Shiba Inu’s ($SHIB) falling burn rate has sent the token spiraling down since March when the $8.5 billion market cap meme coin tested resistance levels of $0.0000380.
At its current price of $0.00001445, Shiba Inu ($SHIB) has lost 59% since March 5, when it posted a high of $0.00003541.
On the other hand, original meme coin Dogecoin ($DOGE), which drew inspiration from the same viral internet meme, dropped 44% since March 5.
In fact, the world’s biggest crypocurrency, Bitcoin ($BTC), has proven itself far more robust than these two competitors. Over the same period, Bitcoin, which was worth $68,187 on March 5, only shed about 11% on its way down to its current price of $60,817.
Shiba Inu’s massive loss in value comes as fewer transactions on the community’s proprietary Ethereum layer 2, Shibarium, have triggered fewer burns. Burns are necessary to maintain Shiba Inu’s value, as with a total supply of one quadrillion, it’s not exactly scarce, unlike Bitcoin, which has 21 million $BTC.
In the last 24 hours, Shiba Inu’s price has rebounded 5%, although its rising relative strength index (RSI) is only 1 point short of 70, which indicates an overbought asset. There will likely be some overnight profit taking to help $SHIB consolidate its current price into the weekend.
As Shiba Inu Price Wobbles, The Meme Games Gets Gold
Shiba Inu’s current deflationary pressures have seasoned meme coin holders wondering if any promising new projects will be a better store of value. Some exciting projects are so new that you can still buy them at fixed prices in pre-sale, to be in pole position for post-exchange listing gold rushes.
Dubbed crypto’s official Paris Olympics meme coin by degens, one such coin, The Meme Games ($MGMES) has already raised $404,000 for its buy-to-win bonus multiplier, since launching alongside the Olympic games earlier this summer.
Investors that purchase $MGMES tokens are prompted to select their favorite meme coin avatar, between Dogecoin, Pepe, DogWifHat, Brett and Turbo, and watch them race for a one-in-five chance to claim a 25% bonus on their initial purchase.
$MGMES is currently selling at a fixed presale price of $0.00935. In a day, it rises incrementally to the next fixed price of $0.0094.
This means today’s investors can purchase 10,000 $MGMES at just $93.50
This is the lowest price the token will be at for the rest of the presale season, which runs concurrently with this year’s Paris Olympics and Paralympics.
Participants can purchase $MGMES an unlimited number of times with no minimum purchase requirement to increase their chances of securing multiple 25% token bonuses.
The official project website and whitepaper encourage investors to stake tokens during the presale to take advantage of the tidy 476% APY on offer right now.
This figure decreases with the number of stakers, so participants will want to stake early and stake big to maximize yield. Notably, staking is only available on Ethereum.
Even though it’s only in presale, $MGMES is a more timely and rewarding investment than Shiba Inu tokens like $SHIB and $DOGE.
Follow The Meme Games on Twitter and Telegram.
Join the presale via the official website.
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