Top meme tokens Dogecoin (DOGE) and Shiba Inu (SHIB) are trading severely in the red during this crypto bear market.
With the lack of fundamental reasons to trigger a price recovery, analysts are convinced that the recent small jumps are only relief bounces to grab more liquidity and take the price down further.
The one market rule in this scenario is "stay away from meme tokens and invest in utility.”
Real utility coins generate actual revenue and aren’t hyper-inflating coins. One that we picked out was The Hideaways (HDWY) which is gaining unbelievable traction. The presale superstar is attracting SHIB and DOGE investors in droves as they finally look for something that can generate real passive yield.
Dogecoin (DOGE) Advances, But RSI Remains Weak
Dogecoin (DOGE) hikes 3.38% to $$0.058 - its first weekly advance. The meme token traded in the red over the weekends due to the weakness of crypto majors led by Bitcoin (BTC) and Ethereum (ETH).
Still, its Relative Strength Index is weaker after steadying at 41.90. As a general market rule, when using this technical indicator, any result below 50.0 means there are more sellers than buyers, and this will lead to a price correction.
At current prices, DOGE is trading in an August low zone. If the trend continues, we can see the token falling to a June bottom found at $0.049.
On the upside, the recent entrance of buyers helped Dogecoin (DOGE) overtake Polkadot (DOT) 's market cap. At press time, the meme token's market capitalization is at $7.7 billion versus Polkadot's $7.06 billion value.
Shiba Inu (SHIB) Advances But Nears Correction Territory
Shiba Inu (SHIB) makes a 2.15% hike to $0.00001116 latest price. Thanks to the renewed confidence in meme coins, its price managed to take a breather before entering correction territory.
SHIB's current trading zone historically sent prices to $0.00000707 - a level never before seen since June. Before a full-blown retracement, we expect the token to stop below to attempt a pattern reversal. Support stops are plotted at $0.00000907.
There is no light at the end of the tunnel yet for Shiba Inu (SHIB) investors. The souring appetite for meme coins makes traders think twice about their investment decisions. Especially now, promising projects backed with a real-world utility like The Hideaways (HDWY) are becoming popular.
In the last 7 days, SHIB has retraced 10.12% and 20% in one month. Still, prices are up by 55% from a year ago.
The Hideaways (HDWY) vs. Meme Tokens
Meme tokens and new crypto projects come with the same level of risk. With the former not having real utility and the latter not undergoing the test of time yet, analysts put them with the same rating of "invest at your own risk."
On the other hand, many emerging crypto projects like The Hideaways (HDWY) can be on the equal level playing field with tried and tested cryptocurrencies for many reasons.
The most important among these is its relations with real estate. Unlike Dogecoin (DOGE) and Shiba Inu (SHIB), which are technically "good for nothing" in the real world, The Hideaways (HDWY) will get NFT holders real world passive income through property rental management and event management.
These properties will yield handsome monthly rental income, redistributing to investors. Suppose you are planning to build on your passive income portfolio for so long. In that case, The Hideaways (HDWY) is a crypto to consider.
Their contract is already audited by SolidProof, an amazing cryptocurrency security firm. On top of that, the team doesn’t get their tokens until 2 years after the launch date. Even better, all liquidity is locked on launch forever!
Check them out:
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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