- Shiba Inu (SHIB) is facing a sharp decline in price and whale activity.
- SHIB’s decline is raising doubts about the meme coin’s future in a competitive crypto market.
- Memeinator, a new AI crypto project, aims to dominate the meme coin market with its MMTR token.
In the volatile world of cryptocurrency, Shiba Inu (SHIB) has recently faced a dramatic decline, with its price hovering near yearly lows.
SHIB’s struggles have raised concerns about its future in the crypto market. The once-soaring meme coin has faced several challenges, and its latest setback comes in the form of a mass exodus of large holders, often referred to as “whales.”
Shiba Inu faces whale exodus
Shiba Inu has witnessed a significant drop in the number of substantial transactions on its network, with large holders reducing their activity according to data from Etherscan. In the recent past, the number of these transactions significantly dwindled, marking a period of inactivity rarely seen in the meme coin’s history.
Several factors appear to be contributing to this sudden decline in whale activity.
One potential reason for this exodus is the waning interest in highly volatile assets like SHIB. With Bitcoin’s dominance on the rise, many investors might be shifting their focus from riskier assets to more established ones. Bitcoin’s stability and status as a flagship cryptocurrency have drawn investors looking for safer options in these uncertain times.
Additionally, SHIB’s price performance over the past few weeks has been less than inspiring. Currently trading at $0.000006861, the meme coin has dropped by over 33% since the start of 2023.
This underwhelming performance could discourage large holders, leading them to reduce their activity or even offload some of their SHIB holdings.
The general decline of meme coins
The decline in whale activity within the Shiba Inu ecosystem mirrors a broader sentiment shift in the cryptocurrency market. As the crypto space matures, investors are increasingly discerning, gravitating toward assets with strong fundamentals and practical use cases.
Meme coins like Shiba Inu, driven primarily by social media hype and celebrity endorsements, have a difficult time sustaining long-term interest and growth. While SHIB had its moments in the spotlight, the current landscape requires more than just social media buzz to maintain a coin’s value.
In such a competitive and evolving market, meme coins must adapt to changing dynamics, provide genuine utility, and offer something unique to investors to maintain and grow their user base.
Memeinator MMTR Token: a new AI-driven meme coin
Amid Shiba Inu’s challenges and declining interest in meme coins, a new project known as Memeinator has entered the scene with a bang following the launch of its token presale.
Memeinator, a self-proclaimed “ultimate meme coin,” plans to dominate the meme coin market with the aid of AI technology, viral marketing, and a clear mission: to hit a $1 billion market cap.
The project aims to launch new products, including the Memeinator game and the Memescanner, along its journey.
MMTR, the token associated with the Memeinator project, is positioned to become a staple among top-tier meme coins with genuine utility. The tokenomics of the MMTR token include allocations for presale, marketing, development, exchange liquidity provision, and a competition pool.
Memeinator has outlined a roadmap for its development, consisting of several phases. The project started by forming a team and building a community. It is now developing its blockchain as it conducts its token presale and it also prepares to engage in powerful marketing. As it progresses, Memeinator will partner with influencers and platforms, introduce staking, and release exclusive NFTs.
The later phases of Memeinator’s roadmap include listing on Tier 1 exchanges, launching the Memescanner, and releasing the Memeinator game.
The Memeinator team has made it relatively straightforward for potential investors to participate in the MMTR token presale. By connecting their crypto wallet to the Memeinator presale site, investors can send the desired token to their wallet, supporting multiple cryptocurrencies, including ETH, USDT, and USDC.
Participants can then swap their chosen token for MMTR, making sure they have the necessary cryptocurrency in their wallet to cover transaction fees. Investors will be able to claim their MMTR tokens after the presale concludes.
The post Shiba Inu struggles amidst whale exodus as Memeinator presale takes off appeared first on CoinJournal.