BSHIB is currently leading the meme coin hype after it became popular, having the most holders among other new meme coins and tokens in the crypto space.
This base-based meme token is trending because of its holder count, which currently hovering between 9,000 to 10,000 holders, even after being in the market for more than three weeks.
What is BSHIB?
BSHIB or Based Shiba, is a meme token that was launched on March 13th, 2024 using the ERC-20 Token standard.
The token became popular after its price increase of almost 20,000% in just under a week, which led to a huge influx of buying volume because of FOMO, or fear of missing out.
After the price surged significantly, BSHIB went down to around, 89% to reach its current price, but holders seem to be patiently waiting for the token to go back up again.
This is evident from the holder count of this token, which is currently placed 2nd compared to other new meme tokens and coins in the crypto space.
The loyalty comes from the community itself, where currently the Telegram group of this token has more than 9,000 members.
The holder count itself currently hovers around 9,000 to 11,000 just trailing behind COME, a meme token that was created by the Coreum DAO.
It became popular again after speculations that the token was being run by the team behind this, however, the community has responded to the FUD by saying that the team is here to stay.
Selling pressure was high at the beginning of today’s market session, but the buying volume has come back up again, prompting speculations that the token might go up for another price surge.
Although the community seems positive, the FUD around it still stands as the Twitter Account of BSHIB is currently suspended.
This is a common thing to happen as meme projects usually tend to be flagged as spam or scams, but the team behind it is working to get it back up again.
Price Analysis
Looking at the current price, it can be seen that the daily candlestick is showing green, where this happened because the community is still holding on to the token, even buying more.
Fundamentally speaking, no value can propel this token higher, as the project itself solely depended on the community without any product.
This move is similar to what the team behind Shiba Inu did with its SHIB Token, where in its early stage, it solely depended on its community without creating its product.
However, it is still too early to compare SHIB to BSHB as BSHIB itself does not have any plans ahead to create its product, while SHIB already has its layer two blockchains.
BSHIB’s Daily Chart / Source: Dexscreener
From a technical analysis standpoint, it can be seen that the token is currently trending downward without any signs of recovery yet.
But, this can all change if the US Market decides to join in the BSHIB frenzy to propel its daily candlestick upward, leaving the current downtrend.
A good buying zone would be above $0.0006 as the price is currently consolidating between $0.0006 and $0.00025.
The only way it can go up is if the token breaks out of the resistance zone, which would create a potential upward movement with $0.002 as the next target.
However, it is good to remember that these meme tokens are still highly volatile as it has no real fundamental value, so risk management is something to always keep in mind.
Investor Caution
While the meme hype has been exciting, remember that the crypto space can be volatile. Always conduct your research, assess your risk tolerance, and consider the long-term potential of any investment.
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