The price of popular meme coin Shiba Inu (SHIB) plunged 4% today, with the token now trading around $0.000008.
It remains to be seen in the coming days whether SHIB will mark this area as support or resistance going forward. However, the chart indicates that after a volatile period recently, SHIB has now settled into a pattern of consolidation.
This equilibrium phase often serves as a prelude to a more significant price movement. For SHIB, maintaining its price above the current support level is crucial. This support acts as an important psychological barrier for market participants and a tangible sign that there is enough buying interest to prevent any further decline.
Consolidation above key support levels allows the market to build momentum, as it signals accumulation by investors. In SHIB’s case, this consolidation can be seen as laying the groundwork for a potential upward price trajectory in the future. The longer the price hovers above this support without breaking down, the stronger the foundation becomes for a possible rally.
Source: CoinMarketCap
The RSI reading on the daily SHIB chart sits at 60, indicating neither overbought nor oversold conditions. This means there is still room for the price to move in either direction in the short term.
Raising Concerns About SHIB Burn
Shibburn, the official SHIB burn tracker, posted a troubling update on social media today highlighting issues with fraudulent SHIB burning portals. For over a year, the organization has received messages from distressed investors who burned large sums of SHIB tokens through portals promising rewards or passive income that never materialized.
“Over 2,200 people spent over $670K on that portal, but only a handful of people received some rewards for just that first round,” Shibburn revealed.
They cited one alarming case where an investor burned $5,000 of SHIB through one fake portal and then desperately contacted Shibburn, begging for the promised income. He apparently had suicidal thoughts over losing such a large amount.
Shibburn condemned these portals for encouraging investors to burn their own tokens through deceptive and misleading claims. One portal still promises rewards on its site despite providing nothing to users who have already burned their SHIB.
While Shibburn has always advised people not to burn their tokens, the team said certain portal operators actively pushed the practice to take advantage of over-eager SHIB investors. This exploitation behavior has shaken community trust and had severe consequences in certain cases.
The update highlights potential risks in the ecosystem investors should be vigilant about. Thorough vetting is essential before interacting with any platform promoting token burning for rewards.
Meme Kombat (MK) Presale Nears $2 Million
As the Shiba Inu ecosystem faces obstacles like the burning portal issues, a new meme coin called Meme Kombat (MK) generates hype and wants to position itself as a meme coin to buy in the next bull run. MK is currently in the presale phase with racing towards raising $2 million already.
Unlike other meme coins, Meme Kombat incorporates an innovative blend of gaming, staking, and features. At its core is a battle arena where popular meme coin mascots compete against each other in AI-powered fights. Players can challenge opponents in PvP mode and earn rewards and MK tokens by predicting match winners.
This also allows users to wager MK on battle outcomes. These unpredictable yet provably fair results ensure an exciting experience for all participants.
In addition, Meme Kombat offers a staking system with yields up to 499% APY for MK holders. This allows token holders to earn lucrative passive income.
MK’s thoroughly decentralized tokenomics allocate 50% of the supply to the presale, 30% for staking/battling rewards, and the rest to community initiatives and liquidity. This unique fusion of gaming, crypto, and memes has quickly captured investor attention.
The presale has already raised nearly $2 million towards a soft cap of $5 million and a hard cap of $10 million.
With the presale filling up fast, potential buyers should act quickly by visiting Meme Kombat’s website. The presale accepts ETH, USDT, and BNB contributions.
Upon completing its presale, Meme Kombat plans to launch its gaming platform officially. This will provide the first access to the battle arena and a chance for users to play against popular meme coin mascots.
Continuous upgrades are also planned post-launch, including new characters, features, and gameplay modes. With strong momentum already behind it, MK appears poised to become the next big meme coin – as long as the team can realize the project’s lofty goals.
Disclaimer
This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
