Shiba Inu announced its stablecoin SHI, rewards token TREAT, Layer-2 protocol Shibarium, and a metaverse – but the SHIB price is still down. Is Shiba Inu dead or will SHIB go back up in 2022 or 2023?
There has been some bullish price action after those roadmap updates which made news headlines early in July. Since the Shiba Inu 2022 low ($0.00000714 on June 18th, the day BTC dropped to $17,600 and Ethereum crashed to $880) SHIB is up 70%. However Ethereum has pumped 100% since then – underperforming ETH in relative strength is not a good sign for an altcoin.
Is Shiba Inu Dead?
The SHIB price today is $0.000012, up 16% in July and 4.75% this week – that is weak compared to its October 2021 bull run of 1236% (from $0.00000716 to its all time high of $0.00008854), and considering Shiba Inu is still down 86% from its ATH.
Since early June, Shiba Inu has mostly been trading sideways in a range for eight weeks now, which feels like years for doge meme coins and similar alternative meme tokens. It appears Dogecoin is dead also, with few Elon Musk tweets about either DOGE or SHIB – and the power of those to move the market has been waning.
Buying volume has not appeared with the recent upgrades announced and wider range of utility and use cases – as those were not available from the start, investors may be skeptical SHIB can breakout of its bearish downtrend and start a new HTF uptrend.
The Shiba Inu market cap is still over $6.6 billion (ranked #16 on CoinMarketCap), giving limited scope for further growth – SHIB would need to flip popular DeFi projects like Avalanche, Polygon, Polkadot and Solana to break into the top 10 cryptos. As well as stablecoin DAI, its closest competitor in market capitalization Uniswap, and of course rival meme coin Dogecoin in #10.
Shiba Inu Alternatives
In the long term the best way to beat the crypto market is to invest in a coin – whether a meme coin or otherwise – at a low price (buy low, sell high) rather than buying the top as many did on Shiba Inu at the tail end of 2021. When you hear your taxi driver, hairdresser, uncle etc. is buying a coin, it’s usually the end of its bull cycle then it dies a slow death, bleeding value for months.
We’ve reviewed ten upcoming presale tokens for this year, one of which was another meme coin Tamadoge (TAMA).
The Tamadoge presale has undergone a Solid Proof audit
Tamadoge is at a very low market cap as a brand-new crypto project and also has a much lower supply than Shiba Inu – only 2 billion TAMA tokens compared to the 1 quadrillion of SHIB. Investors can also buy at a discount during the beta sale phase which runs until September 2nd at tamadoge.io.
TAMA has play to earn utility from its offset – being a rewards token in itself, earned by players using the Tamadoge battle app to mint, train and wage combat with Doge NFT pets. Learn more about Tamadoge here.
Even if Shiba Inu isn’t dead yet presale launches tend to outperform coins that have already pumped – after a bull cycle the reaccumulation phase can take several years before new highs are made. Even the strongest altcoin in crypto history Ethereum corrected 95% from $1440 to $81 and took three years to set a new ATH – January 2018 to January 2021.
A similar trajectory would see Shiba Inu go back up to its top and re-enter price discovery in late 2024 – after the next Bitcoin halving. Even that isn’t a guarantee as Shiba Inu doesn’t have the level of utility Ethereum does.
Generally the best investing strategy tends to be either holding BTC or ETH, or investing at a low price point in altcoins and then taking profit, selling them when they are up – then rotating into other projects. Presales and ICOs offer the lowest entry price point. ‘Bagholding’ an altcoin for years does not tend to be optimal, the only possible exception being Binance Coin (BNB).
Tamadoge have an already approved exchange listing on LBank ready for their launch.
Meme Coin News
Tamadoge (TAMA) – Next Big Meme Coin
- Beta Sale Ends Sept 2022 – tamadoge.io
- Deflationary, Low Supply – 2 Billion
- Move to Earn, Metaverse Integration on Roadmap
- NFT Doge Pets – Potential for Mass Adoption
- Play to Earn Utility – Rewards Token