Dogecoin (DOGE) and Shiba Inu (SHIB) have both faced recent declines, with DOGE down 5% and SHIB down 6%. Other meme coins have also seen drops, but Floki Inu (FLOKI) managed to gain 8% in the past week.
Analysts are cautiously optimistic about SHIB’s potential for a price increase, as Shibarium, SHIB’s layer-2 blockchain solution, has been showing positive developments, including a successful burning mechanism.
SHIB, DOGE, and Other Meme Coins Face Tough Times
The recent cryptocurrency market decline has impacted many digital assets, especially those in the memecoin category. Dogecoin (DOGE), which has the largest market capitalization, dropped by more than 2% in the last 24 hours and is down nearly 5% for the month. Shiba Inu (SHIB), often considered a competitor to Dogecoin, has seen a decline of over 6% in the past 30 days, while Pepe Coin (PEPE) suffered a significant drop of more than 8%.
SHIB Price, Source: CoinGecko
Some popular memecoins like Bone ShibaSwap (BONE), Doge Killer (LEASH), and Dogelon Mars (ELON) have seen significant declines, dropping by 17%, 13%, and 8% respectively in the last month.
However, there’s a bright spot among memecoins as Floki Inu (FLOKI) has managed to stay in the green for the past month and has even gained 8% in the last seven days.
Memecoins are an interesting part of the cryptocurrency world, known for their unique and fun characteristics.
Has SHIB Reached Its Bottom?
Some experts and analysts believe that the price of Shiba Inu has hit its lowest point and may soon begin to rise. For instance, a Twitter user known as $SHIB KNIGHT predicts that the coin’s value could increase by 300% in the near future.
The successful implementation of Shiba Inu’s burning mechanism and the progress of the layer-2 blockchain solution called Shibarium are viewed as positive developments.
Shibarium, which was introduced in late August, has achieved several milestones, including reaching one million blocks, indicating a growing demand for its scalable features.
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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