The cryptocurrency market remains unable to break out of its bearish trajectory, with its global cap falling another 0.5% in the past 24 hours. Bitcoin is barely holding on to the $26,000 price level while altcoins like XRP and Solana have corrected by over 3%.
The meme coin market is bearing the brunt of the pessimistic market outlook, with Dogecoin and Shiba Inu slumping 2% and 3.5% respectively.
$SHIB, in particular, could see more tough days ahead as the highly-anticipated Shibarium chain has been unable to hit the ground running.
Some meme coins are continuing to grow, though. Chimpzee is one example, with the eco-friendly token having already raised over $1.2 million in its ICO.
Shiba Inu Plummets Again As Market Outlook Remains Bearish
Shiba Inu continues to record red candlesticks as it plunged another 3.5% over the past 24 hours. $SHIB is now trading at $0.0000081, down 23% over the past week, with a market capitalization of just $4.7 billion.
TradingView, a technical analysis platform, paints a grim outlook for the token as it gives it a Sell signal in the daily time frame. $SHIB is currently underperforming every important moving average indicator and even oscillators like MACD have turned bearish.
Popular crypto analyst @army_shiba highlights that the token has failed to confirm a breakout over its current resistance, and thus maintains a negative trajectory for now.
$SHIB investors are dissatisfied with its performance, particularly because the heavily-hyped Shibarium launch did not lead to any sustainable bullish surge. In fact, the new layer-2 network has been experiencing hiccups right from the start.
Upon its launch, Shibarium experienced an explosive surge in its traffic, leading the chain to go into a fail-safe mode that resulted in $2.5 million worth of ETH tokens being locked for hours. Since then, lead developer Shytoshi Kusama also revealed that Shibarium has been taken private for the purposes of internal testing and ensuring proper security measures.
Shiba Inu supporters would hope that the network is reopened soon to the public and that it hits major operational milestones, which could spark a $SHIB bounce-back.
However, it is unlikely that the token will receive any support from the broader crypto market any time soon. Michael van de Poppe, the founder of MN Trading revealed that Bitcoin’s dominance continues to fall and predicts that the largest cryptocurrency will see more bearish movement over the coming months.
Furthermore, the recent Evergrange bankruptcy filing along with the weakness in the equities market has also raised the threat of a global recession even as the Federal Reserve remains poised for more monetary tightening.
While SHIB and many other top tokens struggle, several coins are defying the bear market with bullish growth, one being Chimpzee.
Green Meme Token Chimpzee Defies Bear Market & Raises $1.2 Million In Impressive Presale
Despite the bearish market outlook, the new eco-friendly Chimpzee token is creating significant buzz in its ICO, thanks to its unique value proposition. It allows investors to earn attractive passive income while also contributing towards the protection and conservation of the environment.
The Chimpzee initiative has a simple motto, “Nature and the environment can’t wait”. It has already taken considerable steps to combat the adverse impact of climate change.
For example, the project planted 20,000 trees to restore the rainforest in Guatemala and another 1200 trees to restore the Brazilian rainforest. Similarly, it partnered with the WILD Foundation and donated $15,000 to save elephants.
Chimpzee’s robust ecosystem also incentivises investors to join its efforts by offering them exciting income opportunities. Its Shop2Earn feature allows customers to earn $CHMPZ tokens for purchasing merchandise from the Chimpzee store.
Similarly, the Trade2Earn NFT marketplace shares a portion of trading fees with every trader on the platform. Finally, users playing the Zero Tolerance Game will also earn exciting $CHMPZ rewards for completing various milestones.
Investors who own NFT Passports offered by Chimpzee will earn more benefits and rewards, maximising their income potential.
A portion of all profits made by the company will be donated to charities that are saving animals and fighting deforestation.
Due to its eco-friendly utility, the $CHMPZE token has already raised $1.2 million in its presale phase.
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