Shiba Inu Holders Pivot to New ICO, Aiming for 1000% Gains

  • May 27, 2024
  • 0

Popular ERC-20 meme coin Shiba Inu ($SHIB) is outperforming Bitcoin, Ethereum and top meme coin Dogecoin to become one of the best digital asset investments of 2024.

At its current price of $0.00002547, Shiba Inu is a staggering 200% up from its price this time last year.

By comparison, the world’s favorite cryptocurrency, Bitcoin ($BTC) is up 158%, Ethereum ($ETH) added 115% over the year, and $SHIB’s top rival, OG doge meme coin Dogecoin ($DOGE) has grown 137.5% over the last 365 days.

However, the token’s performance over the last three months shows it facing stiffening resistance (indicated by the red trend line), even as its support level (green trend line) is increasing. The data indicates $SHIB’s price has been relatively stable over the last month as it consistently trades slightly above its 30-day moving average, represented by the graph’s blue line.

Source: TradingView

With a relative strength index (RSI) hovering around the high 60s, Shiba Inu is close to being overbought (70 is the threshold). The recent spate of buying is likely driven by last week’s news that the US SEC has approved exchange-traded funds (ETFs) for Ethereum ($ETH), the coin powering Shiba Inu’s native blockchain.

Mega Dice’s $DICE Tempts Shiba Inu Holders

Shiba Inu has realised that very few meme coins will survive the post-adoption future, when crypto will become a ubiquitous means of payment and store of value for the general public. That’s why earlier this year, the team behind it announced a $12 million fundraise towards a new privacy focused layer-3 blockchain.

Still, for portfolio diversification, there are a plethora of new projects, some still in presale, that hint at a glowing future for crypto beyond simply payments or storing value.

GambleFi is one such sector. The term refers to any crypto-native online gambling platform or product.

According to data by Statista, online gambling could take in $100.90 billion in revenue this year. And a new generation of tokens are serving as both playing chips and loyalty cards.

Solana GameFi token Mega Dice’s ($DICE) ICO started in mid-April, and it has already taken over $1.2 million in investments, according to the website.

Mega Dice launched last year as the world’s first licensed crypto casino accessible through the popular messaging app Telegram.

Since then, over 50,000 players have signed up and helped the casino become a well-established name in GambleFi.

$DICE presale has raised $1 MILLION!

This #MillionDollarMilestone brings us closer to revolutionizing GameFi. What’s coming next?

Next tier price: 0.075

Next presale target: $2M

We’re implementing multiple tiered price increases, so make sure to secure your $

— Mega Dice Casino (@megadice) May 15, 2024

Casino customers who play with the token will get further benefits down the line, as the casino plans to integrate it into the loyalty program, offering more generous rewards to gamers who play with it.

The token will also unlock exclusive competitions and VIP experiences.

Lastly, Mega Dice has indicated there will be a buyback and burn program. This means the casino will periodically buy some of the tokens and remove them from circulation to keep them scarce, helping to drive their value.

Follow Mega Dice news over on X/Twitter and Telegram.

Join the presale now on the Mega Dice website.

The post Shiba Inu Holders Pivot to New ICO, Aiming for 1000% Gains appeared first on Cryptonews.

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