The cryptocurrency market is an ever-evolving spectacle, with a plethora of currencies competing for investors’ attention. The meme token Shiba Inu (SHIB) has registered a declining trend, sliding by 1.5% in the recent hour, and this minor regression threatens the slight gains SHIB had managed earlier. With a current valuation of $0.00000750, SHIB has grown by a minor 0.4% in the last day. The performance in the previous few weeks is more concerning, showing a downtrend of 4.5% within a fortnight, and 6.6% in a month’s time.
A more telling statistic is the 7% decline since the new year, a period during which many major tokens like Bitcoin (BTC) saw a considerable recovery, surging by 85%. This could indicate that SHIB potentially faces a serious downturn, particularly as new meme coins such as Thug Life Token (THUG) are pulling in more enthusiasm and interest.
The market indicators for SHIB are somewhat muddled. The relative strength index indicates a selling trend, while the 30-day moving average indicates further potential losses. A slight bright spot is the rise in its support level since mid-June. However, that doesn’t promise significant amelioration, given the larger negative indicators.
Several factors could be contributing to SHIB’s decline. A key one is the delay in the launch of Shibarium, the altcoin’s layer-two network. Ideally, this network should make SHIB transactions faster and cheaper, fostering growth in its ecosystem. But, with the launch being constantly postponed, investor frustrations are rising, pushing them to look for more immediate and higher returns elsewhere.
Emerging meme tokens like the Thug Life Token (THUG), an ERC-20 meme token, are drawing much attention. It has rallied support from the gangsta rap and hip-hop communities and has already raised $500,000 in its presale in just over a week, indicating an increasing community of holders. The presale, which ends in 11 days, caps the token quantity at 4.20 billion tokens, with 70% of it earmarked for the presale. This strategy is expected to help retain decentralization, giving its community a large stake in its future while supporting its price.
The shift of investor interest to such dynamic new tokens may play a role in SHIB’s decline. This is a clear indication of how quickly the crypto market can shift in this era of technological dynamism. However, is this just a temporary trend, or could it signal a long-term shift in investor preferences? Only time will tell!
Source: Cryptonews
