Brett Holders Seek Refuge as New Meme Coin Emerges Following an 11 Decline

Brett Holders Abandon Ship as Coin Plummets 11%, Seek Refuge in New Meme Coin


By Joel Frank
Updated:
July 5, 2024, 08:58 EDT
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Reading Time: 2 minutes


Brett Holders Abandon Ship as Coin Plummets 11%, Seek Refuge in New Meme Coin / Source: Shiba Shootout
In the aftermath of another significant price drop on Friday, panic-stricken holders of Brett (BRETT) are fleeing the meme coin and turning to a new meme coin in the play-to-earn sector known as Shiba Shootout (SHIBASHOOT).
Brett experienced an additional 11% decline on Friday, bringing its weekly losses to over 25% as the wider market faced a sell-off.
The foundational meme coin is currently trading at around $0.1160, marking a new one-month low.
At present, Brett’s market capitalization remains above $1 billion.
However, with the loss of its support at $0.12, further losses may be on the horizon. Bears are setting their sights on retesting the highs seen in April and May, around the $0.85 range.


BRETTUSD / Source:
DEXTools
The possibility of further downside has prompted Brett holders to abandon the token.
While crypto markets may see a rebound later in the year with the arrival of Fed rate cuts and the nearing US election, sentiment is likely to be dampened by the elevated spot sell pressures in Bitcoin. This is due to ongoing selling by miners and the German government.
Additionally, Mt. Gox creditors are set to be repaid this month, potentially adding to the selling pressure.
In such an environment, traders often seek out alternatives that offer the potential for quicker returns.
New meme coins, although highly risky, have a track record of delivering rapid upside.
One particular new meme coin that analysts at Cryptonews.com are enthusiastic about is Shiba Shootout.
In fact, they consider it to be one of the top meme coins and crypto presales. Here’s what you should know.
New Meme Coin Shiba Shootout Gaining Traction in Web3 Communities
Shiba Shootout is a play-to-earn (P2E) game with a Wild West theme.
The game has already received approval from Google Play and the Apple App Store, and its launch is imminent.
The game will be powered by the SHIBASHOOT token, which is currently available in a presale.
With crypto experts like Michael Wrubel predicting that the coin could achieve 100x growth, it comes as no surprise that the presale has already surpassed $500,000.
Currently priced at $0.0195 per token, potential investors need to act swiftly to secure their SHIBASHOOT holdings.
Once the presale reaches $1.2 million, the price will increase.
Early presale investors are also benefiting from significant staking rewards, which currently exceed 2,000% APY.
These rewards will decrease as the presale progresses and more investors join. However, early presale investors could potentially see returns of 2-3 times their initial investment in just a few weeks through staking.
At its current presale price, SHIBASHOOT has a modest market capitalization of approximately $43 million.
However, if Shiba Shootout achieves its phase 3 roadmap goal of surpassing 100,000 holders and securing listings on tier 1 exchanges, its market cap could increase significantly.
Buy SHIBASHOOT Here
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. You could lose all of your capital.