Cryptocurrencies once again experienced significant drops during the weekend as most tokens failed to reverse their downtrend during the latest rally.
Shiba Inu (SHIB) has proven to be the most resilient of all meme coins as it has dropped by just 9% in the past 7 days compared to Dogecoin (DOGE) and Pepe (PEPE), which lost 11.3% and each respectively during this same period.
Meanwhile, the aggregated market cap of the top 100 largest meme coins has retreated by 12.1% in the past week and once again stands below the $50 billion dollar level.
Notable losers during this weekly downturn include Bonk (BONK) and SPX6900 (SPX) with 21.3% and 27% drops respectively.
The Shiba Inu community is one of the strongest in the meme coin sector and this has probably been the reason why the project has shown significant resilience to the downturn.
In the past few years, developers have focused on building an ecosystem that drives demand for SHIB. Thus far, they have launched a decentralized exchange (DEX), multiple blockchain-based games, an identity verification solution, and various collections of non-fungible tokens (NFTs).
Meanwhile, new projects like MIND of Pepe (MIND) have captivated investors as the best crypto presales still offer significant upside potential despite the market’s negative sentiment.
SHIB Could Drop Another 12% Before it Makes a Comeback
Looking at the Shiba Inu (SHIB) daily chart, bulls failed to recapture the $0.00001500 level on Wednesday as sellers took over the price action and they probably pulled a trap on bulls as they ultimately pushed the price below this resistance area.
As a result, bears once again prevailed and the downtrend that started in December continued to dominate the price action three months later.
The next relevant area of support for SHIB stands at $0.00001080, meaning a total downside risk of 13% based on current levels. SHIB has bounced two times from this level already, emphasizing its importance to market participants.
Momentum indicators favor a bearish outlook at this point and increase the odds that SHIB will fully realize this downside potential, meaning that short-sellers have the upper hand in these conditions.
The Relative Strength Index (RSI) sent a sell signal on Saturday and this bearish move was confirmed by a large red candle that translated into a 5.7% daily loss for SHIB.
Meanwhile, the MACD’s histogram shows that positive momentum is decelerating to the point that it has nearly moved to negative territory.
In this environment, the best ICOs like MIND of Pepe (MIND) offer attractive gains to early buyers as the token could experience a spike in its price once it gets picked up by centralized exchanges (CEXs).
Best Meme Coin to Buy: MIND of Pepe (MIND)
MIND of Pepe (MIND) is an AI agent designed to build an influence across social media platforms like X by interacting with high-profile accounts.
Through these interactions, the agent captures interesting insights that it passes on to $MIND holders exclusively to help them navigate these challenging market conditions.
In addition, it can create its own meme coins to capitalize on rising social trends. Investors will get the chance to buy these tokens before they are offered to the public to reap the highest returns.
It’s been a bit over two months since the presale event kicked off and investors have already poured nearly $8 million into MIND of Pepe as they believe in its potential to become the next AIXBT or CGPT.
To buy $MIND, simply head to the MIND of Pepe website and connect your wallet. You can either swap USDT or ETH for this token or use a bank card to make your investment.
