Shiba Inu (SHIB) Outshines Meme Coin Rivals, Milei Moneda Crypto Presale Joins the Pack

• Shiba Inu (SHIB) surged 16% last week, outperforming top meme coin rivals.
• SHIB broke out of a descending channel, potentially revisiting yearly highs.
• New meme coin Milei Moneda (MEDA) sold over 60,000 tokens in ongoing presale.

Over the past week, the meme coin market witnessed a resurgence, with Shiba Inu (SHIB) leading the charge. SHIB posted an impressive 16% gain, outperforming its top meme coin rivals Dogecoin (DOGE) and WIF, which both saw modest declines of around 2% during the same period. 

Meanwhile, a new meme coin project called Milei Moneda (MEDA) has already sold over 60,000 tokens in its ongoing presale. This meme is based on the current Argentine president, Javier Milei.

Shiba Inu Breaks Out of Downtrend

Shiba Inu’s 16% surge last week was accompanied by a significant technical breakout on the SHIB/USDT chart. After trading within a descending channel since early March, SHIB’s price action breached the upper boundary of the pattern, signaling a potential shift in momentum.

This breakout comes on the heels of a meme coin frenzy in late February and early March, during which SHIB rallied by over 400%. With the current pump, SHIB is now in “discovery mode” and could potentially revisit its yearly highs around $0.000044, set in early March. At the time of writing, SHIB is trading at approximately $0.000027.

According to data from Dextools, SHIB’s Relative Strength Index (RSI) on the daily chart is currently hovering around 68, indicating that the asset is in overbought territory. This suggests that a pullback or consolidation may be on the horizon in the near term.

However, any significant pullbacks could find solid support at the 200-day moving average, currently residing at around $0.000014. This long-term average has historically acted as a strong support level for SHIB.

One potential catalyst for SHIB’s recent surge could be the rising activity on Shibarium, the Shiba Inu ecosystem’s layer-2 network. On April 14th, Shibarium reached a new record of over 25,000 active accounts, with over 13,000 new accounts created on the previous day, April 13th.

While SHIB’s performance has been impressive, it’s essential to remember that meme coins are inherently volatile and speculative assets. So, whether SHIB can revisit new yearly highs in the upcoming weeks remains to be seen even though the current performance is promising. 

Milei Moneda (MEDA): The New Meme Coin on the Block

Milei Moneda (MEDA) is a novel meme coin project inspired by Argentine President Javier Milei, a polarizing figure known for his flamboyant personality and right-wing populist, libertarian economic views. MEDA aims to blend humor, politics, and blockchain technology.

Currently, MEDA is in the second stage of its presale, with over 60,000 tokens already sold. The current price per MEDA token is $0.0125 USDT, and the price will increase to $0.015 USDT in the next stage. Presale was officially launched in late March.

One of MEDA’s features is its exclusive NFT rewards program, which offers users monthly giveaways and discounts on crypto deals. The more MEDA tokens a user holds, the higher their rewards from the ecosystem.

MEDA operates on a deflationary model, with a total supply of 500 million tokens and a transparent distribution plan: 60% for public sale, 5% for burning, 5% for airdrop, 15% for liquidity pools, and 15% for marketing and rewards.

Even though the concept of a meme coin inspired by a controversial political figure is intriguing, it’s crucial to approach MEDA with caution, as it is still an early-stage project with inherent risks associated with emerging cryptocurrencies and meme coins.

Conclusion

The meme coin market has experienced a resurgence, with Shiba Inu leading the charge and outperforming its rivals. SHIB’s impressive 16% surge and technical breakout suggest a potential continuation of its bullish momentum, but watch out for overbought indicators such as RSI.

Milei Moneda (MEDA), a new meme coin inspired by Argentine President Javier Milei, has garnered attention with its unique blend of humor, politics, and blockchain technology. While the project presents an intriguing concept, it is still in its early stages, and investors should proceed with caution, as with any crypto, let alone meme coin.

Visit the Milei Moneda website here

Featured image sourced from Shutterstock

This post was authored by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. This contains sponsored content and is for informational purposes only and not intended to be investing advice. Cryptocurrency is a volatile market; do your independent research and only invest what you can afford to lose. New token launches and small market capitalization coins are inherently more risky than large cap cryptocurrencies. These tokens are subject to larger liquidity and market risks.