Shiba Inu (SHIB) has been on a wild ride in April so far.
With the token’s price fluctuations sparking heated debates between analysts and traders, is now an opportune moment to invest in the world’s second-largest meme coin?
Shiba Inu Price Consolidates After March Madness
Currently trading around $0.0000275, SHIB has clawed back some losses after it plunged in the first few days of the month.
However, the overall price action has been relatively muted compared to the wild volatility seen throughout March.
Despite the recent rebound, SHIB remains 39% below the highs reached a month ago when a wave of speculative buying briefly pushed the token up to $0.0000328.
SHIB now finds itself trapped below its 20-day exponential moving average (EMA) on the daily chart – with that critical technical level acting as strong resistance.
For Shiba Inu’s fanbase, the stagnant price action is likely causing frustration after March’s explosive rally.
Yet some investors are viewing the pullback as a buying opportunity to load up on SHIB before the next leg higher.
As such, the million-dollar question is whether this is just a temporary breather or the start of a longer corrective phase for the popular meme token.
Could SHIB’s Meme Index Inclusion Spark the Next Rally?
So, is now the right time for investors to buy SHIB?
While SHIB’s price has drifted sideways over the past week, its massive market cap of over $16 billion and enormous community suggest it’s not going away anytime soon.
In fact, Shiba Inu’s inclusion in the newly launched GCMI MEME index perpetual futures on the WOO X exchange is a major vote of confidence.
As the dominant token in that index with a 27% weighting, SHIB could benefit from increased trading activity driven by the product.
However, traders should also remember that SHIB has no real utility beyond being a vehicle for speculation.
Its massive max supply of over 589 trillion tokens and relatively slow burn rate are (and have been) headwinds for growth.
But if the past few months have shown anything, it’s that meme coin hype can quickly take on a life of its own, regardless of fundamentals.
With this month’s “Doge Day” festivities looming, Shiba Inu may soon return to the spotlight.
So, for risk-tolerant investors bullish on the meme coin narrative playing out again, SHIB’s low price relative to March’s high could make it an attractive speculative play.
What About Other Meme Coins?
Shiba Inu isn’t the only meme coin that traders are keeping an eye on this month.
A new project, Dogeverse (DOGEVERSE), is also generating buzz among the degen crowd after launching its presale on Monday.
Dogeverse Unveils Multi-Chain Ambitions in Red-Hot Presale Phase
Dogeverse’s vision is to become the world’s first true “multi-chain” meme coin.
According to its whitepaper, Dogeverse will launch on six blockchains – Ethereum, BNB Chain, Polygon, Solana, Avalanche, and Base.
Using cross-chain bridging tech, DOGEVERSE holders can transfer their tokens across these networks with minimal fees.
This interoperability answers a key pain point for meme coin traders, who often have to maintain separate wallets and deal with liquidity pools on different chains.
But Dogeverse isn’t stopping there.
The project will also introduce staking for DOGEVERSE holders, allowing them to earn passive rewards and grow their investment.Staking will initially go live on Ethereum before expanding to other chains.
Judging by the early success of its presale, there’s already massive demand for Dogeverse’s vision of a multi-chain ecosystem.
In just four days of being live, the presale has raised over $2.8 million in funding from early investors.
This impressive fundraising amount demonstrates the growing hype ahead of DOGEVERSE’s exchange debut.
And with over 1,000 people also active in the project’s Telegram channel, it could be another meme coin worth tracking in the days and weeks ahead.
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