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The Shiba Inu price plummeted 19% in the last 24 hours to trade at $0.00001176 as of 05:10 a.m. EST on trading volume that surged 221% to $677 million.
This comes as the entire crypto market experienced a sell-off over the weekend, which briefly drove Bitcoin below $50k and Ethereum back below $2,500.
Data from IntoTheBlock shows that only 19% of SHIB holders are making money, while over 53% of the holders are not.
The correction led to the meme coin space slumping, with meme coin titans including DOGE, SHIB, and PEPE all suffering steep losses.
Shiba Inu Price Remains Bearish
The Shiba Inu price tumbled in August, dropping from $0.00001600, according to data from GeckoTerminal.
SHIB has since been trading within a falling wedge pattern and crossed below the lower boundary today to plunge to the $0.00001126 support level.
The SHIB bulls aim to use this support as a cushion to push the price of Shiba Inu up, with the Relative Strength Index (RSI) rebounding from below the 30-oversold level to currently trade at 32.
If the buying continues, SHIB could soar higher above the channel, as investors target $0.00001727.
However, Shiba Inu price still trades below both the 50-day and 200-day Simple Moving Averages (SMAs), which supports the bearish stance of the token. In this scenario, SHIB could retrace further to the $0.0000090.
With the current bearish outlook in SHIBA, investors are constantly looking for the next big opportunity that could deliver exponential returns.
While Shiba Inu (SHIB) has already made waves with its incredible rise, another meme-inspired project is quickly gaining traction and has analysts saying it may be the next breakout meme coin star
The project is called Shiba Shootout (SHIBASHOOT) and YouTube channel 99Bitcoins, with over 706K subscribers, recently told Shiba Inu holders that they need ”to watch this.”
Buy Shiba Inu Alternative Shiba Shootout – Best Crypto To Buy Now?
Shiba Shootout is quickly emerging as a standout in the meme coin space, offering a Wild West-themed adventure that goes beyond the typical crypto project.
Inspired by Shiba Inu, Shiba Shootout combines creativity, strategy, and play-to-earn (P2E) gaming in its fictional town of Shiba Gulch, where players can earn $SHIBASHOOT tokens by winning cowboy duels.
Shiba Shootout also offers a lucrative staking system that offers a staggering 1,096% annual yield.
Step 1: How to become a millionaire 💸💡
Step 2: Buy $SHIBASHOOT 🚀📈#Shibashoot #Shibashootout #Memecoins #Crypto pic.twitter.com/C1SSZU2WKJ— shibashootout (@shibashootout) August 1, 2024
If you would like to join investors who have socked over $878K into this presale, you can buy tokens now for $0.0198 each. With a price hike coming in a little more than a week, don’t delay buying for too long if you want the best deal.
Purchase $SHIBASHOOT on the official website here using ETH, BNB, USDT, or a bank card.
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