Dogecoin and Shiba Memu outlook as key DOGE metric stalls

2023-10-13 20:52

Shiba Memu is a new meme coin that’s leveraging the AI revolution. The project is in presale and has raised more than $3.8 million. Dogecoin (DOGE) tops meme coins buts its price has struggled as daily transactions sink.

Dogecoin is struggling to keep prices above a key support level even as the leading meme cryptocurrency records a sharp drop in daily transactions. Meanwhile, the Shiba Memu (SHMU) presale has hit $3.8 million as price increases to $0.0334.

Here we examine the price outlook for the two tokens amid a broader lull in a crypto market that’s mirroring market reaction to the latest US inflation report. Stocks traded mixed after the Consumer Price Index (CPI) showed prices rose 0.4% versus 0.3% expected in September, with a 3.7% increase over the past year to match that of August.

Shiba Memu – an AI revolution for meme coins

Shiba Memu is a new cryptocurrency that combines the increasingly powerful artificial intelligence (AI) narrative and blockchain to bring a unique approach to crypto memes. The native token SHMU, launched on the Ethereum blockchain, will have a supply of 1 billion tokens, 85% of which is available to the community via a presale.

With AI at the heart of this new meme coin, the idea of a self-sufficient crypto ecosystem is envisioned. The Shiba Memu whitepaper outlines a project that’s unlike other meme coin projects – one that’s leveraging AI technology to create a powerful marketing system that doesn’t rely on celebrity or influencer hype to gain traction.

The AI dashboard will take care of this, with SHMU holders benefiting from additional utility as token staking and provision of liquidity to the Shiba Memu pool.

Dogecoin price: DOGE outlook as daily transactions sink

Dogecoin leads meme cryptocurrencies with a market cap of nearly $8.2 billion. DOGE’s status as the sector’s OG has seen it attract support from among others, Tesla CEO and X (formerly Twitter) owner Elon Musk.

However, the cryptocurrency has struggled to break to the coveted $1 level – its all-time high of $0.73 was reached in May 2021. Currently, Dogecoin price has settled below $0.58 with the 5.6% dip in the past 30 days indicative of this fact. It an outlook that echoes Bitcoin’s recent lull since the breakdown from $30k.

One indicator of the performance over the past few weeks is the 7-day average of Dogecoin’s daily transactions. According to on-chain data, the network has been recording an average of 37.3k daily transactions — which IntoTheBlock says shows a sharp decline from highs of 2.1 million in June and “a secondary spike of 616k in July.”

Is Dogecoin going to see a surge network activity as was seen in the previous quarter? And can this be reflected in DOGE price? 

The current outlook suggests this scenario is possible, with investors likely to watch out for an upcoming event around the dog meme that inspired Dogecoin’s creation. That event is scheduled for November 2. If price picks up in a bull market amid other positive triggers, the key short term target remains $1.

Shiba Memu price: can SHMU reach $1 in 2024?

As noted, Shiba Memu has attracted over $3.8 million from global investors since its presale went live. The presale price has increased daily at 6 pm GMT, a novel approach that has seen the participation spike as early birds scoop SHMU at what’s likely to be bargain buys.

Price is set to jump from today’s $0.0334 to the final presale price of $0.0379. When the tokens launch on crypto exchanges, increased demand could unlock upside moves similar to what has greeted other meme coins in the market.

If Shiba Memu does a 2x after its launch, that could push its price to above $0.1. Then, with projections for crypto and AI huge going into 2024, SHMU could trade higher and target the $1 level. However, this could depend on prevailing market conditions and other factors specific to the project.

To buy Shiba Memu or learn more, visit the project’s presale page.

The post Dogecoin and Shiba Memu outlook as key DOGE metric stalls appeared first on CoinJournal.

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