Shiba Inus Market Position Slips as Pepe Surpasses in Crucial Ranking
The price of Shiba Inu has been on a downward trajectory as the demand for the once-popular meme coin has waned. Currently, the SHIB token is trading at $0.000017, which is its lowest point since March. It has experienced a drop of over 60% from its peak earlier this year.
Shiba Inu, much like Dogecoin, has not performed well in the meme coin market this year, with traders instead focusing their attention on newer tokens. This can be seen in the daily trading volume on centralized and decentralized exchanges. According to data from CoinGecko, Shiba Inu had a trading volume of over $297 million in the past 24 hours, while Dogecoin had $635 million. In comparison, Pepe, despite having a smaller market capitalization than both Shiba Inu and Dogecoin, recorded a trading volume of over $1 billion during the same period. Shiba Inu’s trading volume was also lower than that of dogwifhat (WIF), Floki, and Bonk, which had volumes of $776 million, $301 million, and $288 million, respectively.
This indicates that most traders are focused on these newer tokens, as they believe they have greater potential for growth. Some of the other popular meme coins among traders include Turbo, MAGA Hat, and Book of Meme.
Shiba Inu has also lagged behind the market due to the lack of interest from investors and developers in Shibarium, a recently launched layer-2 network. Only 14 DeFi developers have been attracted to the network, and its total value locked (TVL) is just $1.69 million. In contrast, other recently launched layer-2 networks like Blast, Sui, and Base have accumulated assets worth billions.
In terms of technical analysis, Shiba Inu’s technical indicators suggest that the token may continue to decline. It has dropped slightly below $0.00001838, which was its lowest point on April 13th and the lower boundary of a descending triangle pattern. Additionally, it has fallen below both the 50-day and 200-day moving averages. If the decline persists, these moving averages may intersect and form a death cross, which is considered one of the riskiest patterns in the market.
However, Shiba Inu’s fortunes could change if there is a general recovery in the cryptocurrency industry, as we witnessed in March when Bitcoin reached its all-time high. If this occurs, SHIB and other altcoins could experience a rebound.
Another potential catalyst for Shiba Inu’s price movement is the approval of Ethereum and Solana ETFs by the SEC, which could lead to a company filing for a spot SHIB ETF.
