things are getting ugly for Shiba Inu (Shib).
Shiba Inu The dog meme-themed crypto token, which lives on the Ethereum blockchain as an ERC-20 token, failed to garner any momentum amid the huge pump seen in new rival meme coins like Pepe in recent days.
Meanwhile, new meme coins like Pepe and SpongeBob have pumped in less, Shiba Inu has come under heavy selling pressure.
Shiva/USD last changed hands on Monday below $0.000009 per coin, down more than 5.0% on the day after losing key support in the $0.0000098 area over the weekend that had previously stalled for nearly two months.
Shiba Inu’s losses for the month are now around 12% and gains for the year are now down to just around 10%, with the cryptocurrency surging 95% from its February highs in the $0.000016 area.
Price Prediction – Where’s Next for the Shiba Inu (SHIB)?
Recent price action suggests that “old” meme coins like Dogecoin and Shiba Inu are losing their luster compared to newer rival meme coins, perhaps meme coin investor’s priorities are hunting for the next 100x gem as opposed to investing in old ones. Goes towards More established Meme Coin projects.
Combined with the broad drop in crypto prices since the weekend, SHIB is underwhelming.
Testing last December’s low just below $0.000008, a further decline of 12ish% from current levels, seems inevitable at this point, especially considering the Shiba Inu looks set to witness a very sinister “death cross”. The one where the 50-day moving average crossed below the 200-day moving average.
Shiba Inu (SHIB) an option to consider – SpongeBob (SPONGE)
Given its already massive market capitalization, which stood at nearly $5.2 billion as of Monday, Shiba Inu’s potential for exponential gains is limited.
Can SHIB generate 100x returns and exceed $500 billion in market cap? Not likely, given the coin’s lack of utility and status as a “joke” cryptocurrency.
The only cryptocurrencies that have surpassed $500 billion in market cap are “serious” cryptocurrencies with real use cases, such as bitcoin and ether, which powers the Ethereum blockchain.
Traders and investors hoping for an exponential return on their meme coin investment are better off looking for low market cap gems, such as spongebob (SpongeBob).
SpongeBob has made a sharp comeback in the last 24 hours, but at one point over the weekend it was 70 times higher than its Uniswap opening price.
At its current price of around $0.00065 per token, SPONGE has a fully diluted market capitalization of less than $30 million, despite already showing early signs of being in a parabolic bull run.
If it can follow in the footsteps of fellow meme coins like Pepe, which recently exploded, it could easily return 10x from current levels and reach a fully diluted market capitalization of $300 million. Is.
As the SpongeBob team is hinting at a larger Top 10 centralized exchange listing, the bulls may soon gain control.
Sponge investors will also be hoping that the meme coin goes viral on TikTok, with the project having just set up a profile on Monday.
$SPONGE is a SpongeBob SquarePants themed-meme coin that, according to SpongeBob’s website, is “no relation to Nickelodeon”.
