Shiba Inu’s Price Drops 36% as Meme Coin Market Cools Off
The price of Shiba Inu (SHIB) has experienced a significant 36% drop over the past month, signaling a cooling off of the meme coin market. This decline in value raises questions about whether SHIB can reverse its bearish momentum before the end of 2023 or if it will continue to fall.
Shiba Inu Trading at Lowest Level in months
Currently, Shiba Inu is trading around the $0.0000072 level, which is the lowest it has been since early July. The past four weeks have seen SHIB consistently closing in the red, indicating a strong bearish trend.
Broader Crypto Market Downturn
This drop in SHIB’s value aligns with a broader downturn in the crypto market. The Crypto Fear & Greed Index, a measure of market sentiment, is currently at 30, indicating fear among investors.
Hot Take: Will Wall Street Memes (WSM) Token Buck the Trend?
In contrast to Shiba Inu’s decline, the new Wall Street Memes (WSM) token is generating excitement as it prepares for several Tier-1 exchange listings. ChatGPT has provided an intriguing forecast for WSM, suggesting potential success in the coming weeks. Investors will be watching closely to see if WSM can defy the current market trend and experience positive growth.
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