Shiba Inu (SHIB), the second-largest memecoin by market capitalization, has been on an ambitious quest to overtake Dogecoin (DOGE) from its leading position. With a market cap difference of about $2.1 billion, the Shiba Inu community has been hopeful that SHIB will soon surpass DOGE for the first time.
SHIB’s Efforts to Overtake DOGE
Historically, DOGE’s market cap has been significantly higher than that of SHIB, with a difference exceeding $5 billion at times. However, SHIB has managed to climb to a market cap of more than $23.9 billion, while DOGE holds a market cap of over $26.1 billion. This narrowing gap has fueled optimism within the SHIB community. Over the last 24 hours, SHIB has flipped several prominent cryptocurrencies, including Tron (TRX), Chainlink (LINK), Polygon (MATIC), and Polkadot (DOT), to jump from the lower end of the top 20 cryptocurrencies to the 11th position. This surge is largely attributed to a revival of investor interest and several functionalities added to SHIB’s ecosystem, such as Shibarium, an Ethereum-based layer 2 network developed for the Shiba Inu community. Since its launch, Shibarium has attracted retail and institutional clients, with some wallet providers adding support for it. Additionally, the Shiba Inu team has introduced a token burn mechanism to bolster the asset’s value and curb inflation. Despite a 7.84% increase in the last 24 hours to a trading price of $0.00002584 and an 8.8% surge over the past seven days, Shiba Inu has faced setbacks. The memecoin failed to break through the crucial 50 EMA resistance level, retracing back below it, which may result in losing traction and dropping toward previous price levels.
Technical and On-Chain Analysis
Technical analysis shows SHIB struggling to maintain its upward momentum. The price action indicates a failed attempt to surpass the 50 EMA, resulting in a pullback below this key resistance level. This setback could lead to a further decline, potentially heading toward the $0.000024 support level. If this support fails to hold, the next target could be around $0.000022, another important support area. On-chain data also adds to the concerns. The number of large transactions, defined as those exceeding $100,000, has seen a recent spike, with 378 large transactions recorded in the last 24 hours. This increase could be a sign of surging activity among whales but also raises the possibility of significant selling pressure. The total volume of these large transactions reached 8.97 trillion SHIB, nearing the seven-day high of 9.6 trillion SHIB. Additionally, the Network Value to Transaction (NVT) ratio has dropped by 22.70% in the last 24 hours, suggesting that market value is declining relative to transaction volume. This decrease in the NVT ratio could imply weakening market sentiment, with investors possibly losing confidence in SHIB’s short-term performance.
The Rise of Retik Finance (RETIK): A New Challenger
As Shiba Inu faces challenges, a new altcoin, Retik Finance (RETIK), is emerging as a formidable contender aiming to target DOGE in 2024. Retik Finance launched on May 21, 2024, on several major exchanges including Uniswap, MEXC, LBank, Digifinex, Bitmart, CoinW, and P2B. This new DeFi token has already captured the attention of investors and analysts alike.
Overview of Retik Finance (RETIK)
Retik Finance is making waves in the DeFi sector with its innovative suite of products. At the core of its ecosystem are:
- DeFi Debit Cards: These cards bridge the gap between cryptocurrency and fiat, allowing users to spend their digital assets in real-world transactions effortlessly.
- Retik Pay: A payment gateway designed to simplify cryptocurrency transactions for businesses, promoting broader adoption of digital assets.
- Retik Wallet: A highly secure, non-custodial digital asset management solution compatible with multiple blockchain networks, giving users complete control over their funds.
- AI-Driven P2P Lending: This platform facilitates peer-to-peer lending, optimizing loan processes and risk assessment through artificial intelligence.
Retik Finance (RETIK) presale was extraordinarily successful, raising over $32 million and giving early investors significant gains. This impressive fundraising effort not only demonstrated investor confidence but also positioned Retik Finance as a major player in the DeFi market.
Predictions and Market Impact
Analysts believe that RETIK could reach a price of $5 within just 90 days post-launch, a significant jump from its initial listing price. The solid fundamentals, innovative product offerings, and strong community support are expected to drive this growth.
The widespread availability of RETIK across multiple exchanges is set to enhance its liquidity and accessibility, attracting a diverse range of investors. This strategic positioning is likely to play a crucial role in Retik Finance’s potential to outperform established players like DOGE and SHIB.
Conclusion
As Shiba Inu (SHIB) struggles to maintain its upward momentum, Retik Finance (RETIK) emerges as a promising new entrant in the DeFi space. With its innovative products and successful presale, RETIK is well-positioned to make a significant impact on the cryptocurrency market. The anticipation surrounding its launch and the potential for substantial gains make Retik Finance a noteworthy contender to watch in 2024. As the cryptocurrency community gears up for Retik Finance’s debut, it remains to be seen how this new altcoin will perform against the likes of Dogecoin and Shiba Inu.
Visit the links below for more information about Retik Finance (RETIK):
Website: https://retik.com
Whitepaper: https://retik.com/retik-whitepaper.pdf
Twitter: www.twitter.com/retikfinance
Telegram: www.t.me/retikfinance
