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Shiba Inu Wavers: As SHIB Loses Top Spot to This Memecoin, What’s Next?
The cryptocurrency market has been on a rollercoaster ride in recent times, with many assets experiencing significant fluctuations. One of the most notable trends is the performance of memecoins, which have gained immense popularity and seen significant price movements. In this article, we will discuss the current state of Shiba Inu (SHIB) and its loss to another memecoin.
Firstly, it’s essential to understand that SHIB has failed to exit its four-week consolidation zone due to sell pressure over the weekend. The asset’s price has been struggling with weak demand alongside some of its top peers. This inability to rally above this level has led to a significant pullback, resulting in an 8% decline in value within the last 24 hours.
As a result, SHIB has lost its spot as the second-largest memecoin by market capitalization. The asset’s price currently stands at $0.000020 at the time of writing. However, it’s crucial to note that this retest of the current short-term support level may potentially provide a bounceback zone for investors.
SHIB is not alone in its struggle; other top memecoins, including Dogecoin (DOGE), Pepe (PEPE), and Bonk (BONK) have also seen significant sell pressure within the last 24 hours. While this latest development might be unwelcome news for SHIB enthusiasts, it’s crucial to note that these assets are still worth keeping an eye on, especially considering their potential as a bounceback zone.
It is essential to stay informed about market trends and changes in asset prices to make informed investment decisions.
Source: ambcrypto.com
