2023-6-21 19:30 |
Shiba Inu ($SHIB) has experienced a surprise uptick in price momentum, escalating by over 11% in the past week.
As a result of this sudden price hike, many investors are now deliberating whether it’s the right time to invest in Shiba Inu – or if a more opportune moment may arise in the future.
Additionally, investors are actively seeking out potential alternatives to $SHIB if the ongoing upward momentum proves unsustainable.
Shiba Inu Experiences Surprise Price Uptick as Investors Grow InterestedPer CoinGecko, $SHIB is hovering around $0.00000718 at the time of writing, with over $84 million worth of the token traded in the past 24 hours alone.
Although $SHIB is still down 12.2% from this point last year, the recent bullish uptick has piqued the investment community’s interest.
Interestingly, there don’t appear to be any project updates acting as a catalyst for the ongoing price surge – with $SHIB mainly affected by rising optimism throughout the meme coin space.
This optimism can be attributed to the Fed’s recent decision to pause interest rate increases. Investors have viewed this decision positively since it hints that rates may be decreased in the medium term – which is bullish for cryptos.
However, does this mean it’s a good time to invest in $SHIB – or is the positive momentum only temporary?
Investors are currently debating the pros and cons of purchasing $SHIB since the token has previously shown that it can produce double-digit (or even triple-digit) returns in a short space of time.
On the other hand, $SHIB has shown itself to be highly volatile, even relative to other meme coins like Dogecoin.
Ultimately, potential investors must balance the allure of high returns against the uncertainties associated with owning $SHIB when making purchasing decisions.
What Meme Tokens are Traders Buying Now?While it remains difficult to judge Shiba Inu coin’s long term prospects, several new meme tokens have emerged in recent weeks that are displaying bullish momentum despite the wider bear market.
Let’s take a look at three meme coins that are hot at the moment.
Wall Street Memes ($WSM) Offers Viable $SHIB Alternative After Raising $8.7mWith $SHIB’s future still looking precarious, some meme coin investors are weighing up alternative options that could provide clearer price prospects.
One alternative attracting significant attention is Wall Street Memes ($WSM) – a community-driven meme coin that has already raised an impressive $8.7 million through its ongoing presale.
The demand for $WSM tokens has reached fever pitch in recent weeks as investors clamor to get involved in a community that has already caught Elon Musk’s attention on two separate occasions.
The huge Wall Street Memes community has been strengthened over the past two years following the success of the Wall St Bulls NFT collection – which sold all 10,000 pieces in just 32 minutes after launching.
Early investors can buy $WSM tokens at a low price point through the presale, which is split into 30 stages.
Each stage has an incrementally-increasing price – designed to incentivize early investment.
Visit Wall Street Memes Presale
$BOB Navigates Market Turmoil & Looks Poised for Price ReboundAnother meme coin that has emerged as an alternative to Shiba Inu is Bob ($BOB).
Per CoinMarketCap, $BOB is the fifth most-traded meme coin on the market, with a 24h trading volume of over $17 million.
The token’s creators have drawn inspiration from the recent success of Pepe coin by fostering a community built upon the power of a world-famous meme character.
Like $PEPE, $BOB has no built-in utility – the token is merely used to pay homage to the Bob character.
However, this has not stopped $BOB from producing incredible price movements recently.
Although $BOB is trading significantly lower than the highs of May, price does appear to be stalling around a vital support region – hinting that a potential reversal may be on the cards.
$TURBO Rollercoaster Ride Appears to Show Signs of an UpturnFinally, Turbo ($TURBO) continues to receive attention from meme coin traders, even after the dramatic price drop throughout May.
Much like $BOB, the Turbo token has no actual use cases yet has still generated tremendous hype from retail buyers.
This hype has been driven by Turbo’s egalitarian setup, which includes tax-free transactions and a crowdfunded launch.
Moreover, the project’s official website states that “anything can happen” in Q3 2023 – a statement that has kept meme coin enthusiasts interested, even while the $TURBO price has been falling.
The good news for $TURBO holders is that the token’s fortunes may be turning around, with prices up 18% in the past day.
Although $TURBO still has a long way to go to make up for the losses sustained in May, the recent price surge offers a glimmer of hope to those still holding the token.
The post Is It Too Late to Buy Shiba Inu? SHIB Price Analysis & 3 Other Meme Coins to Watch appeared first on BeInCrypto.
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