The price of Shiba Inu ($SHIB) has seen a slight upturn this week, giving investors hope that the token might be reversing its recent downtrend.
$SHIB has climbed 10% since Tuesday afternoon; however, it remains to be seen whether this positive momentum can continue in the coming days.
Meanwhile, the new meme coin Wall Street Memes ($WSM) has now raised an impressive $25 million in its presale – with the token’s creators preparing for Tier-1 exchange listings in September.
Shiba Inu Bounces Back & Begins Upward Trajectory
On Tuesday, $SHIB rejected the support zone around $0.0000078, which was briefly tapped on August 17.
The long wick on the 4-hour price chart indicates a high volume of buy orders in the area, helping $SHIB climb above the 20-day Exponential Moving Average (EMA).
Zooming out on the daily chart, $SHIB is still trading 26% below its local high reached on August 12 – yet the recent upturn has provided investors with hope that the token may be starting to regain momentum.
This resurgence has also coincided with a wave of favorable price action throughout the crypto market, with the Coin360 heatmap showing that nearly all coins and tokens have posted gains in the past 24 hours.
No major catalyst has been identified for this positive trend, with many speculating that it could be due to an oversold bounce or gradually improving market sentiment.
Investors Ponder Whether Shiba Inu Has the Momentum to Push Higher
Although Shiba Inu’s price has seen a rebound, can this momentum be sustained in the days and weeks ahead?
The token’s recent price movements have been promising, but $SHIB is notoriously volatile and unpredictable, meaning several factors could shape its near-term trajectory.
Firstly, the continued adoption of the Shibarium layer-2 network will likely prove pivotal in driving further gains for $SHIB, as its utility could make the token more appealing to developers and investors.
Secondly, the sentiment in the wider meme coin space will also play a significant role in Shiba Inu’s price trajectory since meme coins are often correlated – so a positive trend could give the $SHIB price another lift.
According to CoinMarketCap, the meme coin market’s value rose 1.29% in the past day to $15.54 billion, hinting at renewed interest in the space.
Ultimately, time will tell whether Shiba Inu can sustain its positive momentum, making it a token to watch closely in the coming weeks.
Wall Street Memes Presale Raises $25m with Major Exchange Listings on the Horizon
Another token that could be worth monitoring is Wall Street Memes ($WSM) – a new meme coin inspired by the rebel community involved in the WallStreetBets subreddit.
Wall Street Memes has just entered the final stage of its 30-stage presale phase, raising $25 million in the process.
During this final stage, prospective investors can buy the project’s native token, $WSM, for $0.0337 before the exchange listings scheduled for September 27.
Investors globally have been getting involved in this presale, with over 20,000 people now taking part in Wall Street Memes’ Telegram channel.
A key reason for the presale’s fundraising success is the strength of the Wall Street Memes brand, which has over 1.1 million followers across social media channels like Twitter and Instagram.
Additionally, Wall Street Memes’ creators have already tasted success in the digital assets space by launching Wall St Bulls NFTs in 2021 – with the entire collection selling out in just 32 minutes.
As such, there’s a growing belief among early $WSM investors that the token could follow in the footsteps of this project and become a prominent player in the meme coin space.
With well-known YouTubers like Satoshi Stacker reviewing Wall Street Memes recently, the project’s popularity continues to grow, meaning all eyes will be on $WSM’s exchange launch in the weeks ahead.
This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content.