Is Shiba Inu (SHIB) About to Lose to dogwifhat (WIF)?

Analysis3wks agoUpdate 6086cf...
42 0

In Brief

  • Shiba Inu price has noted a 13.5% correction in the past two days, bringing the meme coin to $0.00003000.
  • Despite a market cap that is five times larger, SHIB’s trading volume is nearly equal to WIF’s, suggesting investors jump to the latter.
  • Nearly $2.52 billion worth of SHIB is at the cusp of losing potential profits if the meme coin falls another 6%.

Shiba Inu (SHIB) is the second biggest meme coin in the market, but despite its stature, it is facing significant competition in one aspect from dogwifhat (WIF).

Could this lead to SHIB declining further on the daily chart, or is a recovery likely?

Are Shiba Inu Investors Opting for WIF?

Shiba Inu price action has been a disappointing affair since the beginning of March. The altcoin has already been struggling, and dogwifhat is adding to the trouble. The meme coin, which became an overnight sensation, is currently the third biggest meme coin in the world.

Despite having a market cap of just $4 billion, WIF is giving considerable competition to SHIB, with a market capitalization nearly four times larger than that of WIF, which is $15.7 billion. The total volume traded in the last 24 hours of WIF is about $903 million, while SHIB has noted volumes of $972 million.

Is Shiba Inu (SHIB) About to Lose to dogwifhat (WIF)?
Shiba Inu and dogwifhat Trading Volume. Source: CoinMarketCap

This shows that the potential that SHIB had is waning, and the emergence of WIF is giving the former a run for its money.

Read More: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024

This sentiment will likely extend since a chunk of SHIB is about to become loss-bearing. More than 77.44 trillion SHIB worth over $2.52 billion is close to losing profitability. This supply was bought for between $0.00003100 and $0.00002500, and the altcoin is already close to falling through the lower range.

Is Shiba Inu (SHIB) About to Lose to dogwifhat (WIF)?
Shiba Inu GIOM. Source: IntoTheBlock

Consequently, the decline in price could extend.

SHIB Price Prediction: Monthly Lows Are Close

Shiba Inu price, after noting a more than 15% correction in two days, is nearing a fall below $0.00002584. This support line has been tested multiple times in the past, which makes it rather substantial to fall through.

SHIB will likely trickle down to test the $0.00002268 support level. Given the aforementioned conditions, this decline could extend beyond this crucial support level.

Is Shiba Inu (SHIB) About to Lose to dogwifhat (WIF)?
SHIB/USDT 12-hour chart. Source: TradingView

Read More: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?

However, given the importance of the $0.00002584 support line, Shiba Inu price might be able to recover and reclaim $0.00002853. If this level is flipped into support, the bearish outlook would be invalidated, and SHIB could once again cross $0.00003000.

This article is sourced from the internet: Is Shiba Inu (SHIB) About to Lose to dogwifhat (WIF)?

Related: 158 Billion PEPE Tokens Withdrawn from Binance: Price Impact

In Brief Wintermute withdrew 158 billion PEPE tokens from Binance, impacting liquidity. The transaction worth about $1.19 million could lead to a price correction for PEPE. Crypto market volatility may reverse the trend if PEPE sustains above the risk line. Wintermute, a global algorithmic market maker, has withdrawn an astonishing 158 billion PEPE tokens from Binance. This transaction, valued at approximately $1.19 million, signifies a remarkable shift in the meme coin’s liquidity. Billions of PEPE Tokens on the Move Wintermute’s recent transaction reflects its strategic positioning within the crypto market. Especially when understanding that the firm embodies high-frequency market-making in the industry. Its algorithms and business models, distinct from traditional OTC or dark pool market makers, aim to enhance market efficiency and liquidity. The substantial withdrawal of PEPE tokens by…


© Copyright Notice

Related articles

No comments

You must be logged in to leave a comment!
Login immediately
No comments...