Shiba Inu (SHIB) ranks as the second largest meme coin, yet it’s encountering notable competition from dogwifhat (WIF) in a particular area.
Shiba Inu (SHIB) Drops 13.5% in 2 Days, Approaching $0.00003000. Despite a Much Larger Market Cap, Trading Volume Similar to dogwifhat (WIF), Hinting at Investor Shift. Nearly $2.52 Billion at Risk if SHIB Falls Another 6%.
Shiba Inu Faces Tough Competition from dogwifhat (WIF)
Shiba Inu (SHIB) has experienced a disappointing performance since the start of March, compounded by the emergence of dogwifhat (WIF). Despite its initial surge to fame, SHIB is now the third largest meme coin globally.
Despite WIF having a market cap of just $4 billion, it’s posing significant competition to SHIB, which boasts a market capitalization nearly four times larger at $15.7 billion. Notably, WIF’s trading volume in the last 24 hours reached about $903 million, only slightly behind SHIB’s $972 million.
Potential Loss-Bearing Situation Looms for SHIB
Shiba Inu GIOM. Source: IntoTheBlock
This trend indicates a decline in SHIB’s potential, with the rise of WIF challenging its dominance. Compounding the issue, a substantial portion of SHIB is at risk of becoming loss-bearing. Over $2.52 billion worth of SHIB, totaling more than 77.44 trillion coins, was purchased at prices ranging from $0.00003100 to $0.00002500. As SHIB’s price nears the lower end of this range, the likelihood of further decline looms, potentially extending the altcoin’s downturn.
Shiba Inu Faces Critical Support Levels Amidst Downtrend
Shiba Inu (SHIB) has experienced a significant correction, dropping over 15% in just two days, approaching the critical support level of $0.00002584. This support line has proven its significance through multiple tests in the past, indicating its importance in preventing further decline.
Should SHIB break below $0.00002584, it may continue its downward trajectory towards the next support level at $0.00002268. Given the current conditions, this decline could potentially extend beyond this crucial support level.
However, considering the significance of the $0.00002584 support line, there remains a possibility for SHIB to recover and reclaim $0.00002853. If this level successfully converts into support, it would invalidate the bearish outlook, potentially leading SHIB to once again surpass $0.00003000.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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