Cryptocurrencies have been around for over a decade, and the market has seen a significant shift in the past few years. With the rise of meme culture, meme-based cryptocurrencies have emerged, providing investors with a new opportunity to invest in digital assets. In March 2023, three meme-based cryptocurrencies stand out as potential investment opportunities: SHIB, FLOKI, and MONA.
Shiba Inu (SHIB)
SHIB, also known as Shiba Inu, is a meme-based cryptocurrency created in August 2020. The popular Dogecoin cryptocurrency inspired it, and its logo is a Shiba Inu dog, similar to Dogecoin’s logo. SHIB has gained much attention in the cryptocurrency market due to its low price and hype.
SHIB has a circulating supply of 589,609,854,593,066 SHIB and a market capitalization of $6.4 billion as of March 18, 2023. It is currently ranked as the 13th largest cryptocurrency by market cap. The SHIB community has grown rapidly, with a strong presence on social media platforms like Twitter and Reddit.
Investing in SHIB in March 2023 could be a good option, as the cryptocurrency market is expected to grow in the coming months, and SHIB could benefit from this growth. However, it is important to note that SHIB is a highly speculative investment and comes with significant risks. Therefore, investors should do their research and invest only what they can afford to lose.
In the 1H timeframe, the price action of $SHIB/USDT is moving inside the rectangle channel. Currently, the price is bouncing from the horizontal S/R zone. Therefore, we have to wait for a successful breakout of this channel to confirm its next direction of $SHIB.
SHIB Price Analysis
FLOKI (FLOKI)
FLOKI is another meme-based cryptocurrency that has gained popularity in recent months. It was inspired by Elon Musk’s dog, who is also named Floki. FLOKI has a unique feature in that it helps animal welfare organizations, making it a socially responsible investment.
FLOKI has a circulating supply of 9,942,355,954,723 FLOKI and a market capitalization of $339 million as of March 18, 2023. It is currently ranked as the 112th largest cryptocurrency by market cap. In addition, FLOKI has a strong community on social media, with many investors seeing it as a promising investment opportunity.
Investing in FLOKI in March 2023 could be a good option, as it has the potential for growth in both value and social impact. However, like another meme coin, it is a highly speculative investment with significant risks. Investors should do their research and invest only what they can afford to lose.
In the 2H timeframe, the price action of $FLOKI/USDT has broken the support trendline of the Ascending triangle. Currently, the price is retesting the trendline after a successful retest. Therefore, a downward movement is expected from here.
FLOKI Price Analysis
MonaCoin (MONA)
MONA, or MonaCoin, is a meme-based cryptocurrency created in 2013. It was inspired by a popular Japanese internet meme of a cat called Mona. MONA has gained popularity in Japan, where it is widely accepted as a form of payment.
MONA has a circulating supply of 65,729,675MONA and a market capitalization of $34 million as of March 18, 2023. It is currently ranked as the 484th largest cryptocurrency by market cap. MONA has a strong following in Japan and is gradually gaining popularity in other parts of the world.
Investing in MONA in March 2023 could be a good option, as it has a unique niche in the market and a loyal following. However, as with all cryptocurrencies, it comes with significant risks, and investors should research and invest only what they can afford to lose.
In the 1W timeframe, the price action of $MONA/USDT is consolidating inside the descending channel. However, we must wait for a successful breakout or breakdown to confirm its next direction.
MONA Price Analysis
Conclusion
SHIB, FLOKI, and MONA are three meme-based cryptocurrencies worth considering for investment in March 2023. However, it is important to remember that investing in cryptocurrencies is highly speculative and comes with significant risk.
