Shiba Holders Taking A Massive Gamble On This Unknown Bitcoin ICO For 100x Gains
The $10.5 billion cap Dogecoin contender, Shiba Inu ($SHIB), is down worse than Bitcoin.
It nosedived 11% overnight and 20% over the week to trade at $0.00001777 as of this writing.
Broadly speaking, all the leading meme coins appear to be tracking each other.
It’s seven-day losses amount to around 15% as it trades at $0.1195 by Tuesday afternoon.
Holders of other doge-themed meme coins faced still heavier losses. DogWifHat ($WIF) shed 14% of its value overnight and 23% over the week to land on $2.01.
In stark contrast to the meme coins, market leader Bitcoin’s ($BTC) losses were much lighter. The world’s favorite cryptocurrency shed 0.5% overnight and 2.5% over the week to a price of $64,903.
Shiba Inu’s price chart for the last three months indicates the token’s potential for further losses in the short term.
It’s now trading at a bottom previously seen back on April 15, meaning it’s hit a two-month low.
With a volatile relative strength index (RSI) below 30 and potentially inclining towards another drop, Shiba Inu is in danger of losing its foothold on the crucial $0.0000175 support level.
Throughout most of the period under examination, Shiba Inu faced stiff resistance at $0.00003.
The last time it traded comfortably above this price was in early March, when it set a 2024 high of $0.000036. However, that’s a far cry from an all-time high of $0.00008616, posted on October 28, 2021.
Crypto is a different field in 2024 to what it was back in 2021. Because of the heavy lessons learned in the interim, there is arguably a greater awareness of potential problems than there ever has been.
Thanks to the cryptoverse’s lively community of journalists and influencers, retail investors are far more savvy than they’ve ever been on issues of
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