2023-8-29 17:45 |
After the successful relaunch of Shibarium, Shiba Inu’s (SHIB) layer-2 blockchain, the meme coin’s price only saw a slight uptick in the last 24 hours.
Soon after the relaunch, Shibarium’s wallet addresses and total transactions surged. Shiba Inu is now up over 7 days, reversing a strong downward trend that had set in ever since the initial botched launch of Shibarium.
Meanwhile, Sonik Coin ($SONIK), a hot new meme coin, has caught investors’ attention as it moves towards the $1 million milestone in its ongoing presale.
Shibarium Bridge Reopened: Impact on SHIB’s PriceShibarium fixed its technical glitches and reopened its bridge to Ethereum, freeing up previously stuck funds worth $1.7 million.
In a recent update, Developer Shytoshi Kusama stated users can now shift SHIB, LEASH, and WEth tokens within 45 minutes to 4 hours.
At press time, Shibarium has over 100,000 active wallets and has already seen over 445,000 total transactions, showing an uptick in user traction.
Although SHIB is up by nearly 1.3% over the past week, it remains 1.2% below the price of this time last month.
Over the past few days, SHIB witnessed an ascending channel breakout on its daily chart. While this pattern revealed an uptrend, the market’s cyclical behavior indicates that such a pattern often leads to a trend reversal.
Since the breakout, SHIB has been caught in a short-term bearish trend. However, the $0.0000079 level support showed rebounding tendencies. If the price dips below this level, the downward trend might continue.
Moreover, data from CryptoQuant highlights a red flag at press time: More net deposits of SHIB tokens on exchanges, signaling more people are selling than buying.
Nonetheless, Shytoshi Kusama urges the Shiba Inu community to focus on long-term goals, downplaying short-term market swings.
Why The Market Isn’t Reacting StronglyThe broader market conditions have been rather dull, with investors exercising caution after several market corrections.
Additionally, the relaunch of Shibarium might be more significant for long-term holders who believe in the project’s fundamentals.
However, traders seeking quick returns may be less motivated to buy in unless the layer-2 solution shows direct monetary benefits, like transaction fee savings or faster, more scalable trade options.
Amid the broader market uncertainty, many investors are looking for early-stage meme tokens as alternatives to more established meme coins like SHIB.
Sonik Coin Emerges as Potential SHIB Alternative as Stake-to-Earn Token Surges Through PresaleSonik Coin is a trending new meme token that blends the fun of memes with real-world use. Although inspired by the video game character Sonic the Hedgehog, it’s not affiliated with Sega.
In the first few days of launch, it raised over $690,000 out of its $2.1 million hard cap, showing strong initial investor support. Each token is priced at merely $0.000014 in its ongoing presale phase.
The unique feature of $SONIK is its Stake-2-SPEED system, a staking method for passive income. You can start staking immediately after purchase. Notably, 11.5 billion tokens are already in the staking pool, showing high investor trust.
As per the Sonik Coin whitepaper, the token supply is about 300 billion, allocated as 50% for presale, 40% for staking rewards, and 10% for liquidity.
The project’s community-centric distribution builds trust with anti-rug pull features that avoid private presales or team allocations.
Targeting Asia, $SONIK plans to create Japanese, Korean, and Chinese platforms. It aims to follow meme coins like $PEPE and $WOJAK but offers utility with high staking rewards to its community.
For more information, join the Sonik Coin Telegram community.
Visit Sonik Coin Presale
The post Shiba Inu Price Rises with Shibarium Bridge Now Fully Functional, While Sonik Coin Nears $1M appeared first on BeInCrypto.
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