It’s been an excellent few days for Shiba Inu ($SHIB) holders, with the token’s value soaring by over 8% in the last week.
$SHIB has now closed in the green for four days in a row, with investors hopeful that this sets the stage for an extended uptrend.
Meanwhile, fellow meme coin Wall Street Memes ($WSM) continues to turn heads in its ongoing presale phase – raising $8.4 million in less than one month.
Unexpected Surge in $SHIB Price Catches Investors’ Attention
Currently, $SHIB is hovering around the $0.0000071 level after some surprise bullish momentum caught investors’ attention.
Prior to last week, $SHIB had been on a consistent downtrend, with price falling 62% from January’s high.
However, last week put an end to the overwhelmingly bearish momentum and marked only the second time in the past nine weeks that $SHIB has posted a bullish weekly close.
Per CoinMarketCap, $SHIB trading volume over the past 24 hours is up a staggering 258%, highlighting the renewed interest from crypto investors.
This renewed interest is evidenced further by CoinGecko’s sentiment analysis, which reveals that 77% of the community is “feeling good” about Shiba Inu today.
One potential reason for this positivity is the Fed’s recent decision to pause interest rate hikes for the first time in 15 months. This decision was viewed positively by the broader crypto community, as it hints that rate decreases may not be far off.
When interest rates go down, the attractiveness of “risky” assets like cryptocurrencies rises – which is why the Fed’s decision to leave the benchmark interest rate as it is could be the reason for $SHIB’s recent uptick.
Another potential cause is that the SEC did not allege that $SHIB was an unregistered security in its recent lawsuit against Binance and Coinbase.
The SEC has claimed that 68 cryptocurrencies, including Cardano and Solana, are securities – meaning exchanges may have to delist them if this is proved to be true.
Since $SHIB has escaped this classification, it might have attracted investors seeking to diversify their portfolios away from tokens with regulatory risks.
All in all, whether driven by macroeconomic shifts or the SEC’s recent scrutiny of other cryptocurrencies, $SHIB’s resurgence is clear evidence of the dynamic and unpredictable nature of the crypto market.
Rising Star Wall Street Memes Raises $8.4m Through Presale & Attracts Elon Musk’s Attention
While $SHIB has recently experienced a resurgence in popularity, another meme coin project is looking to make its mark on the crypto market: Wall Street Memes ($WSM).
Wall Street Memes is a brand-new meme coin that looks to unite retail investors in the fight against major Wall Street players – similar to what occurred during the GameStop short squeeze of 2021.
The Wall Street Memes project is still in its presale phase, yet it has already raised over $8.4 million from early investors.
This remarkable early fundraising amount is a testament to Wall Street Memes’ loyal community, which totals over 1.1 million people.
The presale’s success has led to exponential growth in the Wall Street Memes Telegram channel as eager investors pile in to keep track of the project’s progress.
Moreover, Wall Street Memes has even caught the attention of some big hitters in the crypto market – with Twitter influencer Sheldon Wolf tweeting that $WSM could be the next meme coin to explode. Elon Musk has even interacted with the project on Twitter.
$WSM isn’t set to debut on major exchanges until later this year, but the fact that it’s already receiving so much attention hints at its potential to disrupt the meme coin niche.
With the momentum already garnered through its presale phase, Wall Street Memes looks set to ride the growing wave of enthusiasm in the crypto market – setting the stage for future success.
Visit Wall Street Memes Presale
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