ecosystem still awaiting the full launch of the Shibarium tier two network, the meme coin could still be in line for big rallies in the not-too-distant future.
Shiba Inu Price Prediction As Pro-Ukrainian Internet Celebrities Use Shiba Memes To Fight Russian Propaganda – What’s Going On?
Despite today’s lack of real movement, SHIB indicators are in a relatively good position, with the potential for further gains.
The meme token’s 30-day moving average (yellow) has begun to rapidly climb above its 200-day average (blue), indicating a potential for a breakout.
On the other hand, the SHIB’s Relative Strength Index (purple) hovers around the 50 level, meaning it could potentially go either way.
The uncertainty is further exacerbated by the fact that the medium-term support level of the coin has eased slightly over the past two weeks, meaning that SHIB may not be able to resist further downside in the near future.
However, the medium to long-term future of SHIB looks a bit more positive, with the aforementioned Shiba Inu meme usage trend likely having the effect of increasing the visibility and popularity of the meme token.
As noted above, Estonian Prime Minister Kaja Kallas recently used a tweet to pay tribute to NAFO (North Atlantic Fellas Organization), a decentralized bullshit network that has been flooding Russian propaganda efforts with Shiba Inu memes.
It’s possible that this level of recognition for NAFO could help SHIB make some gains, however it should be stressed that NAFO has been around for over a year, so it might be foolhardy to bet heavily on a big rally to come.
However, SHIB’s further future still looks good, with Shibarium making progress towards its full public rollout.
Shibarium is a second-level network for Shiba Inu that will make using them cheaper (and faster), something that could help strengthen the SHIB ecosystem in the long run.
Of course, the effect is likely to be gradual, so anyone hoping for a sudden surge of SHIB may be disappointed.
The meme token could be expected to reach $0.000010 in the coming weeks, before potentially seeing the year close to $0.000010.
New high-potential meme token
It is arguable that SHIB has been overshadowed this year by the wave of new meme coins the market has seen in recent months, with said wave looking like it won’t stop anytime soon.
While many of the new meme tokens have been more or less junk coins or outright scams, some have shown real and sustained growth.
This is especially true with those that have had pre-sales, which have allowed some of the best new meme tokens to establish a strong following and community before being placed on exchanges.
A very new and promising example of such a token is Mr Hankey (HANKEY), an ERC-20 token that has taken the concept of “shitcoin” literally.
Its pre-sale goes live tomorrow, with the coin having a total maximum bid of 1 billion, of which 40% will be up for grabs.
What’s promising about Mr Hankey is his meme, with the Mr Hankey character not only drawn from the ever-popular South Park, but also benefitting from several eminently repeatable and viral catchphrases (e.g. “Howdy Ho!”).
This means that it probably has a better chance of spreading than other new meme tokens, with an early sign of this provided by the fact that his Twitter account has already amassed more than 4,000 followers within the first 24 hours of its lifespan.
Investors can participate in its sale when it opens tomorrow by visiting Mr Hankey’s official website and linking their software portfolios.
The sale will be capped at 400 million HANKEYs, with the coin likely to go public by the end of Q3 2023.
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Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. You could lose all your capital.
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