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- 1 Shiba Inu price recorded a drop in the last one month, reaching 15th position on most-traded cryptocurrencies by market cap.
- 2 Shiba Inu’s rival, Dogecoin also noted a similar drop in similar periods of time.
Shiba Inu price showed a bearish outlook, as the memecoin noted more than 20% drop in its one month of time-frame. The price of Shiba Inu was trading at $0.0000116, one month ago then started following a downtrend. At press time, Shiba Inu price is trading at $0.000008796, while in the last 24-hours marked low at $0.000008606 and high at $0.000008832.
On May 14th, LunarCrush mentioned in its tweet that “Shiba Inu is Coin of the Day on LunarCrush.” SHIB was automatically chosen based on leading combined social and market performance. The Galaxy Score is 45 out of 100, while AltRank is 434 out of 4389. LunarCrush also added that its ranking and score is based on “combined social and market performance as calculated by LunarCrush AltRank and LunarCrush Galaxy Score.
The analytic platform summarizes that, “if a coin makes it to Coin of the Day, they’re very strong from a combined social and market perspective.”
Shiba Inu Price Analysis
Shiba Inu price has already reached its support level, which shows the coin is following a bearish trend. The volume in this memecoin also showed a significant drop that affected its price. Mid April, the price of Shiba Inu was performing quite well as it touched its 200-day EMA. After which, its price started showing a bearish trend and dropped down.
The RSI of Shiba Inu is currently in an oversold zone, which shows the loose confidence of investors in the market. The active bears in the market tried to pull-down the memecoin price, and showed their dominance.
Shiba Inu’s Rival Memecoin
In a similar way, the price of Shiba Inu’s rival, Dogecoin (DOGE) , showed a bearish trend and noted a nearly 20% decrease. At press time, it is trading at $0.0744, while its 24-hours low was at $0.07274 and high was at $0.07531. In one month of time frame, DOGE price dropped from $0.09315 to its current trading price.
According to the recent price analysis of DOGE, the memecoin performed quite well as compared to SHIB. The price of DOGE is near to its 20-day EMA, while RSI also showed an upsurge.
According to CoinMarketCap, the total market cap of memes tokens is nearly $17.64 Billion, while the trading volume is $1.11 Billion. Dogecoinm Shiba Inu, Pepe, FLOKI, and Bone ShibaSwap are top-5 memes tokens, as CoinMarketCap data showed.
The “SHIB-verse”
ecosystem enters in the metaverse. As the ecosystem has shared about its project, “SHIB – The Metaverse.” Its MV showed their confidence and stated that by the end of this year, users will have the opportunity to explore some of the areas in SHIB’s metaverse.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
