Shiba Inu continues to drop– is it time to buy the dip?

In the past 24 hours, Shiba Inu (SHIB) has displayed minimal price movement, with a modest 0.3% increase, bringing it to $0.00000683. This stands in contrast to the broader crypto market, which has experienced a slight dip. However, SHIB’s performance over a week and a month indicates a 5% and 6% decline, respectively. Notably, this meme token has witnessed a 15.5% drop since the beginning of the year.

This performance appears less favorable when compared to other major tokens like BTC, ETH, XRP, and SOL. With SHIB’s recent consistent decline, it seems to be in a long-term downward trend.

Nevertheless, some glimmers of hope exist for SHIB. The introduction of Shibarium, a layer-two network, has been attracting new users. Furthermore, Shiba Inu is striving to evolve beyond its meme token status. This could pave the way for SHIB’s recovery in the not-so-distant future.

The assumption here is that SHIB retains its fundamental value, indicating that it’s been significantly oversold, a notion corroborated by its 30-day exponential moving average. This average continues to drift below SHIB’s 200-day average, signaling a prevailing selling pressure and the absence of a price level enticing buyers in the current market conditions.

In fact, SHIB’s support level is in a descending trend, and although the coin has seen a minor increase today, it might not be surprising if it falls through another support level during the weekend. This could imply further losses. Despite increasingly favorable technical indicators hinting at recovery, SHIB is likely a token that requires overall market optimism and exuberance to rise significantly.

Hence, in the next week or so, SHIB could potentially reach $0.0000060 or lower, unless there’s a broader market rebound.

However, a more optimistic outlook is held for SHIB in the long term, particularly with the growth of Shibarium. Since its launch in August, Shibarium has been attracting more users, boasting over a million wallet addresses and over three million transactions processed. The layer-two network is expected to attract more developers and decentralized apps (dApps) to Shiba Inu. The forthcoming release of SHIB: The Metaverse is also expected to be a significant boon for SHIB in the long run.

For these reasons, the long-term target for SHIB could potentially reach $0.00001, a price it could maintain in the early months of the coming year.

However, because SHIB might remain relatively stagnant for some time, traders might explore other, newer meme tokens. One intriguing option is Meme Kombat (MK), an Ethereum-based platform that orchestrates AI-generated meme battles and enables users to bet on their outcomes.

Meme Kombat’s presale has already raised over $475,000 in just a few weeks, indicating investor interest. Within the Meme Kombat platform, betting will be done using the native MK token, and users can bet against one another or against the platform itself. Rewards will also be distributed in MK, and the token offers staking options, potentially allowing holders to earn significantly in the cryptocurrency.

MK, an ERC-20 coin, will have a hard cap of 120 million tokens, with 50% allocated to its presale and another 30% reserved for betting and staking rewards. With its use of playful memes and enticing tokenomics, Meme Kombat’s battle system is likely to be well-received by investors, who can participate in the presale by visiting Meme Kombat’s official website.