Shiba Inu Holders Shift Focus to New ICO, Targeting 1000% Returns
Shiba Inu ($SHIB), the popular ERC-20 meme coin, is surpassing Bitcoin, Ethereum, and leading meme coin Dogecoin to emerge as one of the top digital asset investments in 2024.
At its current price of $0.00002547, Shiba Inu has experienced an impressive 200% increase from its price at this time last year. In comparison, Bitcoin ($BTC) has risen by 158%, Ethereum ($ETH) has seen a 115% growth over the year, and Dogecoin ($DOGE), Shiba Inu’s main competitor, has grown by 137.5% in the last 365 days.
However, recent data shows that Shiba Inu is encountering resistance (indicated by the red trend line) while its support level (green trend line) is strengthening. The data also reveals that Shiba Inu’s price has remained relatively stable over the past month, consistently trading slightly above its 30-day moving average (represented by the blue line on the graph).
With a relative strength index (RSI) hovering around the high 60s, Shiba Inu is approaching the overbought threshold of 70. The recent surge in buying activity is likely driven by the news that the US SEC has approved exchange-traded funds (ETFs) for Ethereum, the blockchain powering Shiba Inu.
Recognizing that only a few meme coins will survive in the future when cryptocurrencies become widely adopted as a means of payment and store of value, Shiba Inu has announced a $12 million fundraising campaign for a new privacy-focused layer-3 blockchain.
For portfolio diversification, there are numerous new projects, some still in presale, that indicate a promising future for cryptocurrencies beyond just payments and storing value.
One such sector is GambleFi, which refers to crypto-native online gambling platforms or products. According to data from Statista, online gambling could generate $100.90 billion in revenue this year. A new generation of tokens is serving as playing chips and loyalty cards in this sector.
Mega Dice ($DICE), a Solana GameFi token, launched its ICO in mid-April and has already received over $1.2 million in investments. The token is associated with the world’s first licensed crypto casino accessible through the popular messaging app Telegram. With over 50,000 players signed up, Mega Dice has become a well-established name in GambleFi.
Customers who use the token at the casino will receive additional benefits in the future, as the casino plans to integrate it into its loyalty program, offering more generous rewards to gamers. The token also grants access to exclusive competitions and VIP experiences.
Additionally, Mega Dice has announced a buyback and burn program, where the casino will periodically purchase some of the tokens and remove them from circulation, increasing their scarcity and driving up their value.
Stay updated with Mega Dice news on Twitter and Telegram, and join the presale on the Mega Dice website.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. There is a possibility of losing all of your capital.