Shiba Inu Investors Ditch SHIB for a New Dog-Coin ICO Targeting 100x Gains
Meme coin investors are selling some of their Shiba Inu ($SHIB) as new opportunities emerge to buy potential Dogecoin ($DOGE) killers that are still only in presale.
The $7.9 billion market cap $SHIB shed 5% over the week and 1.2% overnight to trade at $0.00001333 at the time of writing.
Original meme coin Dogecoin shed 5.8% over the seven days and 3.4% over the last 24 hours to hit $0.1001.
The two sector leaders held the fort a bit better than their peers. Among the top ten biggest meme coins by market cap, several dropped by double-digit percentages this week.
Pepe ($PEPE) fell 13.4%, DogWifHat ($WIF) tumbled 24.6%, Bonk ($BONK) dropped 13.8%, Brett ($BRETT) spiraled 20.4%, and Popcat ($POPCAT) nosedived 30.3%.
By contrast, market leader Bitcoin ($BTC) only fell 2.1% and Ethereum ($ETH) dropped 3.2%.
Over on Shiba Inu’s price chart, we can see $SHIB traded between $0.000015 and $0.00002 for most of the summer, before the crypto crash on August 5 dragged the price down as low as $0.000011.
This means any further downward price action could send $SHIB down to a new support level of $0.00001. A relative strength index (RSI) of 53 indicates that falling momentum is likely to drop off once the wider market is back in the green.
However, that may take time. At the time of writing, crypto markets shed 2.8% in the last 24 hours and now command a $2.16 trillion market cap. The meme coin sector lost 2.4% and currently capitalizes $38.4 billion in the market.
Despite recently adding new privacy features and going all in on Shiba Inu’s proprietary Ethereum layer 2 SHIBARIUM, the $SHIB community still hasn’t found an edge on the stalwart Dogecoin.
However, one Shiba Inu-themed project with no clear competitors in the burgeoning
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