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Things have gone from bad to worse in the last few days for Shiba Inu (SHIB).

After the Shiba Inu dog meme-themed crypto token, which lives as an ERC-20 token on the Ethereum blockchain, failed to gain any momentum amid the huge pump seen in newer rival meme coins like Pepe in recent days, it has since come under intense selling pressure.

SHIB/USD was last changing hands below $0.000009 per token on Monday, down over 5.0% on the day after losing critical support in the $0.0000098 area over the weekend that had previously held up for nearly two months.

Shiba Inu’s losses on the month are now around 12% and gains on the year have now been eroded to only around 10%, with the cryptocurrency having been up as much as 95% at its February highs in the $0.000016 area.

Recent price action suggests that “older” meme coins like Dogecoin and Shiba Inu are losing some of their shine compared to newer rival meme coins.

Perhaps meme coin investor preferences are switching towards hunting for the next 100x gem, as opposed to investing in older, more established meme coin projects.

That, combined with a broader downturn in crypto prices since the weekend, appears to be weighing heavily on SHIB.

A test of last December’s lows just under $0.000008, a further 12ish% drop from current levels, seems inevitable at this point, especially given Shiba Inu looks like it is about to see a much dreaded “death cross”, where the 50-Day Moving Average crosses below the 200-Day Moving Average.

Is the SHIB Dip Worth Buying?

Given its already massive market capitalization, which was last around $5.2 billion as of Monday, Shiba Inu’s potential for exponential gains is limited.

Could SHIB post 100x returns and exceed $500 billion in market cap? Not likely, given the coin’s lack of utility and status as a “joke” cryptocurrency.

The only cryptocurrencies to have ever surpassed $500 billion in market cap are “serious” cryptocurrencies with real use cases like Bitcoin and Ether, which powers the Ethereum blockchain.

Traders and investors hoping to make an exponential return on their meme coin investment are better off looking for low market cap gems.

Analysts Think This Coin Is a Better Buy

One such market gem that the team at Cryptonews.com is a big fan of is a new web3 platform called Launchpad.xyz (LPX).

Launchpad is building a revolutionary, all-encompassing web3 platform that, according to the project’s Whitepaper, aims to make the highly “fractured and intimidating” web3 space more easily accessible.

Crypto investors and traders are particularly excited about the platform, given its claim to offer the tools necessary to find the next 100x Web3 asset.

To kick-start the development of its platform, Launchpad is running a presale of its $LPX token and, as noted, the project has already raised a whopping near $150,000.

Over the course of 10 presale stages, Launchpad is selling 250 million of a total supply of 1 billion LPX tokens.

The presale price is currently $0.035, but this will rise 100% by the end of the presale to $0.07, which is the price $LPX will then debut across exchanges in Q3.

The presale has a hard cap of $12.5 million and, given that $240,000 has already been raised in just over a week, that total could be hit quickly.

Investors should move in quickly to secure tokens whilst they are still going cheap.

According to Launchpad’s Whitepaper, the project will begin launching some of the main features of its platform in Q3 2023, including the Launchpad Feed, Token and NFT Directory, Metaverse Library and Gaming Hub.

If the platform experiences substantial user adoption, as many observers think it will, this could create significant demand for the platform’s native $LPX token.

Popular crypto presale analyst Jacob Bury Crypto thinks that Launchpad has 10x potential.

Meanwhile, German presale analytics YouTube channel Smallcap DE thinks that Launchpad has 15x potential.

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