Galaxy Fox (GFOX) Inaugural Token Sale Started Garnering Traction in March as Shiba Inu (SHIB) Community Remains Enthusiastic

Following the incredible pumps witnessed by major meme coins in late February and earlier this month, it appears that this week has brought a cooling-off period. Shiba Inu (SHIB), one of the preeminent meme coins, has experienced a price plunge of around 20% in the last seven days, while its counterpart BONK has had a similar descent. 

Meanwhile, a new meme coin project, Galaxy Fox (GFOX) is in the final stages of its ongoing presale, and has already raised close to an impressive $4.5 million, capturing the attention of investors.

Shiba Inu (SHIB) price reached crucial levels

Following a substantial pump that commenced in late February, propelling SHIB's price from $0.00001 to a high of $0.000045 before cooling off at its current levels around $0.000032, the meme token's price has experienced a 4% decline today and a 20% drop in the last seven days. The price movement has formed a descending channel (depicted by blue lines on the chart), indicating a period of consolidation or potential correction in the last week or so.

Based on the Fibonacci extension levels, a technical analysis tool used to identify potential support and resistance levels, SHIB needs to break above the $0.000034 level, which coincides with the 0.236 Fibonacci extension level, to continue its upward trajectory. If this level is breached, the next significant resistance zone would be around $0.000045, where SHIB's price encountered rejection earlier this month.

Where could SHIB's price go from here? The meme token's ability to sustain its upward momentum and break through critical resistance levels, such as the $0.000034 mark and the $0.000045 zone, will be crucial in determining its short-term price action. A successful breach of these levels could reignite the bullish rally, potentially attracting more investors and traders to the SHIB ecosystem.

However, if SHIB fails to overcome these resistance points and the selling pressure intensifies, a further retracement or consolidation period cannot be ruled out. In such a scenario, the meme coin might find support at lower levels, potentially retesting the $0.000025 - $0.000028 range

Galaxy Fox (GFOX) introduces a novel meme coin

Galaxy Fox (GFOX) has raised an impressive $4.4 million in its ongoing presale, currently in stage 9 out of 10. At this stage, 1 GFOX token is priced at $0.002376, with the 10th and final stage set at $0.00264.

Galaxy Fox (GFOX) is a project that ingeniously combines elements of play-to-earn (P2E) gaming with the captivating world of non-fungible tokens (NFTs). At the core of the Galaxy Fox ecosystem is an immersive play-to-earn game that engages global gamers. Players can embark on thrilling adventures, complete challenges, and earn valuable rewards, including GFOX tokens and in-game assets.

Built on the Ethereum blockchain, Galaxy Fox (GFOX) has a total supply of 5,000,000,000 tokens, with a self-reported circulating supply of 100.00% of the total supply. The project is tagged under gaming and play-to-earn, indicating its focus on providing a gaming experience that allows players to earn rewards while engaging with the platform.

Galaxy Fox seamlessly merges blockchain gaming with meme culture, offering a dual utility through its Web3 runner game, an NFT marketplace, and staking options, providing continuous rewards to its participants. The project's tokenomics and staking features are particularly noteworthy. 

Learn more about Galaxy Fox ($GFOX) here:

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