• Shiba Inu’s (SHIB) price has dropped 4.69% over the weekend, while Dogecoin and Pepe have dropped 6% and 10%, respectively.
• Despite this bearish market sentiment, newer low-cap meme coins such as Shibie Coin and Wall Street Memes have performed well.
• SHIB is down 23% in the past year and 89.64% from its all-time high (ATH).
Shiba Inu Price Slips Over 6%
Shiba Inu’s (SHIB) price has dropped 4.69% in 24 hours, with other top meme coins such as Dogecoin and Pepe falling 6% and 10%, respectively. The recent selloff is likely a consequence of the broader meme coin market’s current bearish sentiment, with SHIB also down 23% over the past year and 89.64% from its ATH.
Newer Low-Cap Meme Coins Defying Bear Market
Despite this bearish market sentiment, 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.
The recent pump for Shiba Inu may have been a mere “bull trap” because if we zoom out to the one-year chart, we can see SHIB’s overarching direction is bearish – continuing to make lower lowers and lower highs since its ATH. As a result, the recent pump may have been caused by fear of missing out (FOMO).
Mainnet Release Stalls
Shiba Inu was working towards the mainnet release of Shibarium – its Ethereum layer two scaling solution – which generated significant excitement in the community causing SHIB’s price to climb initially; however, this stalled over the weekend resulting in a subsequent dump on SHIB’s price.
Overall, Shiba Inu has experienced some losses due to bearish market sentiment but newer low-cap meme coins are still pushing forward despite it all. Furthermore, there may be some underlying FOMO driving up prices briefly but ultimately longer term trends show that SHIB is headed downwards since its ATH.