Shiba Inu (SHIB), the world’s second most popular meme coin, has left 81% of its investors in the red as it has largely failed to emulate the bull markets witnessed in major cryptocurrencies like Bitcoin and Ethereum this year. According to data from IntoTheBlock, the summary of six on-chain and exchange signals for SHIB is “mostly bearish,” with four bearish, one neutral, and only one bullish. Having dropped around 45% from its earlier yearly highs, Shiba Inu’s yearly gains have eroded to just about 10%.
Recently, losses in the cryptocurrency have been cascading as it dropped below a key medium-term support just under the $0.000010 level. Technicians predict that a test of late-2022’s lows in the $0.0000078 area may be on the cards. The meme coin is currently testing a key uptrend that has offered long-term support dating back to September 2021. A break below this point could spark a rout for Shiba Inu, potentially dropping the price to the $0.000006 area.
As Shiba Inu’s value plummets, another newer meme coin, No Meme Token (NOMEME), is also experiencing a significant price decline. Launched in the aftermath of a tweet from Twitter, Tesla, and SpaceX CEO Elon Musk, sharing a picture of a Milady Maker and captioning it with “There Is No Meme” and “I Love You,” NOMEME initially saw a 10x increase from its listing price on Uniswap. However, since then, the coin has faced considerable sell pressure, falling roughly 85% from its early highs.
Despite this sharp decline, some observers maintain that the meme coin could potentially benefit from one last surge. Interested buyers can purchase NOMEME with ease via the project’s simple website that features a Uniswap embed. Users need only connect their web3 wallet to the Uniswap plugin to begin buying NOMEME immediately.
While there are undoubtedly investors who stand to gain from these meme coins’ potential growth, it is essential to consider the risks associated with such investments. As the market for these cryptocurrencies is notably volatile, it is crucial for potential investors to conduct independent research and make informed decisions before investing in these assets. In the long run, ensuring market stability and the safety of investors remains a top priority for the blockchain community and the industry at large.
Source: Cryptonews
