• Shiba Inu (SHIB) has dropped 4.69% in the last 24 hours following a selloff across all top meme coins, with Dogecoin and Pepe down 6% and 10%, respectively.
• Low-cap meme coins have had more success defying the bear market, with Shibie Coin and Wall Street Memes leading the way amongst the next generation of viral crypto assets.
• SHIB is currently down 23% over the past year and 89.64% from its All Time High (ATH), continuing to make lower lowers and lower highs.
Shiba Inu Price Slips Over 6%
Several top meme coins have dropped significantly over the weekend, with Shiba Inu one of the worst affected, down 4.69% in 24 hours. Other high-value meme coins are also down in the last seven days, with Dogecoin and Pepe down 6% and 10%, respectively.
Newer Tokens Defying Bear Market
However, newer low-cap meme coins have pushed ahead unfazed, with Shibie Coin and Wall Street Memes leading the way amongst the next generation of viral crypto assets.
Bull Trap or Fear of Missing Out?
Shiba Inu is working towards the mainnet release of Shibarium, its Ethereum layer two scaling solution which recently generated significant excitement in the community causing its price to climb but stalled over the weekend resulting in a subsequent dump. The recent selloff is likely a consequence of broader meme coin market’s current bearish sentiment however it may have been a mere “bull trap” because if we zoom out to its one-year chart we can see SHIB’s overarching direction is bearish as it’s currently down 23% over past year and 89.64% from its ATH – making lower lows & lower highs – meaning this pump may have been caused by fear of missing out (FOMO).
Mainnet Release Could Help SHIB Price
The mainnet release of Shibarium could be beneficial for SHIB’s price but that depends on how successful it is at increasing scalability & reducing transaction fees; plus whether users will actually adopt it or not remains to be seen given other existing solutions such as Polygon & Binance Smart Chain already exist for this same purpose which investors may prefer instead due to their greater liquidity & higher user base thus far established network effects compared to SHIB’s yet unborn protocol infrastructure & associated tokenomics .
In conclusion, while Shiba Inu has taken a hit alongside many other top meme coins over this weekend due to bearish sentiment in broader markets; newer low-cap tokens like Shibie Coin & Wall Street Memes have had more success pushing ahead unfazed as they benefit from increased investor attention on these upcoming projects as well as FOMO speculation around them during times when bigger names struggle – while only time will tell how successful or otherwise SHIB’s Mainnet Release will be at recovering prices for holders there is potential upside should things go well but downside risk too if adoption fails to take off or users prefer alternative options instead .