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Shiba Inu (SHIB) Proves It's No Longer Meme Coin

Published 2023-05-05, 01:00 p/m
© Reuters.  Shiba Inu (SHIB) Proves It's No Longer Meme Coin

U.Today - has been showing signs of maturation in recent weeks, distinguishing itself from the more volatile meme coins that have been dominating headlines. While meme assets like Pepe (PEPE) have been pushed to meteoric heights by small retail investors, SHIB's performance has been remarkably steady, moving within the same price range for the past two weeks. This stability suggests that SHIB may no longer be considered a meme coin and is increasingly following broader crypto market trends.

Source: There are several factors contributing to this shift in perception. First, SHIB's development team has been working diligently to expand the project's ecosystem and utility. With the launch of ShibaSwap, the project's decentralized exchange, and the release of SHIB's Layer 2 solution, the team has demonstrated its commitment to long-term growth and sustainability.

Secondly, SHIB's growing community of supporters and investors has helped to establish it as a more stable and credible asset. The adoption of SHIB by major exchanges, including Binance and Coinbase (NASDAQ:COIN), has further legitimized the token in the eyes of the wider crypto community. As a result, the market's perception of SHIB has shifted from its being a speculative meme coin to a more mature digital asset.

PEPE's exceptional performance

The token has been on a remarkable rally in recent days, adding another 150% to its value in just 48 hours. This impressive surge comes after the meme coin had already experienced a staggering 7,500x increase in value. As a result, PEPE's market capitalization is now rapidly approaching the $1 billion mark, placing it among the top 10 meme assets in the cryptocurrency space.

This seemingly unstoppable growth raises the question: is the current PEPE rally a sign of genuine investor euphoria, or is it a bullish trap waiting to snare unsuspecting traders? To answer this, it is important to examine the factors driving the token's performance and assess the potential risks involved.

One possible explanation for PEPE's meteoric rise is the growing popularity of meme coins on the cryptocurrency market. The success of tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) has demonstrated that there is a significant appetite for meme-based assets among investors. This enthusiasm has the potential to drive PEPE's price higher as more traders seek to capitalize on the trend.

XRP's rally could be around the corner

has been hovering around the $0.46 price level for the past few weeks. This price point aligns with the 50-day moving average, which has remained relatively flat for over two weeks. The dramatic decrease in volatility may suggest that XRP is poised for a significant bounce in the near future, particularly when considering the notable drop in trading volume.

The extended period of low volatility is indicative of market consolidation, as traders and investors are waiting for a catalyst to trigger the next significant price movement. When markets experience prolonged periods of consolidation, it often leads to a spike in volatility once momentum shifts. In XRP's case, the dramatic decrease in trading volume adds further evidence that the market is coiling, and a substantial move is imminent.

Several factors could serve as a catalyst for XRP's potential bounce. Ripple's ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) may come to an end in 2023. A favorable outcome for Ripple in this case could provide a significant boost to XRP's price, as it would alleviate regulatory uncertainty surrounding the token.

Additionally, the overall sentiment on the cryptocurrency market can play a crucial role in XRP's price trajectory. As investors regain confidence and the market recovers from recent setbacks, there is potential for a ripple effect, pun intended, that could benefit XRP and other major cryptocurrencies.

This article was originally published on U.Today

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