Jump into the latest SHIB price analysis and discover how SHIB’s tumultuous tumble has left Shiba Inu price ready for a big pump.
The meme coin scene is in turmoil. While Shiba Inu (SHIB) is witnessing a staggering 2,682% surge in its daily burn rate, its price is in the gutter.
Over 18 million Shib coins were burned over the weekend, and despite this Shiba Inu’s price only crept up by only 0.49% to $0.00001697 in the last 24 hours, down 14% for the week.
The subdued price movement could be linked to this lackluster, bored-to-tears awful crypto market sentiment, particularly with Bitcoin hitting a rough patch, impacting altcoins like SHIB.
the $200 of $SHIB i sold last year now worth $21M.. no big deal pic.twitter.com/AgytqITGSL
— hundo (@BitcoinTo100k) October 27, 2021
SHIB Price Weathering Tumble – Meme Coin Liquidity Is Still High
Meme coins are down across the board. Similarly to Shiba Inu, Dogwifhat (WIF) plunged by 22% this week, reflecting the broader decline in the meme market.
A report by crypto data center Kaiko highlights a twofold increase in meme coin liquidity in 2024, peaking at $128 million in June.
Despite obstacles, meme tokens outperform conventional cryptocurrencies like Bitcoin, showcasing strong liquidity metrics.
(Source)
As Ki Young Ju, the CEO of CryptoQuant noted that the most recent downturn was caused by investors turning their attention from gambling to fundamentals.
“Meme coin dominance in alt markets is declining. CT would be shifting from gambling to focusing on fundamentals, similar to a few years ago. Pack it up lads, it’s over.”
Looking Ahead: Potential Scenarios for Shiba Inu
Shiba Inu investors should prepare for a consolidation phase, as the price stays trapped between $0.0000173 and $0.0000188, forming a symmetrical triangle.
On-chain data shows a holding of 417.19 trillion SHIB spread across 25,310 addresses within the current trading span, underlining the significance of the $0.000018 mark.
Given the existing cues and the neutral to bearish sentiment, 99Bitcoin’s analysts believe it best to wait for a decisive breakout from the symmetrical triangle formation before making trade calls.
Meme Presale PlayDoge Could Be a Safer Investment Than Shiba Inu
Launching boldly into the crypto space, PlayDoge ($PLAY) is gaining traction as a leading meme coin contender.
The presale has already hit a crazy $5 million, with the current price at $0.00511, drawing active participation and optimistic expectations for post-launch performance.
PlayDoge is Tamagotchi meets meme coins, offering a cool indie game experience and a meme to hold when the market turns.
Industry expert Jacob Bury recently underscored PlayDoge’s potential in a video, and it is also backed by endorsements from platforms like CryptoPotato and Bitcoin.com.
Check out the PlayDoge Presale Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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