Shiba Inu Price Prediction as Meme Coins Take a Breather – Where is SHIB Going Now?
Things are getting ugly for Shiba Inu (SHIB).
The Shiba Inu dog meme-themed crypto token, which lives as an ERC-20 token on the Ethereum blockchain, failed to gain any momentum amid the huge pump seen in newer rival meme coins like Pepe in recent days.
Meanwhile, as the pump in newer meme coins like Pepe and SpongeBob has eased, Shiba Inu has come under intense selling pressure.
SHIB/USD was last changing hands below $0.000009 per token on Monday, down over 5.0% on the day after losing critical support in the $0.0000098 area over the weekend that had previously held up for nearly two months.
Shiba Inu’s losses on the month are now around 12% and gains on the year have now been eroded to only around 10%, with the cryptocurrency having been up as much as 95% at its February highs in the $0.000016 area.
Recent price action suggests that “older” meme coins like Dogecoin and Shiba Inu are losing some of their shine compared to newer rival meme coins, perhaps as meme coin investor preferences switch towards hunting for the next 100x gem, as opposed to investing in older, more established meme coin projects.
That, combined with a broader downturn in crypto prices since the weekend, appears to be weighing heavily on SHIB.
A test of last December’s lows just under $0.000008, a further 12ish% drop from current levels, seems inevitable at this point, especially given Shiba Inu looks like it is about to see a much dreaded “death cross”, where the 50-Day Moving Average crosses below the 200-Day Moving Average.
Given its already massive market capitalization, which was last around $5.2 billion as of Monday, Shiba Inu’s potential for exponential gains is limited.
Could SHIB post 100x returns and exceed $500 billion in market cap? Not likely,
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