In January, cryptocurrencies surged to new peaks, with BTC edging close to $49,000. However, the Shibarium network didn’t meet expectations, casting doubt on the future of Shiba Coin’s burning narrative. Additionally, BONK and PEPE Coins encountered obstacles as the market continued to change.
January began with enthusiasm as the price of BTC neared $49,000. Many altcoins reached new highs throughout the past year, often experiencing double-digit daily gains. However, profit-taking ensued after the Matrixport report and ETF approval, resulting in a prolonged period of struggles for altcoins.
Shiba Coin’s Future, Price Analysis and Recovery Targets
The performance of the Shibarium network has fallen short of expectations, with a noticeable decline in new users joining the network, dropping to as low as 20 per day. The active user count, currently at around 680, reflects a significant 90% decrease from the figures seen last December, posing ongoing concerns within the community. Despite the number of smart contracts surpassing 1300, there has been a lack of projects that capture community interest.
In summary, despite high hopes surrounding the launch of Shibarium, it has yet to progress beyond the testnet phase. This setback marks a potential end to the narrative of Shiba Coin, which was anticipated to burn millions of dollars monthly with support from the new network.
The price of Shiba Coin has managed to reclaim $0.0000091 and is striving to surpass another zero with closures above $0.00000944. Currently, potential recovery targets lie at $0.00001049 and $0.00001142. Should these levels transition into support and the second target (parallel channel resistance) is breached, there may be a chance for Shiba Coin to revisit its previous highs.
BONK Coin: Reflections on Past Performance
BONK Coin, hailed as last year’s Solana ecosystem savior, eventually demonstrated the anticipated performance, albeit with some delay. Investors who retained their airdrops without selling experienced substantial gains when the price reached its peak. However, sales commencing from the ATH region of $0.0000348 resulted in a prolonged period of price depreciation for BONK Coin.
Following the surge, the price bottomed out at $0.0000095336. Now, should the price manage to surpass $0.0000129114 once again, it could potentially ascend to $0.0000157978 and $0.0000181316. Beyond the final target, there exists the possibility of embarking on a journey towards reclaiming the all-time high.
PEPE Coin: Assessing Price Trajectory
PEPE Coin has witnessed a resurgence from its bottom at $0.00000097. However, its volume has been impacted by newer coins, gradually diminishing its market share. Initially, PEPE Coin absorbed the volume of coins like DOGE and others, but the emergence of additional meme coin alternatives has diluted its growth potential.
In a landscape where once only a few alternatives like DOGE and SHIB existed, there are now over five popular meme coin alternatives, leading to a natural decrease in growth potential for PEPE Coin.
Looking ahead, PEPE Coin may aim to surpass the $0.00000120 mark in the short term. However, failure to do so could result in a retracement back to support levels.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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