Popular meme coin Shiba Inu (SHIB) has been outperformed by other top meme coins in the last few weeks. Just this week, SHIB is up 2%, while other memes such as WIF, FLOKI, or BOME all produced double-digit returns.
SHIB also has a lot of competitors in the Ethereum ecosystem, and one of those is the low-cap meme coin Galaxy Fox (GFOX), which now has a market cap lower than $1 million, so let’s find out why this could be a good entry point for this meme coin.
Galaxy Fox: A Promising Meme Coin to Watch
Galaxy Fox (GFOX) launched on exchanges on April 18th after a successful crypto presale where they raised over $6 million. The price initially pumped from $0.00066 levels to over $0.003, producing nice gains for its holders.
However, it seems like big holders decided to take some profits, and GFOX is now back to $0.0007 levels with a market cap lower than $1 million. Interestingly, just in the last 6 hours, GFOX is up almost 50%, as per Dextools data.
Web3 Game Launch: A Potential Catalyst
What’s important about Galaxy Fox is that their team is focused on their Web3 game launch, scheduled for May 11th. The gameplay of Galaxy Fox’s Web3 runner game involves players embarking on an electrifying endless runner experience where they can collect, nurture, and engage in an adrenaline-fueled cosmic odyssey.
Players have the opportunity to earn $GFOX tokens by achieving top performance in the game. Additionally, the game incorporates NFT assets that not only serve as collectibles but also enhance gameplay by powering up characters, unlocking special abilities, and holding value on NFT trading platforms like OpenSea.
The game’s leaderboard system, where the top 20% of players each season can win prizes exchangeable for $GFOX tokens, adds an incentive for active participation and sustained interest in the project and its game.
🚀ATTENTION INCOMING GAME TRAILER 🚀 pic.twitter.com/uQiMkWXcpx
— Galaxy Fox (@GalaxyFoxToken) April 1, 2024
Galaxy Fox has a total supply of 5 billion GFOX tokens, but according to Dextools data, just above $1 billion GFOX tokens are now in circulation, with over 3k holders.
If Galaxy Fox’s Web3 game launch this week is successful, there is a possibility that GFOX could potentially revisit the $0.003 area, where it peaked after the initial pump following its Uniswap exchange listing.
Staking Incentives
Moreover, Galaxy Fox offers a staking feature with attractive rewards. For the first 30 days after launch, the project offers a special offer listing APY with the following lockup periods and rewards:
- 30 lock days / 15% APY / (0 Min) / Early Withdrawal Penalty 15%
- 60 lock days / 20% APY / (25,000 Min) / Early Withdrawal Penalty 15%
- 120 lock days / 35% APY / (50,000 Min) / Early Withdrawal Penalty 15%
- 360 lock days / 60% APY / (100,000 Min) / Early Withdrawal Penalty 15%
After the initial 30 days, the staking rewards will be adjusted to:
- 30 lock days / 7.5% APY / (0 Min) / Early Withdrawal Penalty 15%
- 60 lock days / 10% APY / (25,000 Min) / Early Withdrawal Penalty 15%
- 120 lock days / 17.5% APY / (50,000 Min) / Early Withdrawal Penalty 15%
- 360 lock days / 30% APY / (100,000 Min) / Early Withdrawal Penalty 15%
Shiba Inu (SHIB): Underperforming Amidst Meme Coin Resurgence
As mentioned earlier, SHIB is not performing well in the last few weeks, being outperformed by other top meme coins. SHIB is trading around $0.000023 at press time.
According to the analysis by altFINS, the trends for Shiba Inu (SHIB) are currently mixed. After experiencing a bullish breakout from a Falling Wedge pattern, the price has successfully retested that breakout and could potentially swing up to $0.000035 next.
The Falling Wedge pattern typically results in a bullish breakout, where the price is expected to trend higher once it breaks the upper trend line. While emerging patterns can be traded by swing traders between the convergence lines, most traders are advised to wait for a completed pattern with a breakout before placing a buy order.
Regarding the trend, altFINS considers it to be neutral on a short- and medium-term basis, but an uptrend is observed on a long-term basis. The momentum indicators are mixed, with the MACD line being above the MACD signal line (bullish), while the RSI is around 50 (neutral).
In terms of support and resistance levels, the nearest support zone is identified at $0.0000225, followed by $0.0000150. On the resistance side, the nearest zone is $0.000035, with an additional resistance level at $0.000040.
Conclusion
Galaxy Fox (GFOX) appears to be a potenitally promising meme coin contender, with its upcoming Web3 game launch and staking incentives serving as potential catalysts for price appreciation.
However, marketing efforts will be crucial to propel the GFOX price upward, and the project is advertising on multiple crypto media outlets. The success of their Web3 game will also play a big role in determining its future trajectory.
As for Shiba Inu (SHIB), its underperformance amidst the recent meme coin resurgence suggests that investors seeking substantial gains might need to consider alternative options. While SHIB remains an important player in the meme coin sector, its recent price action may prompt investors to explore other opportunities.
Learn more about $GFOX here:
Visit Galaxy Fox Presale | Join the Community
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