Brett (BRETT) holders are in panic mode and fleeing the meme coin in wake of another big price collapse on Friday, with some turning to a new meme coin in the play-to-earn niche Shiba Shootout (SHIBASHOOT).
Brett slumped another 11% on Friday, taking its weekly losses to more than 25% as the broader market dumped.
The Base meme coin was last changing hands around $0.1160, at new one month lows.
For now, Brett’s market cap remains above $1 billion.
But since losing its grip on $0.12 support, more losses could be in store. Bears will be targeting a retest of April/May highs in the $0.85 area.
BRETTUSD / Source: DEXToolsThe prospect of further downside has Brett holders fleeing the token.
Sure, crypto markets could pick up later this year as Fed rate cuts arrive and the US election nears.
But until then, sentiment is likely to be dampened by elevated spot sell pressures in Bitcoin. That’s thanks to continued miner/German government selling.
Mt Gox creditors are also getting repaid this month, and might add to the sell pressure.
German government: Let’s dump our #Bitcoin at the same time as Mt. Gox and tank the price.
Hodlers: pic.twitter.com/tUhi64bQkX
— The ₿itcoin Therapist (@TheBTCTherapist) July 5, 2024
In such an environment, traders often turn to alternatives that might be able to produce quicker returns.
New meme coins, while very risky, have a proven track record of delivering quick upside.
And one new meme coin that analysts at Cryptonews.com are big fans of is Shiba Shootout.
Indeed, they rank it as one of their top meme coins and top crypto presales. Here’s what you need to know.
New Meme Coin Shiba Shootout Making Waves in Web3 Circles
Shiba Shootout is a Wild West-themed play-to-earn (P2E) game.
Saddle up! #ShibaShootout is more than a #memecoin it’s a Wild West crypto adventure!
Join Marshal Shiba & the Sharpshooters in Shiba Gulch for fun and excitement. pic.twitter.com/a3BFVx7u42
— shibashootout (@shibashootout) July 1, 2024
The game has already been approved on Google Play and the Apple App Store, and its release is imminent.
The game will be blockchain-powered via the SHIBASHOOT token, which is currently available in presale.
With crypto experts like Michael Wrubel predicting the coin could be the next 100x token, it’s no surprise the presale has surged over $500,000 so far.
Currently priced at $0.0195 per token, potential investors need to move quickly to secure their SHIBASHOOT bag.
That’s because when the presale reaches $1.2 million, the price will jump.
Early presale investors are also benefitting from huge staking rewards, which are currently above 2,000% APY.
Stake your Shiba Showdown tokens on a cactus in our digital desert with ‘Cactus Staking’!
Earn more as you #stake longer and watch your rewards grow! pic.twitter.com/JST9TXB0RM
— shibashootout (@shibashootout) June 26, 2024
This will drop as the presale progresses and more investors arrive. But early presale investors could be looking at an easy 2-3x on their initial investment in just a few weeks from staking.
At the current presale price, SHIBASHOOT has a modest market cap of around $43 million.
But assuming Shiba Shootout reaches its phase 3 roadmap goal of over 100,000 holders and tier 1 exchange listings, that market cap could go substantially higher.
Buy SHIBASHOOT Here
The post Brett Holders Flee After 11% Drop, Turning to a New Meme Coin appeared first on Cryptonews.
