Dogecoin and Shiba Inu Experience Declines
In the recent cryptocurrency market decline, both Dogecoin (DOGE) and Shiba Inu (SHIB) have seen decreases of 5% and 6% respectively. Other memecoins have also suffered drops, while Floki Inu (FLOKI) has gained 8% in the past week.
Market Impact on Memecoins
The latest market decline has affected various digital assets, including memecoins. According to CoinGecko’s data, Dogecoin has experienced a decrease of over 2% in the past 24 hours and nearly 5% in the last month. Shiba Inu has fallen by more than 6% in the past 30 days, while Pepe Coin has plummeted by over 8%. Other memecoins like Bone ShibaSwap, Doge Killer, and Dogelon Mars have also seen significant drops.
Floki Inu Stands Out
Amidst the declines, Floki Inu has managed to gain 8% in the past seven days, making it one of the few memecoins to be in the green during this period.
Potential Rise for Shiba Inu
Some experts suggest that Shiba Inu may have reached its lowest price point and could potentially see an increase soon. $SHIB KNIGHT, a Twitter user, predicts a potential 300% jump in the coin’s valuation. The successful implementation of Shiba Inu’s burning mechanism and advancements in its layer-2 blockchain solution Shibarium are seen as positive factors contributing to its potential rise.
Shibarium’s Bullish Developments
Shibarium, the layer-2 blockchain solution for Shiba Inu, has achieved significant milestones since its launch in August. It recently reached one million blocks, indicating a growing demand for scalable features. To learn more about Shibarium and its purposes, you can refer to our dedicated video.
Hot Take: Memecoin Market Volatility Continues
Despite recent declines, memecoins like Shiba Inu and Dogecoin remain highly volatile assets. While some analysts believe that Shiba Inu may have hit bottom and could potentially rise in value, it’s important to approach these predictions with caution. The memecoin market is known for its rapid price fluctuations and speculative nature. Investors should conduct thorough research and consider the inherent risks before making any investment decisions in this space.
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